Dubai Islamic Economy Development Centre (DIEDC) held its fourth and last board meeting for 2019, chaired by Sami Al Qamzi, Vice Chairman of DIEDC and Director General of the Department of Economic Development in Dubai, on behalf of His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC.
Summing up DIEDC’s performance in 2019, His Excellency Sultan bin Saeed Al Mansouri noted that the Centre has remained committed to closely overseeing ongoing initiatives and launching new ones, as well as expanding its partner base in line with its mandate to implement the Dubai: Capital of Islamic Economy initiative.
He said: “During the past year, DIEDC has recorded exceptional achievements in realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the global capital of Islamic economy, and supporting the priorities highlighted in the Fifty-Year Charter, issued earlier this year, such as economic diversification of the emirate.
Notably, the Centre has exceeded the KPIs set for certain initiatives while reaching others ahead of the timeline. By end-2017, the Centre successfully boosted the contribution of the Islamic economy to Dubai’s GDP to 10 per cent, increased the share of halal products in the emirate’s overall trade to 14 per cent, and elevated the UAE among the top three countries in the Global Islamic Economy Indicator.”
He added: “In 2019, DIEDC has made great strides in consolidating Dubai’s status as the global capital of Islamic economy, especially in terms of expanding international partnerships. The Centre signed a memorandum of understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to conduct joint capacity-building programmes in various jurisdictions, especially in markets new to Islamic banking and finance, as well as to drive the sustainable development of the industry. The agreement also enables DIEDC to hold a series of meetings with East Asian entities that focus on Islamic economy development.”
Addressing the board, Sami Al Qamzi said: “Following the strategic plan put forward by the board, the Centre will work around the clock in 2020 to achieve favourable results. In the coming year, we will prioritise the objective of measuring the contribution of the Islamic economy to the national GDP, as accurate statistics will allow us to direct our efforts where they are needed the most.”