Hamdan bin Mohammed praises growth of Islamic economy contribution to Dubai’s GDP

Crown Prince of Dubai and Chairman of Dubai Executive Council, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said that the growing contribution of the Islamic economy sector in Dubai’s gross domestic product (GDP) reflects the ability of the UAE’s economy in achieving growth and highlights the success of economic diversification plan, which is part of the vision of Vice President, Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to cement Dubai as a global capital of the Islamic economy, through clear strategy that’s being executed steadily and amid a conducive business environment.  

His Highness said that the effective contribution of the Islamic economy sectors in Dubai’s GDP also reflects the success of Dubai in benefiting from its competitiveness to help support the sector’s growth; and to unlock opportunities that further ensure its sustainability globally, given the UAE’s position as key partner in the global economy, thanks to the potentials it possess that allow it to take a leading role in the development of the Islamic economy globally. His Highness also said that we are keen on encourage creative ideas that open new horizons that lead to unleashing potentials of the Islamic economy and its diversified sectors and activities, and meet the growing demand on its various products and services.

Sheikh Hamdan also said that the accumulative success of the Islamic economy locally also contribute in cementing the international role of Dubai as a capital of the sector, and a hub of all people who are involved in it, given all the facilities it provides to investors and businessmen who are looking for profitable investment opportunities, and present Dubai as a successful model for economic diversification and creating new sectors for growth, which is in line with 50-Year Charter for the development of the emirate, which was unveiled by Sheikh Mohammed bin Rashid.

His Highness also said that the accumulative success of the strategy to position Dubai as the “global capital of Islamic economic” will motivate strategic partners involved in the Islamic economy to work hard to cement the global position of Dubai and UAE in creating initiatives and adopting policies that help promote the performance of the Islamic economy, and enable it to provide practical and effective solutions to the global financial and economic challenges.

Sheikh Hamdan’s remarks were made following a report about the contribution of the Islamic economy to Dubai’s GDP, which grow 2.4% by end 2017 to AED40.953 billion compared to AED39.985 billion by end 2016. The report issued by Dubai Statistics Centre, a strategic partner of Dubai Islamic Economy Development Centre (DIEDC), also showed that the Islamic economy contribute by 10% of Dubai’s GDP as of end 2017.