According to the annual data release, the DIFC sub-economy’s GDP grew to reach $3.13bn (£2bn, €2.6bn) during 2011, up from $2.92bn in 2010. The DIFC said this increases its contribution to the UAE’s non-hydrocarbon GDP, as estimated by the IMF, to approximately 1.4%.
A breakdown of the DIFC’s GDP by sector shows financial activities remain the biggest contributor, accounting for 70% of total value added, while business services accounted for 28%, with the rest attributed to public administration, which includes the DIFC Authority, the Dubai Financial Services Authority and the DIFC Courts.
Abdulla Mohammed Al Awar, chief executive of the DIFC Authority, said: “Today’s report highlights DIFC’s advancement as a global hub of finance and business.
“We are confident that DIFC will continue to be a catalyst of growth for the region, by providing a platform of world-class infrastructure for financial and business institutions to extend their reach and access new economies.”
