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December 23 – 12:05 – Dubai – The Dubai Islamic Economy Development Centre (DIEDC) today outlined the 2019 action plan for the Dubai: The Capital of Islamic Economy initiative at its fourth board meeting for 2018.
Chairing the meeting, His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, confirmed the UAE’s pioneering role as a catalyst for innovative initiatives and policies that present effective solutions to global economic challenges, while specifically enhancing the Islamic economy. His Excellency further stressed that modern technology will serve as the principal driver of Islamic economy growth and a pillar for achieving sustainability.
Speaking on the UAE’s success, he said: “The UAE is an exemplary case study for governments across the world in transforming into a knowledge-based economy that fulfils its potential in boosting economic sectors. As a comprehensive economic system, a knowledge-based economy also paves the path to the economy of the future.”
His Excellency Sultan Al Mansouri highlighted the growth of the Islamic economy across the world, evidenced in the expansion of the sector’s products, services, and markets, as well as the vast interest garnered from economic experts and analysts.
He pointed out that the progress is significantly advancing the objectives of the DIEDC 2017-2021 Strategy, coinciding with the UAE Vision 2021 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in making the UAE among the world’s best countries by the Golden Jubilee of the Union in 2021.
Highlighting the UAE’s top global position as one of the most progressive countries in driving the sectors of the Islamic economy, His Excellency Sultan Al Mansouri said: “The Islamic Economy Week that was launched following the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai: The Capital of Islamic Economy initiative, featured multiple innovative activations that enhanced Dubai’s status as a global convenor of experts to forecast the future of the Islamic economy. Organised by the Dubai Islamic Economy Development Centre, in cooperation with strategic partners from the public and private sector, the first Islamic Economy Week highlighted the pivotal role of Islamic economy in the global economic landscape.”
He added: “The Islamic Economy Week featured the fourth edition of the Global Islamic Economy Summit (GIES 2018), themed ‘A Shared Future’. The week also included the sixth Islamic Economy Award (IEA) ceremony, the Islamic Creative Economy Competition (ICEC), and the Global Islamic Business Award, all of which compellingly showcased Islamic economy as the economy of the future.”
His Excellency Sultan Al Mansouri called on relevant international entities from the Islamic economy sectors to work collectively towards a single objective through focused research studies that help in finding solutions to emerging global economic challenges.
Adapting to Global Changes
For his part, His Excellency Essa Kazim, Secretary General of DIEDC, commended the outstanding performance of Islamic economy sectors that he attributed to the UAE’s enabling standards and policies. He noted that 2018 witnessed successful initiatives that boosted Dubai’s status as the global capital of Islamic economy.
His Excellency Essa Kazim suggested that the scope of the initiatives and activities will be further broadened in 2019, driving Dubai and the wider UAE to raise its global performance. A specific goal would be to boost Islamic economy’s contribution to Dubai’s GDP to 10 per cent by 2021 through the efficient use of modern technology.
Key Performance Indicators
During the board meeting, Abdulla Mohammed Al Awar, CEO of DIEDC, offered an update on the latest developments in the Dubai: The Capital of Islamic Economy initiative. Outlining the progress achieved on the KPIs set for 2018, referencing Islamic economy’s generation of 8.3 per cent of Dubai’s GDP and the halal industry making up 5.8 per cent of the total trade volume in Dubai, according to Dubai Statistics Centre, he elaborated on the action plan for new initiatives in 2019.