His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and General Supervisor of the “Dubai Capital of the Islamic Economy” strategy affirmed that the UAE has been able thanks to the future vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President The state, Prime Minister and Ruler of Dubai “may God protect him” from creating a large balance of distinguished expertise in the field of Islamic economics, and has succeeded in establishing a strong financial and technological infrastructure, which would nominate it to lead the efficient development of the global Islamic economy, a sector that today constitutes one of the important pillars of its national economy .
This came on the occasion of the Dubai Center for the Development of Islamic Economy announcing today, Monday, the results of the Global Islamic Economy Report for the year 2020-2021, in which the United Arab Emirates ranked among the first three places in the Global Islamic Economy Index, as the eighth edition of the report was launched. It provides an annual update on the developments of the Islamic economy around the world, in a ceremony held specifically at the headquarters of the Nasdaq Dubai Stock Exchange, in which the trading bell was ringed to mark the disclosure of the report’s results.
His Highness the Crown Prince of Dubai pointed out that the Islamic economy has the opportunity to lead the global economic recovery in the post-Covid-19 stage, in light of indicators that show the potential capabilities of this vital sector and within most of its paths, stressing that the current global situation calls for doubling the work in order to monitor opportunities Through which it is possible to affirm the role of the UAE in charting new economic paths that will enable the region and the world to overcome the challenges resulting from this exceptional crisis caused by the new Corona virus.
His Highness called for seeking to strengthen channels of cooperation with our partners around the world, and to work in light of the strategy of Dubai as the capital of the Islamic economy to find more elements to attract investment, and to attract capital and encourage its owners to pump them into the channels of the Islamic economy in order to enhance the position of Dubai and the UAE as an active partner in expanding its growth opportunities. At the regional and global levels, in the post-Covid-19 era.
The report on the reality of the global Islamic economy in its eighth edition, entitled “Growth in spite of challenges,” estimates Muslim spending on halal food, modest fashion, halal tourism, halal medicine and cosmetics, halal media and entertainment at $ 2.02 trillion in 2019. While this figure reflects an annual growth of 3.2% compared to 2018, it is expected that this spending will contract by about 8% during the year 2020, due to the negative effects of the emerging corona virus (Covid-19). However, the report expects that spending will increase again in various sectors of the Islamic economy, except for halal tourism, by the end of 2021, as it is likely to reach $ 2.4 trillion in 2024.
In this year’s report, the Global Islamic Economy Index covers 81 countries around the world, and the UAE ranked in the first three places in the index and came first in the modest fashion, media and halal entertainment sectors. The report witnessed the rise of new countries to the top 15, such as Nigeria, Sri Lanka, and Singapore, while Saudi Arabia and Indonesia advanced in the ranking compared to last year’s report.