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FINANCIAL NEWS
DIFC reveals decrease in revenues
20 Dec 2010
Dr. Nasser Saidi, the Chief Economist of the Dubai International Financial Centre (DIFC) said that the total revenue of all companies operating in DIFC dropped by 2.4 percent in 2010 to US$2.8 billion compared to 2009, The National reported.
Dr. Saidi commented that this was a humble decrease in revenue and that it is an indication of the strength of DIFC during the global financial crisis.
The DIFC was responsible for 3.8 per cent of Dubai’s GDP last year and 1.1 per cent of the UAE’s overall GDP, Dr Saidi said.
These results come shortly after DIFC reduced rental fees by more than 50 per cent for some companies and adding a new sliding scale for rentals. Although rental reductions would cause a decrease in revenue, Dr. Saidi said that the main interest of DIFC was to facilitate economic growth and have a larger impact on the economy.
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