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22 April 2024

Dubai set to become world’s Islamic economy capital: Gergawi

Mohammed bin Abdullah Al Gargawi, Minister for Cabinet Affairs. (Supplied)

By Staff

Dubai has the resources to become the capital of the world’s Islamic economy following an initiative by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister, and Ruler of Dubai, a UAE minister has said.
Mohammed Al Gergawi, Minister of Cabinet Affairs and Future, said Islamic economy has largely grown over the past years to become “part and parcel” of the global economy and a major growth driver, adding that Islamic economy is expected to have a potential value of nearly seven trillion (Dh25 trillion) in 2020.
“Dubai is an advanced infrastructure and is a pioneer in trade, finance and tourism,” said Gergawi, chairman of the Dubai Islamic Economy Development Centre (DIEDC).
“Dubai possesses the resources that make it the capital of the world’s Islamic economy…we have the experience, the strategic location, the necessary infrastructure and the world’s faith in us to achieve this goal,” he told the Hong Kong-based Prospect Group, a global media organization specialized in Islamic economy.
Quoted by the Group, DIEDC Secretary-General Issa Kazem said the Centre aims to support the public and private sector in the emirate to boost growth in all Islamic economy sectors, including infrastructure, family tourism, knowledge, and Halal food.
“The future of the Islamic economy is promising…the Halal food value topped $1.8 trillion in 2014, accounting for nearly 12 per cent of the world’s food market…the figure is projected to reach $2.5 trillion in 2020,” he said.
He said Dubai, the region’s business hub, has one of the most advanced infrastructures in the world for shipping and transport. “This means that the emirate is qualified to utilize this network to become the hub of the global Islamic economy.”