Growing trust key for UAE economy's progress

Dubai - Dubai Islamic Economy Development Centre okays in principle several initiatives to be executed 2017-21 strategy

The Dubai Islamic Economy Development Centre (DIEDC) convened its first board meeting for 2018, reviewing all the initiatives that had been implemented the previous year within the framework of DIEDC's 2017-21 strategy that seeks to realise the 'Dubai: Capital of Islamic Economy' vision.
At the meeting chaired by Sultan bin Saeed Al Mansouri, UAE Minister of Economy and chairman of the DIEDC, board members also approved in principle several initiatives to be executed in the upcoming four-year period, which would significantly contribute to achieving the centre's strategic objectives.
In his address, Al Mansouri said: "The trust of manufacturers and consumers in regulatory policies and standards is pivotal to the future of the global economy. The growing local and international trust in Dubai, and the wider UAE, promises greater progress in the domestic economy, especially in the Islamic economy domain."
He further noted that the ambitious plans of the UAE government to contribute to the UN Sustainable Development Goals is not limited to accelerating the growth of local sectors, but spans a global vision to unify efforts across the world.
During the meeting, Al Mansouri highlighted the momentum gained by the Dubai: Capital of Islamic Economy initiative since its launch in 2013, accelerated by the DIEDC's 2017-21 strategy. He also commended the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that anticipated the future of the global economy following the challenges brought on by the global financial crisis in 2008.
Speaking on the Centre's plan for 2018, Al Mansouri said: "The DIEDC's focus this year is to accelerate progress on the implementation of a series of initiatives within the framework of the DIEDC's refreshed strategy 2017-21, leading up to UAE Centennial 2071 to make the UAE the best country in the world by its centenary year."
He confirmed that the centre will work closely with suitable entities and organisations to find new tools that fast-track the growth of Islamic economy sectors such as Islamic finance that is expected to be valued at $3.8 trillion by 2022.
Essa Kazim, secretary-general of the DIEDC, noted that 2017 was a year of breakthroughs in the development of Islamic economy.
He said: "The DIEDC's 2017-21 strategy seeks to further strengthen the regulatory infrastructure of Islamic economy. Some of our key developments last year following the implementation of the strategy included the establishment of the Higher Shariah Authority for Islamic Banking and Financial Services managed by the Central Bank of the UAE."
During the meeting, Abdulla Mohammed Al Awar, CEO of the DIEDC, highlighted the key initiatives launched by the centre and its partners in 2017 towards achieving the objectives outlined in the 2017-2021 strategy.
Al Awar said: "The outstanding initiatives launched in 2017 focused on promoting the scientific principles and ethics of Islamic economy. Some of these included coordinating with academic institutions to provide academic programmes in Islamic economy, publishing the book Global Perspectives on the Islamic Creative Economy in Dubai, London and Australia, and launching the first-ever technology accelerator in the region's FinTech Hive."
- business@khaleejtimes.com