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FINANCIAL NEWS
Dubai’s H1 free zone operating firms up 8%
27 Jul 2011
(MENAFN) Dubai International Financial Centre’s (DIFC) CEO, Abdulla Mohammed Al Awar, said that as a result of growing interest from Asian, European and American companies that boosted registrations, in 2011’s first half, the number of companies operating in the free zone rose 8 percent reaching 813, reported Arabian Business.
Al Awar added that in the period, 64 firms joined the free zone, where half of them were from Europe and North America; on the other hand, Middle Eastern and Asian firms represented 44 percent of the new registered companies.
He also said that the free zone’s public administrative sector fell 20.3 percent reaching USD43.5 million, contributing with 1.5 percent of total gross domestic product (GDP) in the free zone. Nevertheless, last year, income grew 5.2 percent reaching USD2.92 billion from USD2.77 billion in the previous year.
It is worth noting that the business center’s contribution to Dubai’s USD81.96 income was 3.6 percent and around 1 percent to the country’s economy.
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