HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, confirmed that the increase in the contribution of the Islamic economy sector to the GDP of the Emirate of Dubai shows the UAE economy's ability to achieve growth and reflects the success of economic diversification plans. Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as a global capital for the Islamic economy, in accordance with the stated strategy, which we are implementing in an attractive business environment.
He said that the effective contribution of the Islamic economy sectors to the overall output of Dubai confirms the emirate's success in benefiting from the competitive advantages it enjoys in enhancing the growth of the sector and discovering the opportunities that contribute to its global sustainability, based on the UAE's position as a key partner in the global economy. We are keen to encourage innovative ideas to open new horizons that can unleash the potential of the Islamic economy by diversifying its sectors and activities and meeting the increasing demand for its products in different Areas.
He pointed out that the accumulation of successes in the Islamic economy domestically contributes to the consolidation of the global role of Dubai as a world capital for the sector, a forum for those interested in it from around the world, and a prestigious regional center that provides the best opportunities for traders and investors within an attractive and effective system of facilities and incentives available for national capital And foreign investors looking for viable investment opportunities in the context of commitment to achieving the highest levels of economic growth and providing Dubai's pioneering experience to the world as a model to diversify the economy and develop new sectors with promising prospects for growth in line with the document of fifty Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
"The success of Dubai Islamic Capital will be an incentive for the strategic partners of the Islamic economy in the coming period to further strengthen Dubai and the UAE's pioneering position in the development of initiatives and policies that contribute to improving the performance of the Islamic economy." To provide practical and effective solutions to meet the global financial and economic challenges.
HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, General Supervisor of Dubai Islamic Capital, commented on the results of the contribution of the Islamic economy to the GDP of Dubai. Which includes manufacturing, financial activities, wholesale and retail trade, and accommodation and catering activities in the emirate's GDP grew by 2.4% to AED 40.953 billion by the end of 2017, compared to AED 39.985 billion at the end of 2016.
According to data released by the Dubai Statistics Center (DSC), the Islamic economy's contribution to the emirate's GDP is 10% by the end of 2017. The contribution of various sectors and activities of the Islamic economy was distributed by 9.520 billion dirhams for financial activities and 7.322 billion AED 17.890 billion for campaign and retail trade, and AED 6.221 billion for manufacturing.
"This achievement of increasing the contribution of the Islamic economy to Dubai's GDP would not have been possible had it not been for the visionary vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Chairman of the Board of Directors of the Dubai Islamic Economic Development Center, Minister of Commerce and Industry and Ruler of Dubai, who was behind the establishment of the Dubai Islamic Economics Center and the launch of the strategy of Dubai as the capital of the Islamic economy. He pointed out that the "Document of the 50" issued by His Highness last January gave the Islamic economy a new impetus and an additional catalyst for further growth .
He added that the coming period will witness, in the light of what the "Document of the 50" from the road map of the national economy in general and the Islamic economy in particular, will further cooperate with the strategic partners of the Dubai Islamic Economy Center in the public and private sectors to work on the strategic initiatives "Dubai Capital of Islamic Economy" To enable the Islamic economy to keep abreast of global changes and the optimal employment of modern technologies in order to further develop the Islamic economy and stimulate it to continue sustainable growth.
He said that the continued growth in the contribution of the Islamic economy to Dubai's gross domestic product is a new testament to the confidence of local and international investors in the efficiency and quality of the business climate in the UAE and the pioneering position of the UAE as a major regional investment destination thanks to its open economic climate and flexible business environment. Backed by a strong infrastructure, legislative and technological infrastructure that is capable of sustainable growth, as well as continuous efforts to develop quality initiatives such as the strategy of Dubai, the capital of the Islamic economy and others, with the aim of enhancing economic efficiency and stimulating investment. Local production is needed to ensure continuity and sustainability of the state's advanced position on the global investment map.
He pointed out that the expansion of the contribution of the Islamic economy to the GDP of Dubai confirms the success of the plans to consolidate the status of Dubai and the United Arab Emirates as the capital of the Islamic economy thanks to the close cooperation and team work between the Dubai Center for the Development of Islamic Economy and strategic partners from the public and private sectors involved in implementing this strategy, This has reflected positively on the sector in general, not only in terms of its contribution to GDP, but also in its ability to attract more international partners willing to capitalize on growing investment opportunities. Provided by the Islamic economy.