(MENAFN- Khaleej Times) The contribution of the Islamic economy to Dubai's gross domestic product (GDP) has seen a marked increase in recent years, and has resulted in many countries across the world looking to adopt the UAE's Islamic economy model, said Sultan bin Saeed Al Mansouri, UAE Minister of Economy and chairman of the Dubai Islamic Economy Development Centre (DIEDC).
The Islamic economy generates 8.3 per cent of Dubai's GDP, according to the Dubai Statistics Centre, a strategic partner of DIEDC. Citing the statistics, Al Mansouri said the contribution of the Islamic economy to Dubai's GDP increased from 7.6 per cent in 2014 to 8.3 per cent in 2016, registering a growth rate of 14 per cent. In 2016, Islamic economy sectors contributed Dh32.77 billion, compared to Dh32.21 billion in 2015 and Dh28.78 billion in 2014.
"These results speak volumes not only in terms of the development of the Islamic economy in Dubai, but also the success of the UAE's sustainable development drive as part of its post-oil economy vision. We are keen to boost productive sectors and develop strategies that encourage responsible investment, entrepreneurship and innovation," he said.
"Our goal of increasing the contribution of Islamic economy sectors to the national GDP by 2021 is well within our reach as long as we continue to implement our strategy on schedule and in productive cooperation with all local and international partners. Dubai is already en route to leading several global Islamic economy indicators by 2021."
The increased contribution of the Islamic economy to the GDP is the outcome of 2 factors: the first factor is the growth of key Shariah-compliant sectors, and the second is the impact of the Islamic economy culture on conventional sectors and greater awareness of the focus of Islamic economic standards on achieving sustainable development.
According to a study of the Islamic economy's contribution to Dubai's GDP, Islamic finance boosted its contribution from 22.2 per cent in 2014 to 24.7 per cent in 2015 to reach 26.3 per cent in 2016. The halal food sector accounted for 62.4 per cent in 2016, while modest fashion amounted to 25.7 per cent. Halal industries commanded a 94.5 per cent share of domestic trade in 2016, with halal food representing 58.7 per cent and halal pharmaceuticals and cosmetics making up the remaining 41.3 per cent.
-
MENAFN1505201800490000ID1096860726
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.