Undefined The Financial Sector Contributes 12% to Dubai's GDP in 2013

Number of active registered companies in the DIFC, increased to 1039 during the last year.

London (I-Newswire) February 14, 2014 - The financial services sector contributed more than 12 percent of gross domestic product (GDP) in Dubai in 2013, said Isa Qasim, DIFC Governor and Chairman of the DIFC Authority.

Speaking at the DIFC operating review in 2013, Kazim said the financial services sector contribution in general and DIFC in particular is very significant in terms of overall economic growth of Dubai. "

While Dubai's GDP grew on average by 3.1 per cent between 2000 and 2013, the financial services sector grew by an average of more than 15 percent," said Kazim.

The number of active registered companies in the DIFC, increased to 1,039 in the last year, with the addition of 55 financial companies, including Bank of London and the Middle East (BLME), Wells Fargo, Napier Park Global Capital, Carnegie Asset Management and Capital Samena.

Combined workforce of companies registered in the DIFC is currently about 15,600, up 11 percent compared with the previous year, representing more than 131 nationalities.

"The growth that DIFC experienced in 2013 was the highest achieved since the beginning of the great financial crisis. We have created one of the best working conditions in the world, attracting talent from around the world," said Jeffrey Singer, CEO of DIFC Authority.

Center is currently accepting regulated firms from around the world, including 34 percent from Europe, 29 percent from the Middle East, 15 percent from North America, 12 percent from Asia, and 10 percent of the rest of the world.

While Europe and North America account for a significant proportion of the number of regulated firms, working with the DIFC, in terms of assets under management, companies in Asia and the Middle East ahead of the rest.

Last year, there was a significant increase in the number of authorized firms in various categories of license, in addition, a number of existing DIFC customers have to upgrade their license to a higher category. Many of today's customers DIFC, including Emirates Retakaful Limited, China Construction Bank (Dubai) Limited, and the International Finance Corporation, decided to develop its physical presence in the Center by expanding their current office space.

More financial news and information about the banks in Dubai at http://dubanks.com

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Published On:

February 14, 2014

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