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04 March 2024

Sheikh Hamdan praises Islamic economy contribution to Dubai’s GDP growth

By Wam

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has 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.

This is part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, 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, he added.

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.

"We are keen on encouraging 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," the Dubai Crown Prince continued.

Sheikh Hamdan explained that theses successes contribute towards cementing Dubai as the global capital of the Islamic economy sector, and present the emirate as a successful model for economic diversification and creating new sectors for growth, in line with 50-Year Charter unveiled by Sheikh Mohammed bin Rashid.

His Highness' remarks were made following a report about the contribution of the Islamic economy to Dubai’s GDP, which grew 2.4 percent at the 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 contributed towards 10 percent of Dubai’s GDP at the end of 2017.