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Islamic Economy Contribution to Dubai’s GDP Rises to 10% Equivalent to 40 Billion Dirhams

​Image: DSC logo

​Image: DSC logo

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stressed that the realized increase in the the contribution of the Islamic economy sector to Dubai’s GDP shows the UAE economy's ability to achieve the pre-set growth and reflects the success of economic diversification plans. “All of these significant achievements come as a realization of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strive hard to establish Dubai as a global capital for the Islamic economy consistent with the stated strategy which we move at a steady pace to implement it within an attractive environment for businesses and investors.” 

 

Effective Contribution

 

H.H. Sheikh Hamdan stated: “The effective contribution of the Islamic economy sectors to Dubai’s GDP underscores the emirate's success in taking advantage of its competitive advantages to boost the growth of the sector. This also opens the door to Dubai to explore the opportunities that contribute to its global sustainability as a key and influential partner in the global economy benefiting from all the viabilities that qualify it to play a leading role in the development of the Islamic economy globally. We are so keen to nurture innovative ideas with sights set to open new horizons through which we could unleash the potentials of the Islamic economy by diversifying its sectors and activities and meeting the growing demand for its products in various areas.”

 

H.H. Sheikh Hamdan pointed out that the accumulative successes of the Islamic economy domestically contribute to boosting the global role of Dubai as a global capital for the sector, a venue for those interested in it from all over the world and a prestigious regional center that furnish the first-rate opportunities for traders and investors.

 

H.H. Sheikh Hamdan added: “All these advantages are offered within an attractive and efficient system of facilities and incentives available for national and foreign capitals seeking for viable investment opportunities in the context of commitment to achieving the highest levels of economic growth. Additionally, it aims to present the leading experience of Dubai to the whole world as a role model in diversifying the economy and developing new sectors with promising prospects for growth in line with the Fifty-Year Charter introduced by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai.

 

Accumulated Successes

 

H.H. Sheikh Hamdan underlined that these accumulated successes achieved through the strategy adopted to turn Dubai to be the “Capital of the Islamic Economy” will be an incentive for the relevant strategic partners in the Islamic economy. “The successes of the strategy will push them to exert more efforts to further establish the leading global position of Dubai and the UAE in devising initiatives and pursuing policies that contribute to improving the performance of the economy, as well as providing practical and effective solutions to meet the global financial and economic challenges,” he said.

 

Added Value

 

Commenting on the results of the Islamic economy contribution to Dubai’s GDP, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council and General Supervisor of the Strategy of “Dubai the Capital of Islamic Economy” of Dubai stated: “The results show that the added value of the Islamic economy contribution to the targeted sectors, including manufacturing sector, financial activities, wholesale and retail trade, and accommodation and food services in Dubai’s GDP grew by 2.4% by the end of 2017. The total contribution stood at rise by AED 40.953 billion by the end of 2017 compared to AED 39.985 billion be the end of 2016,” he said.

 

According to data released by the Dubai Statistics Center (DSC), the strategic partner of the The Dubai Islamic Economy Development Centre (DIEDC), the Islamic economy's contribution to Dubai’s GDP stood at 10% by the end of 2017. The value of the contribution of the various sectors and activities of the Islamic economy amounted to AED 9.520 billion for financial activities, AED 7.322 billion for accommodation and food activities, AED 17.890 billion for wholesale and retail activities and AED 6.221 billion for manufacturing industries.

 

H.E. Sultan Bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of DIEDC, stressed that such a significant would not have been possible without the futuristic vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “Indeed, he ordered to establish DIEDC and to launch of the Strategy of Dubai the Capital of Islamic Economy”. Add to that, the Fifty-Year Charter issued by His Highness Sheikh Mohammed last January gave the Islamic economy a new impetus, and was the trigger for more sustainable growth.”

 

He added: “In the light of the roadmap pf the national economy in general and the Islamic economy in particular set by the Fifty-Year Charter vision, the coming period will witness a further cooperation with the strategic partners of DIEDC in the public and private sectors to work on the initiatives adopted by the Strategy of Dubai the Capital of Islamic Economy. These initiatives will definitely lead to make the Islamic economy keep up with global changes and the optimal utilization of modern technologies to further develop the Islamic economy with sights set to further develop Islamic economy and stimulate it to continue achieving sustainable growth,” he said.

 

"The sustained growth in the contribution of the Islamic economy to Dubai's GDP is a new testament to the confidence of local and international investors in the efficiency and quality of the business climate in UAE,” H.E. H.E. Sultan Bin Saeed said.

 

H.E. UAE Minister of Economy and Chairman of DIEDC went on to say: “The recent achievements are also consolidating the leading position of UAE as an attractive regional destination for investment due to its open economic climate, a flexible business environment supported by solid infrastructure, a resilient legislative and technological infrastructure, sustainable growth and continuous efforts to develop quality initiatives, including the Strategy of Dubai the Capital of Islamic Economy and other initiatives with the aim to promote the economic efficiency, activate investment and stimulate local production to ensure continuity and sustainability of UAE’s advanced position on the global investment map.”

 

Successful Plans

 

H.E. Sultan Bin Saeed Al Mansouri pointed out that the expansion of the contribution of the Islamic economy to Dubai’s GDP confirms the success of the plans to consolidate the position of UAE and Dubai as the capital of the Islamic economy and thanks are due to the close cooperation and teamwork between DIEDC and the strategic partners from the public and private sectors.

 

He concluded his statement by saying: “This strategy reflects positively on the sector in general, not only in terms of its contribution to Dubai’s GDP, but also in its ability to attract more international partners seeking to capitalize on the growing investment opportunities it provides by the sectors of the Islamic economy.”

 

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