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07 January, 2015

DIEDC Sets Ambitious Course Ahead to Achieving Dubai's Islamic Economy Goals

Dubai - His Excellency Mohammed Abdullah Al Gergawi, Chairman of the Sheikh Mohammed Bin Rashid Al Maktoum Executive Office and Chairman of the Dubai Islamic Economy Development Centre(DIEDC), confirmed that DIEDC wouldcontinue to set an ambitious course in the upcoming year by launching initiatives to enhance and grow the Islamic economy and underline the UAE's leadership in this vital sector.

DIEDC Sets Ambitious Course Ahead to Achieving Dubai's Islamic Economy Goals
07 January 2015
Board Reviews Initiatives, Progress and Outlines Future Plans
Dubai - His Excellency Mohammed Abdullah Al Gergawi, Chairman of the Sheikh Mohammed Bin Rashid Al Maktoum Executive Office and Chairman of the Dubai Islamic Economy Development Centre(DIEDC), confirmed that DIEDC wouldcontinue to set an ambitious course in the upcoming year by launching initiatives to enhance and grow the Islamic economy and underline the UAE's leadership in this vital sector. Al Gergawi made his comments at a review meeting of the board of the Dubai Islamic Economy Development Centre.

Al Gergawi said: "At DIEDC we aim to articulate the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,under the directions of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, of making Dubai the globalcapital of Islamic economy and contributing to the overall economic progress of the emirateand the wider UAE."

"We work hand-in-hand with our public and private sector partners within and outside the UAE to further drive growth acrossthe seven pillars that the DIEDC is founded on. This is done through implementing a comprehensive strategy of practical initiatives and programmesthat drive Dubai's Islamic economy ambitions."

Abdulla Mohammed Al Awar, CEO of DIEDC, briefed the board on the progress of the initiatives and projects currently underway, and provided an overview of the DIEDC's achievements in 2014. He also outlined the Centre'splans for 2015. The upcoming year will see a hostof new initiatives and action plans for implementing those initiatives.

The board reviewed the development of thecurrent projects and explored the potential of new and proposed initiatives.Current projects focused on knowledge, halal product standards, Islamic finance criteria, conferences and fairs. Meanwhile, new initiatives includethe launch ofan international centrefor governance of Islamic companies, an international centrefor accreditation of halal products and the launch of the first-of-its-kind digital portal on the Islamic economy.

His Excellency Essa Kazim, Secretary General, DIEDC and Governor of Dubai International Financial Centre,said: "In 2014, we witnessed the launch of a range of quality initiatives and programmes under the DIEDC umbrella. We also worked with like-minded partners to organise some immensely successful events focused on Islamic economy. Through such activities the DIEDC has successfully articulated Dubai's leadership in the Islamic economy sector.We will leverage this momentum to expand our horizons and widen the scope ofour work to achieve our ultimate goals in the year ahead."

DIEDC is built on the seven pillars of finance, the halalindustry, tourism, digital infrastructure, art, knowledge and Islamic standards. The entityis mandated to establish a sound infrastructure and a comprehensive framework to oversee the implementation of initiatives that lead to developing an enabling Islamic economy.

The pillars focus on making Dubai the international reference for Islamic finance, the global hub for halal products manufacturing and accreditation, the preferred family tourismdestination, the primaryplatform for Islamic electronic trade and digital content, the international capital for Islamic design and creativity, the global ready-reckoner forknowledge on the Islamic economy and a comprehensive standardisationcentrefor criteria and certifications on Islamic economy.

The Islamic economy has gained increasing significance in recent years due to the surgein demand forsustainable, sharia-compliant services and products from the 1.5 billion Muslim population as well as non-Muslims worldwide. The merits of a more humane and resilient financial system were spotlighted in the aftermath of the international financial crises that causeda paradigm shift in the public perception of finance and economy.

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Sharia-compliant economic activities currently account for11% of the global economy. The Islamic economy sector is on course to achieve accelerated growth in the immediate future, at the rate of 10 - 15% annually.

-Ends-

About Dubai Islamic Economy Development Centre
'Dubai Islamic Economy Development Centre (DIEDC) was established in December 2013 to transform Dubai into the 'Capital of Islamic Economy', as envisioned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, supervises the efforts of the DIEDC and its Board to bolster Dubai's bid to become a global hub for the Islamic Economy, encompassing a wide array of sectors through harnessing the projected US$6.7 trillion Islamic economy market.

DIEDC is equipped with the financial, administrative and legal tools to promote economic activities compatible with Islamic law in Dubai's goods and financial services sector, as well as the non-financial sector. In this capacity, it will conduct research and specialist studies to determine the contribution of sharia-compliant activities to the emirate's gross domestic product, and explore how to extend this contribution to boost the economy. DIEDC is also mandated to create new products and lines of service to law firms specializing in finance structuring."

For more information, please contact:
Ghada El Khoury - APCO Worldwide
Tel: + 971 4 375 5877
Mob: +971 55 804 5317
gelkhoury@apcoworldwide.com

© Press Release 2015