Dubai Remains the Global Capital of Islamic Economy

Published April 2nd, 2019 - 06:18 GMT
Dubai has successfully maintained its status as the global capital of the Islamic economy. (Shutterstock)
Dubai has successfully maintained its status as the global capital of the Islamic economy. (Shutterstock)

Dubai has successfully maintained its status as the global capital of the Islamic economy, and is the go-to destination for stakeholders and professionals due to its ability to withstand economic fluctuations, officials at the Dubai Islamic Economy Development Centre (DIEDC) said.

Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of DIEDC, chaired the first board meeting of 2019, and said: "The 50-year Charter, issued in January 2019 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, gives the Islamic economy a new push towards sustainable growth. Dynamic Islamic economy sectors can now embark on a new path of development and growth, drawing inspiration from the articles set within the Charter, particularly those linked to the Dubai Silk Road and the Geo-Economic Map of Dubai, which aim to strengthen Dubai's status as a global capital of economy, investment, and trade."

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He added: "The objectives of the 50-year Charter align seamlessly with those of the DIEDC strategy to position Dubai as the global capital of Islamic economy and a pioneer in the field that attracts industry leaders from around the world. In addition, both focus on the diversification of the UAE economy and on continuing to facilitate an environment that promotes innovation and entrepreneurship."

He further highlighted that the Islamic economy has more than proven its ability to keep pace with the technological developments of the Fourth Industrial Revolution. To further boost its credentials in line with the Dubai: Capital of Islamic Economy initiative, the emirate is now seeking to launch new digital programmes and projects that will contribute significantly to its transition to a knowledge-based economy. He also said that the Islamic economy is witnessing rapid growth on a global scale, even in non-Islamic countries, due to the increasing demand for its products in many international markets.

Essa Kazim, secretary general of DIEDC, highlighted the increased momentum of Dubai as the global capital of Islamic economy since the launch of the Centre in 2013, pointing out that sectors of the Islamic economy received additional impetus following the launch of the 50-Year Charter. "It is interesting to observe that the Islamic economy has become a key component of the UAE's national agenda for economic diversification, as evidenced by its increased contribution to the GDP. In addition, as highlighted by the Global Islamic Economy Indicator, the Islamic economy has played a major role in stimulating the economies of many countries around the world, including non-Islamic countries."

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