Companies in the Dubai International Financial Centre (DIFC) saw their gross domestic product drop by 2.4 per cent in 2009 to US$2.8 billion, compared to the year before, officials said.
The modest decline proves the "resiliency" of the centre during the global financial crisis, said Nasser al Saidi, the chief economist of the DIFC.
The statistics were revealed in the DIFC Economic Activity 2009 report, which was based on a survey by the centre completed by 406 companies or about 57.5 per cent of the registered companies at the end of 2009.
The results show that while the public entities that run the DIFC and the banking sector saw their income decline during the crisis by 15.2 per cent and 8.8 per cent, respectively, professional service industries such as law firms and accountants saw a 24.8 per cent increase in their income, the report said.
DIFC was responsible for 3.8 per cent of Dubai's 2009 GDP and 1.1 per cent of the UAE's overall GDP, Dr Saidi said.
The report comes just a week after the DIFC cut the rental rate for offices in the centre by more than 50 per cent for some tenants with a new sliding scale of rates that are adjusted according to the amount of space offered. The DIFC is enacting a new strategy to promote the centre as the ideal hub for international businesses serving the Middle East, Africa and south Asia.
bhope@thenational.ae
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
UAE currency: the story behind the money in your pockets
RESULTS
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
Results
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Company%C2%A0profile
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
