Emirates NBD Operating Costs and Efficiency Highlights
Dubai Economic Update
4
3.2
3
■
Highlights
Dubai Statistics revised up its estimate of 2010 growth to 2.8% from 2.4%
previously, although the 'upgrade' was largely due to technical factors.
ENBD maintains Dubai's GDP growth forecast at 3% in 2011, with risks still to
the downside in the context of global developments.
Dubai has developed a competitive edge in trade & logistics, tourism and
business services; these sectors are set to be engines of growth for the
emirate going forward. However, Dubai is a small, open economy and
therefore particularly vulnerable to the global economy.
1
y-o-y Growth %
LO
5
2
-2
-3
2008
Dubai: GDP growth set to accelerate
-2.4
2009
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%
11%
Repairing
-0.1%
Services
-1.0%
30%
Manufact
-2.0%
uring
-1.7%
13%
-3.0%
Transport
Real
&
-4.0%
Estate
14% Construct
Comms
14%
ion
10%
2008
Trade & Repairing Services
Source: Dubai Statistics Centre, NBS
Emirates NBD
Manufacturing
■Government Services
4
3
2.8
2010
2011F
2012F
1.7%
1.3%
1.2%
0.9% 0.7%
1.2%
0.5%
0.4%
0.3%
0.3%
-0.1%
-0.4%
-0.3%
-2.4%
-2.7%
-3.5%
2009
Transport & Comms
Financial Services
■Others
-1.6%
2010
Real Estate
■Construction
Total
2.4%
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