New Dubai strategy focuses on Islamic economy

Strategy includes identifying indicators to monitor key economic sectors

01/02/2017 05:43 AST

The Dubai Islamic Economy Development Centre (DIEDC) announced on Tuesday the launch of a new strategy for 2017-2021, concentrating on the development of the Islamic economy system.

The strategy also includes identifying new performance indicators for monitoring growth of key sectors and measuring their contribution to the UAE’s economy.

The strategy focuses on ensuring long-term impact, and its main objective is to lead the growth of the Islamic economy sectors on a local, regional, and international scale, and to set a benchmark for the Islamic ecosystem worldwide.

The strategy was launched under the directives of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and General Supervisor of the Dubai Capital of Islamic Economy initiative.

“The new strategy uses a two-pronged approach. The first part concentrates on the development of the Islamic economy system and includes identifying new key performance indicators for monitoring the growth of important sectors and measuring their contribution to the national economy. The second component includes enhancing Dubai’s status as a global reference for Islamic finance, industry, trading standards and culture, and as a prime destination for Halal trade and family tourism,” Shaikh Hamdan said.

He added, “Contrary to what some may think, Islamic economy does not belong to the past — rather, it is firmly rooted in the present and the future. Achieving progress is meaningless without sustainability, financial security, and economic stability.”

Earlier, a board meeting of DIEDC, headed by Sultan Bin Saeed Al Mansouri, the UAE’s Minister of Economy and Chairman of DIEDC, unanimously approved the new strategy that will continue to consolidate the position of Dubai and the UAE on the global Islamic economy map.

The strategy has three pillars; Islamic finance, Halal sector, and Islamic lifestyle that includes culture, art, fashion and family tourism.

Al Mansouri stressed the Islamic economy’s ability to diversify national income and contribute to building a post-oil economy.

“Rather than defining Islamic economy or advocating its importance, DIEDC’s latest goal is to demonstrate the positive impact of Islamic economy on overall socioeconomic development.

To fulfil this objective, we need to establish the structural framework of the ecosystem.

Finance, production and consumption must feature in it as integrated systems aligned with the UN Sustainable Development Goals — especially in terms of managing resources and preserving the environment,” Al Mansouri said.

He said that one of the main objectives was to increase the contribution of Islamic economy to the gross domestic product.

Al Mansouri highlighted the keenness of emerging economies in Asia, Europe, Africa, and Latin America to establish partnerships with Dubai and the wider UAE in diverse Islamic economy sectors. He linked this trend to the efforts of these countries to increase the contribution of Islamic economy to their own national GDPs.

Gulf News