By: Mahmoud Gamal
Dubai – Mubasher: Majid Saif Al Ghurair, chairman of Dubai Chamber of Commerce and Industry, on Tuesday said that the organisation of the Global Islamic Economy Summit (GIES) in Dubai boosts the emirate’s position as a global hub for sharia-compliant economy.
A roadmap comprising 46-initiative strategy was developed in a bid to turn Dubai into a hub for Islamic financing, Majid Al Ghurair told Mubasher in an exclusive interview, where he answered the following questions:
Q: What are the targets of the Global Islamic Economy Summit this year?
A: There is no doubt that the organisation of the fourth edition of the GIES reflects its success as the most important global event related to Islamic economy. The summit provides a platform for innovations and solutions to address the global economy’s current challenges in line with the principles of Sharia law. Islamic economy has proved itself as a full-fledged system that can evolve and develop the shape of the present-day economy.
Organised by Dubai Chamber, in cooperation with the Dubai Islamic Economy Development Centre (DIEDC) and Thomson Reuters Corporation, GIES will discuss cutting-edge technologies, including block chains and digital currencies, as well as Internet of Things (IoT), drones, and artificial intelligence (AI), and their capability to remodel the Islamic economy, particularly the sharia-compliant banking.
Certainly, we are looking forward to this summit as an important step forward in placing Dubai as the global capital of Islamic economy. We are very upbeat that we can achieve this goal.
Q: What are the initiatives launched by Dubai Chamber to stimulate economic growth?
A: We have two initiatives: The first entails establishing an advisory board for global corporations operating in Dubai in an effort to enhance the decision-making processes within the business environment. The board will include the major 500 companies listed by Fortune Magazine as the best global companies.
This initiative will support the private-sector role in economic planning and legislating economic-related laws and regulations. It will also enhance the transparency of government actions and procedures.
The second initiative includes a partnership with relevant state-run institutions to reduce the costs of doing business by re-evaluating the local legislations and fees. This will be positive for companies and help boost the competitiveness and attractiveness of Dubai, as well as reinforce investor confidence.
The main goal of this initiative is to facilitate doing business and increase the attractiveness of Dubai for foreign investments.
Q: What is current volume of foreign investments in Dubai?
A: Dubai has managed to attract overseas investments worth AED 4.1 billion ($1.13 billion) during the third quarter of 2018, after total number of projects hiked to 70 projects from 63 in the year-ago period. Hence, overall foreign investments in the GCC emirate amounted to AED 21.8 billion distributed into 318 projects.
Q: How much is the current spending on Halal tourism?
A: A recent report of Dubai Chamber revealed that UAE leads the global spending on Halal tourism with $17.6 billion in 2017, as the Arab country enjoys the best travel and tourism work environment in the Middle East and North Africa (MENA) region in terms of investment competitiveness, state-of-the-art technology, and air transportation infrastructure.
Translated by: Mohammad Shokhba
