Dubai’s recovery after 2011′s regional unrest has been plain to see. The city’s hotels are bursting again, and real estate agents are smiling as the property market bounces off last year’s floor.
The flow of deposits into the UAE as money fled the regional unrest was spotted in central bank figures last year, but new statistics show that Dubai’s financial centre recorded an even more dramatic increase in deposits.
The Dubai International Financial Centre recorded a 76 per cent full-year increase in deposits through 2011 as the emirate became a financial haven during the Arab spring. Deposits at the DIFC reached $12.9bn in the fourth quarter, a rise of 40 per cent from the Q1 2011 figure of $9.2bn. Loans rose 38 per cent as new companies opened up.
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