DIFC is 3.6% of Dubai’s GDP

Dubai International Financial Centre (DIFC) income GDP grew to $2.92 billion in 2010 as compared to Dh2.77 billion in the previous year on the recovery in macro economy.

The financial free zone said in a statement on Monday that DIFC’s contribution to the whole Dubai GDP ($81.96 billion) is estimated at 3.6 per cent and its contribution to the UAE economy at 0.97 per cent.

Abdulla Mohammed Al Awar, CEO of DIFC Authority, said:  “Today’s report highlights the significant role DIFC plays within Dubai and the UAE which we are very proud of. However, DIFC is not just a cornerstone of the Dubai and UAE economies, but it is also conduit for attracting investment and supporting the growth of economies across the entire region. With the growing role and confidence in Dubai as a safe haven, the Emirate has confirmed its position as the financial, logistic, tourism and business hub of the Middle East, with DIFC as the central component of the banking & financial sector.”

Dr. Nasser Saidi, Chief Economist and Head of External Relations, DIFC Authority, said: “The year 2010, coming out of the Great Recession of 2009, was a better-performing year globally and regionally, which was reflected in the performance of the DIFC sub-economy. With more companies joining DIFC, particularly from the emerging economies which made up around 45 per cent of our client base in 2010, it is no surprise that DIFC’s GDP reached $2.92 billion in 2010.”

He said the bulk of the companies “have come from emerging markets, India, China, South Korea, and our strategy is very much to focus on emerging markets. The safe haven effect is important for the UAE and Qatar that will mean that the results of 2011 will be substantially better.”

The breakdown of DIFC’s GDP by sector shows that the financial activities accounted for 72.0 per cent of the total, while business services accounted for 26.5 per cent, with the rest attributed to public administration. This sectorial share was similar to what DIFC saw in 2009.

This year’s data also included the results of a detailed labour force survey, to track not only employment growth in DIFC but also the quality, distribution and average pay for the diverse workforce. In 2010, DIFC had about 11,331 full time employees, of which men represented 65.5 per cent (7,427), with an international, diverse and highly skilled workforce of whom 86 per cent where university graduates and post-graduates. The percentage of UAE nationals working in the DIFC was 2.2 per cent.

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