Dubai to become capital of Islamic economy

His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched the strategic plan for developing the Islamic economy sector on Saturday.

The plan launched in the presence of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, includes seven key pillars and 46 strategic initiatives to be implemented within 36 months. The aim is to enhance the position of Dubai as the capital of the Islamic economy.

After the launch ceremony, Shaikh Mohammed said: “The continued developments and changes in the global economy increase the need to constantly diversify the structure of our national economy. Our firm principle in the UAE is not to rely on one single economic resource or sector. The Islamic economy is not new to us. In fact, we have accumulated considerable expertise in this field and our aim is the global arena.”

Shaikh Mohammed added: “In the UAE, we excel at the public – private sector partnership, where both sectors work as one team. Therefore, I am optimistic about the success of the Islamic economy sector and about placing Dubai on the international economic map as the global destination of choice that provides Islamic products, finance and services as well as raising the standards for the management and quality of this sector to new levels.”

“Our aim from all economic initiatives we launch is to improve the quality of life and providing opportunities that ensure a prosperous future for coming generations.”

Shaikh Mohammed bin Rashid Al Maktoum also directed all stakeholders to coordinate their efforts in light of the strategic plan for developing the Islamic economy sector and to support this sector by continuously launching strategic initiatives and programmes.

The ceremony was attended by Mohammed Ahmed Al Murr, Chairman of the Federal National Council; Shaikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority; Lt.-General Dhahi Khalfan Tamim, Chief of Dubai Police; as well as a number of ministers, heads and directors of government departments, leaders of the business community and media representatives.

Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum said: “The strategic plan for developing the Islamic economy sector is a road map for the future which sets the frameworks for uniting the efforts of various institutions and parties operating in this sector in line with the vision of Shaikh Mohammed bin Rashid Al Maktoum to position Dubai as the global capital of the Islamic economy.”

“When HH Shaikh Mohammed bin Rashid Al Maktoum specified the goal, he wanted an Islamic economy sector with a global vision and with local human resources to serve our national economic interests. His vision was to turn Dubai into the future global capital of the Islamic economy,” he added.

Shaikh Hamdan said: “The vision is clear, The determination is high, The leadership is decisive, The operational teams are ready, and the obstacles ahead will be met by exceptional people.”

The strategic plan relies on seven main pillars that revolve around making Dubai the global reference and hub for Islamic financing, the main centre for halal food industries and the trusted name for the accreditation of such products, the destination of choice for family tourism, the main world platform for Islamic e-commerce and Islamic digital economy, the global capital for Islamic design and innovation, the main centre and reference for knowledge, education, and research in all pillars of the Islamic economy, and the most reliable centre for Islamic economy standards and certification.

The Crown Prince of Dubai emphasised that the strategic plan and its main pillars are a major step towards enhancing Dubai’s position as a global hub for Islamic products and will effectively contribute to achieve the targeted goals of the initiative of establishing Dubai as the Capital of the Islamic Economy. Overall, this will not only diversify the national economy, but also enhance it by adding a new vital sector that will further enrich Dubai’s outstanding reputation in the economic field and establish it as the global capital of the Islamic economy.

Meanwhile, members of the higher committee for the development of the Islamic Economy Sector, which is chaired by Mohammed Abdullah Al Gergawi, the Chairman of the Shaikh Mohammed bin Rashid Al Maktoum’s Executive Office and the Chairman of the Higher Committee for the development of the Islamic Economy Sector presented a description for the main directions and initiatives of the plan, each on his sector and within his specialisation.

Al Gergawi emphasised in his speech during the launch ceremony that the strategic plan includes seven main pillars and 46 initiatives to be implemented within 36 months, according to the direction of Shaikh Mohammed, who ordered to reduce the period from 5 years to only 36 months.

He added: “the Higher Committee for the development of Islamic Economy Sector has been able within few months from the launch of the initiative “Dubai the Capital of Islamic Economy” by His Highness Shaikh Mohammed bin Rashid Al Maktoum, to develop a series of initiatives that will enhance the position of Dubai as a destination and capital for Islamic Economy such as the Islamic Sukuk initiative, which so far has attracted Dh46 billion and is expected to reach Dh60 billion by the end of the year.”

Other initiatives include the establishment of Islamic banking centre, the Global Islamic Economy Summit in November of this year, and the Islamic Economy Award. Moreover a number of universities started making available courses pertaining to the Islamic economy in order to qualify human resources for this sector.

In his presentation, Essa Kazim, CEO of Dubai Finical Market and the Secretary-General of the Higher Committee for development of the Islamic Economy sector said: “The strategic plan will contribute to enhance the position of Dubai as the global capital of Islamic Economy at a time when many countries are competing to attract investments in the Islamic Economy Sector and the demand for goods and services in this sector is increasing. This requires solid cooperation between all related parties to coordinate their efforts in order to achieve the goals that the initiative was launched for”.

Additionally, the strategic plan aims through its second pillar “The trusted name &solution provider in the Halal food industry” to develop a local network of facilities and logistic services to produce, export, re-export and create a set of best practices in this sector.

As for the third pillar, “The destination of choice for family friendly tourism”, the strategic plan aims to develop the Islamic economy sector to promote Dubai’s position as a centre for family tourism which provides a series of facilities and tourist activities suitable for all family members. Based on the directions of Shaikh Mohammed, Dubai has successfully made many steps in augmenting its position as the favourite tourist destination for families from all over the world. This achievement is made evident through the increasing inflow of tourists to the emirate, with their number increasing by 11.1% to 5.58 million during the first half of this year compared to the corresponding period of 2012.

Within the fourth pillar, “The pioneer of the Islamic digital economy,” the strategic plan will endeavour to promote Dubai as an oasis and incubator for the development of electronic programmes, applications and games, a platform for Islamic e-commerce, a global centre for Islamic media, and a pioneering and incubating environment for the Islamic digital economy.

Through the fifth pillar, “The capital of Islamic fashion, arts and design”, the strategic plan aims to cement Dubai’s position as a centre for Islamic design and architecture, a global destination for showcasing and trading of various types of Islamic arts, and a global centre for design, display and retail of conservative fashion. Dubai has initiated this drive with the launch of “Dubai Design Centre” by Shaikh Mohammed. The centre will include design schools and facilities for designers from various sectors representing companies and luxury brands, which ultimately represents a unique addition to promote Dubai as a global fashion destination.

As for the seventh pillar, “The world class centre for Islamic economy standards & certification,” the strategic plan aims to establish Dubai as the global reference for the issuance of Islamic management standards and a certified centre for issuance of Halal certificates for various products and services.

Shaikh Mohammed launched the “Dubai The Capital Of Islamic Economy” initiative early this year to add this sector to the key sectors of the sound UAE economy with the aim of supporting the economy through a new dynamic sector representing a quantum leap for the prosperous economy of Dubai and the UAE.