Dubai: Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, opened the #globalislamiceconomicsummit on Tuesday to discuss about how Islamic economy can play a role in the socio-economic development.

The two-day summit will deliberate on ideas to leverage the Islamic economy to boost social integration and promote innovation and technology in a manner that ensures the Islamic economy remains dynamic.

“The fourth edition of GIES comes at a pivotal time for Dubai and the global Islamic economy, which is entering its next phase of growth as it embraces the Fourth Industrial Revolution. Through this summit, Dubai aims to unify the global efforts to promote the Islamic economy and to create an environment in which everyone will work to develop an integrated Islamic economic model, in which the Islamic economy will be able to expand its product base and move towards new horizons,” Majid Saif Al Ghurair, Chairman of Dubai Chamber of Commerce and Industry, told delegates.

The UAE is ranked top globally across five of eight Islamic economy sectors, according to the Global Islamic Economy Report 2018-19 that was commissioned by the Dubai Islamic Economy Development Centre (DIEDC) and produced by Thomson Reuters.