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UAE: Global Islamic Economy Summit ready to roll in Dubai on November 25 and 26

Courtesy of Emirates 24/7

Dubai Chamber of Commerce bringing innovative leaders to speak at summit

Global Islamic Economy Summit

The Dubai Chamber of Commerce and Industry, in partnership with Thomson Reuters, is bringing the world’s most innovative leaders of the public and private sector to Dubai to join the discussion at the Global Islamic Economy Summit which will be held on November 25 and 26 at Madinat Jumeirah in  Dubai.

The summit is in line with the ‘Dubai: Capital of Islamic Economy’ strategy led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and is held under his patronage.  Dubai’s strategy to become the capital of the Islamic economy centred on seven key pillars and 46 separate initiatives.

Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, will lead GIES’ opening ceremony.  He commented: “This summit is an ideal platform for the exchange of expertise and knowledge as Dubai is known for attracting leading policy-makers who will discuss opportunities and challenges as well as suggest the means for the adoption of Islamic economy as a pioneering economic model for the future.

He added that the participation of important Islamic personalities will enrich the summit and enhance Dubai’s status as a capital of Islamic economy while bringing us closer to our strategic objective of becoming a leading Islamic economy as soon as possible.

Sultan Saeed Al Mansouri, UAE Minister of Economy, will lead a panel of global ministers in a discussion on the role of the Islamic
Economy in the evolving global economy. This panel will provide attendees with insight into the leaders of the Islamic world and their vision for the future and the key priorities that will shape the development of the Islamic world.

Al Mansouri said:  “The UAE has the potential to lead the development of the Global Islamic Economy and Sheikh Mohammed bin Rashid is focused on ensuring we do just that.  This will require close collaboration with our peers across the Muslim world and I look forward to having that dialogue with them at the summit.”

This panel will be complemented by the view from the private sector in the form of a keynote speech from Mark Mobius, Ph.D., executive chairman of Templeton Emerging Markets Group.  Dr. Mobius will share his views on the future of the global economy and the role of the Islamic world in shaping the future.

Regarding his role in the conference, Dr. Mobius stated, “The developed world has entered a sustained period of economic stagnation. Increasingly, frontier and emerging markets are playing a significant role in shaping the role of the future world we live in. Islamic economies will play a key role in this new economic paradigm, and their relevance to the broader economy cannot be underestimated.”

One of the world’s preeminent economists, Nouriel Roubini, co-founder and chairman of Roubini Global Economics, will also be speaking at the summit. He will address the future of the Islamic world, the challenges it will face and the potential role of the Islamic economy sectors to facilitate greater investment flows into the Islamic world.

“The Islamic economy is an interesting consumption-based opportunity that may be able to replace the outflow of U.S. and European investments retreating in the face of increased risk and lower financing appetites,” said Dr Roubini. “The Islamic economy could facilitate indigenous development of struggling Islamic countries.  Efforts such as the Global Islamic Economy Summit will be critical to drive the conversation forward and focus the leaders of the Islamic Economy on the task at hand.”

The final panel at the conference will be moderated by Khaled Al Aboodi, CEO, Islamic Corporation for the Development of the Private Sector, Islamic Development Bank.  He will lead a group of senior international ministers in a discussion on the role of governments and the private sector to facilitate the development of the Islamic Economic sectors.

He commented:  “The Global Islamic Economy Summit is an important catalyst to create strong and sustainable economies among the member states of the Organisation of Islamic Cooperation. This initiative can stimulate intra-OIC trade, especially in the areas of Islamic Finance and Halal food production. Collaboration between the wealthy importing nations of the GCC and the poorer agricultural economies can create a new arena for investment and cooperation.”

Russell Haworth, Managing Director, Middle East and North Africa, Thomson Reuters, said:  “This very high calibre set of speakers – from different walks of business – demonstrates the broad range of opportunities arising from the Islamic community. The Islamic Economy reaches many people and businesses outside of the global Muslim community making it an important driver of the macro economy. The insights offered by these speakers will help to inform the Summit and spark debate.”

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