Dubai approves new Islamic economy initiatives

Abdul Basit/Chief Reporter / Khaleej Times

Shaikh Hamdan approves the initiatives proposed by the board of the Dubai Islamic Economy Development Centre.

Dubai — Dubai has approved a series of Islamic initiatives to boost the emirate’s status as a global capital of the Islamic economy.

dcie-logo-mediumShaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, on Monday approved the initiatives proposed by the board of the Dubai Islamic Economy Development Centre, or DIEDC.

The initiatives include the launch of the second Islamic Economy Index, as well as the third edition of the Islamic Economy Award, the second Global Islamic Economy Summit and the release of the third State of Global Islamic Economy Report.

Pointing out that the Islamic economy is witnessing accelerated growth across all sectors, Shaikh Hamdan noted that Dubai is well-geared to pioneer new and ambitious projects in the next few years to achieve its goal of becoming a capital of the Islamic economy by 2021.

He said: “We have extensive experience, a clear roadmap and strategic partners in the UAE and abroad. Everyone is working with concerted team spirit and a vision to accomplish our goal in developing Islamic economy globally, enhancing its products, and transforming the UAE into a global reference hub for all allied sectors.”

Last December, the DIEDC in partnership with Thomson Reuters and in collaboration with the Dinar Standard launched the 2014-15 report and introduced the Global Islamic Economy Indicator, or GIEI.

The GIEI presents the current development health of Islamic economy sectors across 70 core countries. The UAE, Malaysia and Bahrain lead this inaugural composite Index.

The report, which indicates the continuing build-up of the Islamic economy momentum, estimates that global expenditure of Muslim consumers on food and lifestyle sectors grew 9.5 per cent from previous years’ estimates to $2 trillion in 2013 and is expected to reach $3.7 trillion by 2019 at a compound annual growth rate of 10.8 per cent.

This forms the potential core market for halal food and lifestyle sectors.

As part of the activation plans for 2015, the DIEDC will seek dynamic collaborations with international museums towards positioning Dubai as the capital of Islamic fashion, art and design.

“Dubai continues to strengthen its competitive edge in all sectors of the Islamic economy under the direction of Shaikh Hamdan. All indicators reviewed by the board show that we are on the right track towards achieving the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum ahead of 2021,” said Mohammed Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and chairman of the DIEDC.

DIEDC deputy chairman Sami Al Qamzi said: “In recent decades, Dubai has been able to establish itself as a leading global hub for logistics and trade services. The increase demand for trade in Islamic merchandise confirms the sound path that Dubai has taken by providing appropriate legislative and logistic infrastructure to support global Halal products trade.” –—