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DIFC Economic Activity 2010 Survey Results. Value Added Accounting of DIFC Presentation to Media Roundtable 18 July 2011 Dr. Nasser Saidi, Chief Economist, DIFC Authority. Agenda. Objectives of the Economic Activity Survey. Distribution of DIFC Companies by Economic Activity.

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difc economic activity 2010 survey results

DIFC Economic Activity 2010 Survey Results

Value Added Accounting of DIFC

Presentation to Media Roundtable

18 July 2011

Dr. Nasser Saidi, Chief Economist, DIFC Authority

agenda
Agenda

Objectives of the Economic Activity Survey

Distribution of DIFC Companies by Economic Activity

GDP By Type of Economic Activity in DIFC

Breakdown of GDP By Type of Economic Activity in DIFC for 2010

Employment in the DIFC

objectives of the economic activity survey
Objectives of the Economic Activity Survey
  • Measure the size and level of economic performance of the DIFC sub-economy and its contribution to Dubai’s and the UAE’s GDP.
  • Estimate & make projections of the trend and rate of DIFC economic growth in relation to other countries’ financial sectors and/or regional financial centers.
  • Understand the sectorial activities structure of the DIFC sub-economy and its variations.
  • Assist the DIFC Authority formulate strategy and appropriate development plans & policies.
  • To develop strategic targets for different business sectors in the DIFC
  • Help businesses in forecasting future demand for their services & products.
data collection process
Data Collection Process
  • Data were collected using DIFCSTAT, the online portal that provides companies with a secure, interactive and web based platform to collect company data including statistical survey information. The link below shows the DIFCSTAT portal. A total of 477 entities completed the survey questionnaire (a high response rate of 62% out of a total population of 773).
  • The questionnaire consisted of 5 sections on different components of value added based on UN-OECD National Income Accounting standards. DIFCSTAT allowed an interactive data collection process where validation rules were applied to alert the clients to errors in data entry.
  • Following online submission, Economics Department staff reviewed the data to ensure data quality and integrity , and approved the forms accordingly.
  • In some cases, survey questionnaires were returned back to the clients with a request for further clarification. Clients accordingly had to review the data and re-submit again. This has ensured the highest possible quality of survey responses. While every effort was made to verify submission, we are not in a position to conduct on-site verification of data and rely on data provided by companies.

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distribution of difc companies by economic activity1
Distribution of DIFC Companies by Economic Activity
    • In 2010, the number of active entities in DIFC rose at an 9.5% annual rate to reach 773.
    • At end December 2010, there were 310 active DFSA-regulated and 459 active non-DFSA regulated companies at the Centrein addition to public administration, government & the DIFC Courts.
  • They represented 40% and 59% respectively of the total companies operating within the DIFC’s business community.
  • The regulated firms included 258 Authorized Firms, 50 Ancillary Service Providers and two Authorized Market Institutions(Nasdaq-Dubai and DME).
  • These were supported by 459 non-regulated firms offering business infrastructure and services necessary for the activities of regulated firms.

Source: DIFC Economics

gdp by type of economic activity in difc1
GDP By Type of Economic Activity in DIFC
  • The fourth survey of Economic Activity at the DIFC places the total value added of the DIFC sub-economy at USD 2.915 billion or approximately 1% of UAE GDP as estimated by the IMF and approximately 3.6% of Dubai’s estimated 2010 GDP.
  • The sector breakdown shows that the financial sector accounts for 72% of the total value added within the DIFC, while the business services accounts for 27%. Public administration (DIFCA, DFSA, DIFC Courts) reported only a minor contribution.

Source: DIFC Economics

comparison with previous years
Comparison with Previous Years

According to the estimates, DIFC Nominal GDP increased from USD 2,771.7 million to 2,915.6 or by 5.2% between 2009 and 2010, in line with the growth in most major financial centers around the world due to global economic recoveryand support of the banking & financial sectors.

Source: DIFC Economics

*The total GDP for 2007 also includes DIFC estimates for non-respondent companies; hence the breakdown by sector does not add up to the total.

breakdown of gdp by type of economic activity in difc for 2010
Breakdown of GDP By Type of Economic Activity in DIFC for 2010
  • Within financial activities, insurance reported a comparatively low value added, while the broadly categorized Activities auxiliary to financial service and insurance, which include, capital market, advisory and investment banking has gained an importance on par with core financial activities.
  • Non-financial activities which make up a quarter of total value added in the DIFC are dominated by “Professional, Scientific and Technical activities”.
breakdown of gdp by type of economic activity in difc for 20101
Breakdown of GDP By Type of Economic Activity in DIFC for 2010
  • Within the financial service activities class, Monetary Intermediation accounted for some 16% of sub-sector value added; the largest contribution was by Holding companies, 18%, and Investment companies at 17%.
  • The financial auxiliary class that comprises Managing Assets, Advising on Financial Products or Credit, Providing and Arranging Custody, Operating an Exchange etc. contributed an overall 44%.
  • The insurance sub-sector (mainly re-insurance) contribution was small at 5%.

Source: DIFC Economics

breakdown of gdp by type of economic activity in difc for 20102
Breakdown of GDP By Type of Economic Activity in DIFC for 2010
  • Business activities was dominated by “Professional, Scientific and Technical activities” 69%. Within this class Head offices & Consulting and Legal & Accounting contributed 35% and 34% respectively.
employment in the difc1
Employment in the DIFC
  • According to the survey, DIFCcompanies employed 11,331people, 7,427 men (66%) and 3,904 women (34%).
  • There is an estimated drop of 3.1% in total employment compared to 2009, with a significant decline attributable to the public administration sector, as a result of rationalization and restructuring measures.
  • Employment of UAE nationals was 247, or 3% of the total workforce. Expatriates account for 98% of total male employees & 97% of female employees.
  • The largest sector by workforce is financial intermediation and services, with 52% of the total.
educational attainment of the difc workforce
Educational Attainment of the DIFC Workforce
  • By education, the DIFC workforce constitutes 60.3% university graduates, while slightly more than a quarter hold post-graduate degrees.
  • Around 85% of both men and women are university graduates and above, underscoring the availability of a highly skilled workforce, irrespective of gender.
difc workforce demographic characteristics
DIFC Workforce Demographic Characteristics
  • Workforce in the DIFC is predominantly male, accounting for 65.5% of total.
  • Breakdown by working status in the DIFC reveals that some 94.2% of the labour force is employed as salaried, while a similar percent (96.03%) belongs to the age group of between 25-59.
  • While the age group 24 & below are few, those 60 and above mostly work for no wage/ non-remunerated or are self-employed.

Working status of DIFC Workforce by Age