In line with the prevailing rules to help the UAE combat the spread of COVID-19, the Dubai Islamic Economy Development Centre, DIEDC, recently held its first board meeting of 2020 virtually, where members reviewed the progress of strategic initiatives made in 2019 and outlined the action plan for 2020.

The meeting was chaired by Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, who confirmed that the UAE’s top ranking for five key Islamic economy segments puts the country in a prime position to collaborate with the world’s nations in achieving sustainable economic growth in the current public health circumstances.

He noted that the exceptional period the world is currently going through reveals the wisdom behind the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in launching the Dubai: Capital of Islamic Economy initiative as a sustainable and well-founded ecosystem for nations, companies, and individuals.

Al Mansouri said, “The size of the global Islamic economy, in which the value of Islamic finance assets was estimated at US$2.4 trillion in 2017, guarantees continued sustainable growth across all circumstances. With interest in the sector growing across the world, Dubai and the wider UAE continue strengthening their position as the global capital of the Islamic economy, and a destination for specialists and enthusiasts. This is evident as we gear up to host the fifth edition of the Global Islamic Economy Summit, set to take place at the Dubai Exhibition Centre in the heart of the Expo 2020 Dubai site on 9th and 10th November, 2020.”

Al Mansouri praised the economic stimulus package recently announced by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, to support companies and businesses in Dubai by enhancing liquidity and mitigating the impact of the current exceptional global economic situation.

Essa Kazim, Secretary-General of DIEDC, praised the stimulus packages that various government entities have announced, in line with the directives of the UAE’s wise leadership.

He said, “The Islamic economy can continue progressing as a sector that is safe from crises because it is a just and transparent system and strikes the required balance when it comes to wealth accumulation and distribution. It also supports Dubai’s, and the UAE’s wider objective of focusing on comprehensive and long-term development, which is well-aligned with its values and principles.”

During the meeting, Abdulla Al Awar, CEO of DIEDC, presented the various initiatives and outcomes achieved in line with the Dubai: Capital of Islamic Economy strategy in 2019 and announced the DIEDC’s action plan for the upcoming year, including proposed new initiatives and expected milestones of existing ones. He noted that the Islamic economy is gaining traction, particularly in light of the current circumstances overwhelming the world.

Al Awar highlighted that a new endowment fund for innovation and entrepreneurship will further bolster Dubai’s status as the global capital of the Islamic economy.