Dubai Islamic Economy Development Centre launches Islamic Economy Week

"Guided by the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into a global capital of the Islamic economy, we have made steady progress in implementing the strategy launched a few years ago to make this a reality. I look forward to productive discussions on effective ways of boosting Islamic economy growth and unlocking opportunities to advance sustainable global economic development. We are keen to encourage new creative approaches that can open fresh horizons that unleash the potential of the Islamic economy," Sheikh Hamdan said, WAM reports.

Sheikh Hamdan further said that the Islamic Economy Week promises to generate new ideas to harness the potential of the Islamic economy and its ethical systems to make it a greater force for sustainable growth. His Highness also issued directives to ensure all arrangements required for the Summit's success are in place.

The Islamic Economy Week will host the fourth Global Islamic Economy Summit on 30 and 31 October. It will also feature the first Islamic Creative Economy Competition, and several other events related to various sectors of the Islamic economy.

Announcing the details, Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Dubai Islamic Economy Development Centre (DIEDC) said that the launch of the Islamic Economy Week is in line with DIEDC's strategy towards strengthening the status of Dubai as the global capital of the Islamic economy. He added that the initiative will spotlight the importance of the Islamic economy as a robust and less volatile alternative to conventional economies as was evidenced during the global financial crisis of 2008 that revealed an urgent need for a more transparent economic system to ensure equitable wealth production and distribution. He further stated that the Islamic Economy Week supports the vision of Dubai and the UAE for comprehensive and long-term development, which align with the principles and ethics of the Islamic economy.

The Islamic Economy Week has been conceptualised five years after the launch of the ‘Dubai: The Capital of Islamic Economy' initiative, which has achieved remarkable success in strengthening the status of Dubai and the UAE as a global reference for the Islamic economy.

Meanwhile, the third DIEDC Board of Directors meeting for 2018 discussed the most recent developments pertaining to the DIEDC 2017-2021 Strategy. In addition, members of the board reviewed the Islamic Economy Week's schedule of activities and approved its events, including the Global Islamic Economy Summit 2018 and Islamic Economy Award. Furthermore, the board reviewed Dubai Airport Free Zone Authority's Islamic economy strategy that will ultimately boost its role in positioning Dubai as a hub for halal trade.

Sultan Al Mansouri said: "The initiative to position Dubai as a global capital of Islamic economy has been gaining steady momentum since its launch in 2013, and even more so after the DIEDC strategy was updated in 2017."

He added: "DIEDC has succeeded in implementing its annual plan for 2018, which aims to accelerate the implementation of a number of initiatives listed in the 2017-2021 strategy. Our efforts are in line with the wise leadership's objectives to achieve the goals of the National Agenda of the UAE Vision 2021 and reach the nation's centennial as one of the top countries globally. DIEDC recognises the importance of building on the achievements made to date that have contributed to the UAE's ranking as one of the 10 most advanced countries in some of the leading Islamic economy sectors."