This ambitious initiative is the next chapter in Dubai’s success story. The emirate has already demonstrated its capacity to diversify its economy and achieve consistent growth in various sectors.
Dubai, UAE (PRWEB) February 13, 2013
His Excellency Mohammad Abdullah Al Gergawi, Chairman of the Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, has shared some in-depth insights on Dubai’s recently announced initiative of emerging as the undisputed international hub of the Islamic economy.
Mohammad Al Gergawi explained: “This ambitious initiative is the next chapter in Dubai’s success story. The emirate has already demonstrated its capacity to diversify its economy and achieve consistent growth in various sectors. It has played a pivotal role in the region, but now is the perfect time to go further and become the undisputed global hub, while staying consistent to the principles of Islamic commerce.”
Mohammad Al Gergawi spreaheads the Supreme Committee which has been created with the mandate of accomplishing this mission. The committee has been given a timeframe of six months to propose a comprehensive strategy on how best Dubai can solidify its position as the Islamic world’s beacon of economic innovation. Among the numerous benefits of this endeavor, it is expected to accelerate the growth of Islamic industries - a sector which is projected to double in value to US$2.6 Trillion by 2015.
Expressing his optimism that Dubai will achieve its target, Mohammad Al Gergawi pointed out: “The very first modern Islamic bank in the world was launched in Dubai, so our emirate is no stranger to pioneering ambitious projects that have never been attempted worldwide. Our strong track record in establishing Islamic institutions makes this transition to a global hub for Islamic industries a natural evolution. By ensuring consistent Sharia certification in areas like the processing of halal products and Islamic finance, we can lead by example for the rest of the Muslim world to benefit from.”
He noted that the government will make any necessary amendments to the relevant laws in order to ensure that this vision translates into a practical reality on the ground.
However, Mohammad Al Gergawi was quick to emphasize that the scope of this initiative is not just limited to the region: “With approximately 1.5 billion Muslims worldwide, we cannot ignore those who are based outside the Middle East. In fact we anticipate huge interest from Muslim communities in the US, UK and elsewhere in Europe - in addition to the sizeable Muslim population in Asian countries like Indonesia. That is why we reiterate that Dubai is not just aiming to be a regional center of excellence, but a global hub of the most exceptional standards.”