Sheikh Mohammed, Dubai Hits 1st Goal Of Strategy To Become Islamic Economy Hub

Dubai has achieved the 1st goal of its strategy aimed at making the emirate the global capital of Islamic economy, the UAE’s VP and PM and Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum has said. His remarks came after a report showed that Dubai has overtaken other financial centres for listing Islamic bonds on its exchanges. Sukuk listed on Dubai’s 2 exchanges, Nasdaq Dubai and Dubai Financial Market, rose to $36.7-B (Dhs 134.38bn) in Y 2015, according to a study by Nasdaq Dubai. According to a report the global Islamic economy has a potential value of $6.7 -T and is bigger than most of the economies in the world except China and the United States. The report estimates that Muslim consumers’ global expenditure on the media, food, and lifestyle sectors such as cosmetics and tourism is forecast to touch $2.47-T by Y 2018.