Dubai Islamic Economic Centre’s former executive said that due to well planned infrastructures and solid foundation, Dubai will be able to take the lead in the global Islamic economy.
He also stated that the plan to make Dubai the center of a global economy had been launched and in three years’ time they are expecting the city’s worth to be around US$7 trillion.
Sheikh Mohammed Bin Rashid, Vice President of the UAE and Ruler of Dubai, announced last year the strategy to fulfill the plan for the city. The aim is putting seven pillars of Islamic and economic measures in place in the next two-and-a-half years – the pillars being digital infrastructure, knowledge, arts, tourism, standards, halal industry and finance.
Aside from that strategy, there are over 40 other initiatives identified as important to complete the project but the former executive of the Dubai Islamic Economic Centre said that they may still introduce extra initiatives along the way. He also added that there are already some developments in knowledge initiatives, halal industry in free zones and finance and banking.
He stated that Dubai is working on achieving mutual acknowledgement agreements with countries involved in Organisation of Islamic Co-operation in halal and other parts of the Islamic economy.
It was also pointed out that they don’t see Dubai having conflicts with other hubs for Islamic financial services like London and Malaysia.