Dubai: Innovation and sustainability will top the agenda at the Global Islamic Economy Summit, which will start on Tuesday.
The two-day summit will see speakers focus on how 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 speakers will include Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and Rustam Minnikhanov, President of Tatarstan, a federal subject of Russia, among others.
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.
“This year, the UAE has boosted its Global Islamic Economy (GIE) Indicator score and attained the top spots in two additional sectors. The rise in the country’s standing testifies to the commitment of DIEDC’s partners to implementing the centre’s initiatives, their significant contributions to the development of the Islamic economy in Dubai, as well as the success of the UAE’s sustainable development drive as part of its post-oil economy vision,” Al Mansouri, who is also chairman of the DIEDC, said.
This report estimates that global Muslim spend across lifestyle sectors stood at $2.1 trillion in 2017, while the Islamic finance sector has $2.4 trillion in total assets.
The food & beverage sector leads Muslim spending by category at $1.3 trillion, followed by the clothing and apparel sector at $270 billion, media and entertainment at $209 billion, travel at $177 billion, and spending on pharmaceuticals and cosmetics at $87 billion and $61 billion respectively.