Dubai skyline
The Islamic economy’s contribution to Dubai’s economy increased to 10 per cent by the end of 2017. Image Credit: Supplied

Dubai: The Islamic economy contributed Dh41 billion to Dubai’s gross domestic product by the end of 2017, according to statistics released by Dubai Statistics Centre, the strategic partner of Dubai Islamic Economy Development Centre.

The statistics showed that the Islamic economy’s contribution to the GDP of Dubai in targeted sectors, including manufacturing, financial activities, wholesale and retail trade, accommodation and catering activities. Overall growth was by 2.4% in 2017.

The Islamic economy’s contribution to Dubai’s economy increased to 10 per cent by the end of 2017, with financial activities contributing Dh9.5 billion, accommodation and catering activities Dh7.3 billion, wholesale and retail trade Dh17.8 billion, and manufacturing industries Dh6.2. billion.

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stressed that the increase in the Islamic economy’s contribution to Dubai GDP reflects the UAE economy’s ability to achieve growth and reflects the success of economic diversification plans. Such an improvement comes in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to strengthen Dubai’s position as a global capital for Islamic economy.

“The effective contribution of Islamic economic sectors to Dubai’s overall output underscores the Emirate’s success in leveraging the competitive advantages to enhance the Islamic economy’s growth and explore new opportunities that contribute to its global sustainability. We are keen to encourage innovative ideas and open new horizons in which potential of the Islamic economy can be unleashed to meet the increasing demand for its products,” Shaikh Hamdan added.