Dubai’s agenda to be capital of Islamic economy gains pace

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Dubai

Progress has been achieved in three sectors of Islamic economy – Islamic finance, Halal trade and industry and Islamic lifestyle. Dubai Islamic Economy Development Centre, which has been set up with the agenda of reinforcing Dubai as the capital of the $2 trillion world Islamic economy, said on Wednesday that it had achieved record progress across 75 per cent of initiatives in the first half of 2017.
Unveiling the DIEDC’s updated strategy for 2017-2021, Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of the centre, said remarkable progress has been achieved in three strategic sectors of Islamic economy – Islamic finance, Halal trade and industry and Islamic lifestyle. The DIEDC’s updated strategy seeks to consolidate Dubai’s status as the global capital of Islamic economy through boosting the sector’s contribution to the gross domestic product, increasing the share of halal products in the country’s trade and collaborating with international markets to grow the Islamic economy system worldwide, the minister said.
Chairing the DIEDC’s board meeting at its headquarters at the Dubai World Trade Centre, Al Mansouri said the ‘Dubai: Capital of Islamic Economy’ strategy had gained momentum from the initiatives adopted by Dubai and the UAE in many vital sectors, including industry, energy, sustainable development and science. “I have the utmost appreciation for the efforts of the DIEDC’s partners for their efforts in executing the milestones of the initiatives within set deadlines.”
It was in in October 2013 that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, ­committed Dubai to a three-year timetable of making it the capital of the global Islamic economy, one of the fastest growing segments of the world economy. The global Islamic economic spend by an estimated 1.6 billion­Muslims in the world is estimated at $1.9 trillion across sectors such as food, travel, fashion, pharmaceuticals, retail and leisure.—Agencies