Tanfeeth Overview

Dubai Economic Update Highlights 2011 GDP growth for Dubai is estimated at 3.4% vs. 2.8% in 2010 Lowered GDP growth forecast for Dubai in 2012 to 2.5% in the context of global developments UAE is a global and regional trade hub, and non-oil trade is a key contributor to growth; transport, storage & communication, accounted for almost 9% of the UAE's GDP in 2010 Slower economic growth in China and India are a bigger concern than recession in Europe, as these two Asian countries alone account for almost 20% of the total volume of UAE's non-oil trade Y-o-y growth % Dubai: GDP growth set to decelerate 4.0% 3.2% 3.0% 3.4% 2.8% 2.5% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% 2008 -2.4% 2009 2010 2011f 2012f Source: Dubai Statistics Centre, Emirates NBD Research Contribution by sector to GDP growth Dubai GDP by Sector - 2010 (%) 100% = AED 293.6 billion 4.0% 3.2% 3.0% 2.2% 2.0% 1.1% Others 0.8% 8% 1.0% 0.4% 0.4% 0.2% Financial Trade & Services 0.0% Repairing 11% -0.1% Services -1.0% 30% Manufact -2.0% uring -0.3% -1.7% 1.7% 1.3% 1.2% 0.9% 0.7% 1.2% 0.5% 0.4% 0.3% 0.3% -0.1% -0.4% -1.6% 13% -3.0% Transport Real & -4.0% Estate Comms 2008 -2.4% -2.7% -3.5% 2009 2010 14% Construct 14% ion 10% Trade & Repairing Services Manufacturing ■Government Services Transport & Comms Financial Services ■ Others Real Estate ■Construction ■Total Source: Dubai Statistics Centre, NBS Emirates NBD 2.4% 6

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