DUBAI:

THE CAPITAL OF THE

ISLAMIC ECONOMY

THE VISION

‘Our vision for the Islamic

economy sector is clear:

we need this sector to

contribute, in a vital

manner, to our national

economy and enhance

our position as the global

capital of the Islamic

economy.’

DUBAI: A GLOBAL TRADE AND

LOGISTICS HUB

Dubai is a time zone bridge between the Far

East and Europe on the East-West axis and

the CIS and Africa on the north-south axis.

Well established trading links exist with over

1.5 billion people in the Gulf, Middle

East/Eastern Mediterranean, CIS, Central

Asia, Africa and the Asian sub-continent.

Total international trade has grown on average

by over 11% per year since 1988.

Served by over 120 shipping lines and linked

via 85 airlines to over 130 global destinations.

No exchange controls, quotas or trade

barriers.

Foreign trade network extending to 179 states,

presenting an extensive choice of global

opportunities.

Network of seven industrial areas,

one business park and three

highly successful, specialized free

zones of international distinction,

two world class seaports, two

major international airports and

cargo village, a modern highway

network, state-of-the-art

telecommunications and reliable

power and utilities.

DUBAI’S STRATEGIC ISLAMIC

ECONOMY VISION

STRONG

Oil & Gas

Manufacturing

Agriculture Electricity

&

Water

Telecommunication

Government

Services

Construction

Professional

Services

WEAK

DUBAI’S STRENGTH ACCORDING TO INTERNATIONAL STANDARDS

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Trade

TourismFinancial

Services

Transport &

Logistics

DUBAI’S ISLAMIC ECONOMY

ECO SYSTEM

Vision &Leadership

Knowledge, Talent &

Innovation

Culture & ArtsTrade &

Commerce (e.g. Halal food, beauty

& pharma)

Finance & Transactions

Rules & Regulation

Creating theEconomic

Capital

Infrastructure & People

Connectivity

Branding & Reputation

Dubai Islamic Economy Development Centre (DIEDC) was

established in 2013 under the patronage of His Highness Sheikh

Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of

Dubai.

DIEDC is founded on the seven pillars of finance, the ‘halal’ industry, tourism, digital infrastructure, art, knowledge and Islamic standards.

Through carefully planned strategies and initiatives, DIEDC is committed to engaging with stakeholders to foster a generation of qualified professionals with the required skill-sets to drive growth across the seven constituent pillars, while creating a dynamic and competitive environment that fuels growth within the sector.

ABOUT DIEDC

DIEDC’S BOARD

HE Hussain D Al QamziChairman of Awqaf and Minors

Affairs Foundation

HE Abdul Aziz Abdullah Al GhurairVice Chairman of Dubai International

Financial Centre

HE Mohammad A. Al GergawiMinister of Cabinet Affairs in the Federal

Government of the United Arab Emirates/

Chairman of the Executive Office of Sheikh

Mohammed bin Rashid Al Maktoum

HE Helal Saeed Al MarriDirector General of Tourism and

Commerce Marketing Department in

Dubai

HE Dr Hamad S. A. Al ShaibaniDirector General of the Department of

Islamic Affairs and Charitable Activities

in Dubai

HE Hussain Nasser LootahDirector General of Dubai

Municipality

HE Sami D. Al QamziDirector General of Department of

Economic Development

HE Essa KazimGovernor of Dubai International Financial

Centre (DIFC) and Chairman of Dubai

Financial Market (DFM).

Chairman Vice-Chairman Secretary-General

Member Member Member

Member Member Member

HE Majid Saif Al GhurairThe Chairman of Dubai Chamber of

Commerce and Industry

VISION AND MISSION

Vision:

To position Dubai as the Capital of the Islamic

Economy

Mission:

To implement a comprehensive strategy with

practical programs and initiatives that accelerate

the positioning of Dubai as ‘the Capital of the

Islamic Economy’

OBJECTIVES

• Develop the infrastructure and create the required institutional structure to implement the initiative of “Dubai The Capital of Islamic Economy”.

• Develop the necessary legislative and regulatory framework to drive the initiative forward.

• Ensure effective coordination and integration between stakeholders to achieve the vision of “Dubai The Capital of Islamic Economy”.

• Create the means and solutions to support and promote the strategy of “Dubai The Capital of Islamic Economy”.

• Prepare a dynamic interactive climate to join forces of all concerned institutions to achieve the vision of the initiative.

• Foster awareness of the economic activities that are compatible with the Islamic law, both in terms of theory and practice, with a view to create a generation of leading experts who are capable of developing the Islamic Economy.

DUBAI – CAPITAL OF THE

ISLAMIC ECONOMY STRATEGY

• Work with public and private sector partners, within and outside the UAE, to drive growth across seven Islamic economy sectors.

• Implement a comprehensive strategy of practical initiatives and programmesdesigned to position Dubai as the capital of the Islamic economy.

STRATEGIC PILLARS

DIEDC seeks to develop an enabling and empowering environment,

including the necessary legislative and regulatory framework, to support the

growth of the Islamic Economy. This is done through 7 key strategic pillars:

GLOBAL ISLAMIC ECONOMY

OVERVIEW

ISLAMIC ECONOMIES – LARGE & FAST GROWING

• The Islamic economies of the world

represent more than $6.7 trillion in

GDP

• Some of the fastest-growing global

economies that stretch from

Indonesia in the east to Turkey in the

west with the Arabian Gulf states at

their centre.

• Fast growing shari’a compliant

investment, financing and trade

• Islamic financial assets estimated at

USD 1.66 trillion, and expected to

double by 2019

• 1.7 billion Muslim population growing

at twice the rate of the global

population

GLOBAL ISLAMIC ECONOMY

OVERVIEW

MUSLIM POPULATION – EXPANDING, YOUNG, ECONOMICALLY ACTIVE MARKET

• Muslims spent $2 trillion on food and

lifestyle products in 2013.

• 62% of population is below 30,

compared to 51% globally, 40% in

North America & 43% in China

• Influence stretches beyond Muslim

majority countries; more than 350

million Muslims live in non-Muslim

majority nations

• Fast growing and relatively young

population of Muslims is increasingly

asserting its Islamic sensitivities in

the marketplace to products as

varied as food, banking, and finance

extending all the way to fashion,

cosmetics, travel and healthcare.

2013 ISLAMIC FINANCE ASSETS

US $1.66 TRILLION

(INCLUDES BANKING, TAKAFUL, SUKUK, FUNDS, OTHERS FROM DISCLOSED DATA)

POTENTIAL ISLAMIC BANKING LANDSCAPE

US $4.178 TRILLION

(3.2% OF GLOBAL BANKING ASSETS)

ISLAMIC BANKING

US $1.214 TRILLION ASSETS

249 ISLAMIC BANKS (169 LISTED)

SUKUK (BONDS)

US $280 BILLION ASSETS

1,814 OUTSTANDING SUKUK (44 LISTED)

TAKAFUL (INSURANCE)

US $28 BILLION ASSETS

281 TAKAFUL OPERATORS (52 LISTED)

ISLAMIC FUNDS

US $51 BILLION NET VALUE

791 ISLAMIC FUNDS

BY SEGMENT

ISLAMIC FINANCE LANDSCAPE

STRATEGY - ISLAMIC FINANCE

• Work with both public and private sector partners to enable one of the world’s great Islamic financial centres to be established in Dubai that will be the global reference and economic engine of Islamic finance.

• Reach out within the Middle East and beyond to build the international bridges essential for the global success of Islamic finance.

• Work with the Islamic finance industry to develop the regulatory framework that will enable the sector to flourish and become a global alternative to conventional finance.

HALAL INDUSTRY LANDSCAPE

MUSLIMS GLOBALLY SPENT

US $1.292 TRILLION

ON FOOD & BEVERAGE IN 2013

(17.7% OF GLOBAL EXPENDITURE)

EXPECTED TO REACH

US $2.537 TRILLION

IN 2019

(21.2% OF GLOBAL EXPENDITURE)

MUSLIMS GLOBALLY SPENT

US $72 BILLION

ON PHARMACEUTICALS IN 2013

(6.6% OF GLOBAL EXPENDITURE)

EXPECTED TO REACH

US $103 BILLION

IN 2019

MUSLIMS GLOBALLY SPENT

US $46 BILLION

ON COSMETICS IN 2013

(6.78% OF GLOBAL EXPENDITURE)

EXPECTED TO REACH

US $73 BILLION

IN 2019

STRATEGY - HALAL INDUSTRY

• Pursue national Halal regulations, standards and auditing processes to position Dubai as the trusted name and solutions provider for the Halal industry.

• Work with public and private sector stakeholders to consolidate and unify Halal certification standards globally.

• Drive the development of the “Halal Park” concept to enable Halal sector companies to set up in Dubai and receive globally recognised Halal certification.

• Create a knowledge base accessible to stakeholders, especially potential entrants to the sector.

FAMILY FRIENDLY TOURISM LANDSCAPE

MUSLIMS GLOBALLY SPENT

US $140 BILLION

ON TOURISM IN 2013

(11.6% OF GLOBAL EXPENDITURE)

EXPECTED TO REACH

US $238 BILLION

IN 2019

* Excluding Hajj/Ummrah

TOP MUSLIM TOURISM SPEND US BILLION 2013

SAUDI ARABIA 17.8

IRAN 14.3

UAE 11.2

QATAR 7.8

KUWAIT 7.7

INDONESIA 7.2

STRATEGY – FAMILY FRIENDLY TOURISM

• Work with owners and operators to develop a family friendly tourism strategy to attract DFI/DDI into Dubai’s tourism and hospitality sectors and position Dubai as the destination of choice for family friendly tourism.

• Create awareness of the investment opportunities in family friendly tourism to encourage the development of purpose built 5-star, family-friendly resorts to meet international demand.

• Consolidate family friendly tourism travel guidelines and certification standards to protect consumers and ensure sector integrity.

DIGITAL ECONOMY LANDSCAPE

MUSLIM MOBILE CELLULAR SUBSCRIBERS SPEND

US $1.3 BILLION

(21% OF GLOBAL EXPENDITURE)

MUSLIM BROADBAND SUBSCRIBERS SPEND

US $42 MILLION

(7% OF GLOBAL EXPENDITURE)

TOP MUSLIM MOBILE CELLULAR SUBSCRIBERS

THOUSANDS 2013

1. Indonesia 225,571

2. Pakistan 115,826

3. Egypt 91,668

4. India 88,201

5. Bangladesh 87,851

TOP MUSLIM BROADBAND

INTERNET SUBSCRIBERS

THOUSANDS 2013

1. Turkey 7,748

2. Iran 3,067

3. Russia 2,417

4. Indonesia 2,386

5. China 2,283

STRATEGY – DIGITAL ECONOMY

• Position Dubai as a pioneer of the Islamic digital economy.

• Work with stakeholders to support digital start-ups among Muslim entrepreneurs.

• Encourage technology companies to create Arabic and shari’a-compliant content/products.

• Work with the digital media industry to develop the regulatory framework that will enable the sector to flourish.

ISLAMIC FASHION, ARTS AND DESIGN LANDSCAPE

MUSLIMS GLOBALLY SPENT

US $266 BILLION

ON CLOTHING & FOOTWEAR IN 2013

(11% OF GLOBAL EXPENDITURE)

EXPECTED TO REACH

US $484 BILLION

IN 2019

(14.4% OF GLOBAL EXPENDITURE)

TOP MUSLIM CLOTHING CONSUMPTION MARKETS

US BILLION 20131. Turkey 39.3

2. UAE 22.5

3. Indonesia 18.8

4. Iran 17.1

5. Saudi Arabia 16.0

6. Nigeria 14.4

STRATEGY – ISLAMIC FASHION, ARTS AND DESIGN

• Establish an enabling environment for a modest fashion incubation platform to

develop sector talent, especially as it relates to design.

• Encourage film festivals, such as DIFF and GIFF to establish dedicated

awards for Islamic heritage films.

• Support the development of Islamic art and an Islamic art trading platform

through target marketing initiatives.

• Encourage the adoption of architecture that reflects Islamic lifestyles and

values.

STRATEGY – KNOWLEDGE

• Work with stakeholders to align academia with government and

industry to address skill shortages within the Islamic economy.

• Conduct studies and specialised research on the Islamic economy to

create a global knowledge resource.

• Partner with a leading think tank to establish a platform for in depth,

strategic discussion on the future of the Islamic economy.

STRATEGY – STANDARDS AND CERTIFICATION

• Make Dubai the global reference point for Islamic economy standards.

• Work with stakeholders to develop a framework for certifying Halal

products and services that is globally acceptable.

• Support the establishment of a Dubai Halal accreditation authority and

develop schemes for private certifiers.

• Global Islamic Portal created as a digital reference for the Islamic

economy.

• Annual State of the Global Islamic Economy Report published

• Global sukuk centre set up by NASDAQ Dubai.

• Dubai Centre for Excellence in Islamic Banking and Finance

established by HBMeU.

• Dubai Technology Entrepreneurship Centre announced by DSOA.

DUBAI ISLAMIC ECONOMY:

LAUNCHED INITIATIVES

• Halal industries clusters opened at Dubai Industrial City and JAFZA.

• Salma emergency Halal food aid programme initiated by HH Sheikh

Mohammed bin Rashid Al Maktoum.

• Annual Islamic Economy Award introduced.

• First bi-annual Global Islamic Economy Summit organised.

• First annual Halal Expo held alongside the Gulfood exhibition

DUBAI ISLAMIC ECONOMY:

LAUNCHED INITIATIVES

• Executive Master’s in Business Administration (EMBA) in Islamic Banking

and Finance announced by the Dubai Centre for Islamic Banking and

Finance.

• Dubai government initiative to establish a global accreditation centre for

certifying slaughterhouses, research laboratories and other halal-specific

facilities.

• Dubai’s Department of Economic Development’s (DED) forging global

partnerships to position Dubai as a manufacturing and re-distribution hub

for halal products.

DUBAI ISLAMIC ECONOMY:

LAUNCHED INITIATIVES

1. Convergence of Islamic Finance/ capital with Halal Food and lifestyle

sectors

2. Socially Responsible Investment (SRI) funds as well as wider impact

investment and social entrepreneurship financing

3. Hajj/Umrah savings and funds

4. Expansion markets of Tunisia, Azerbaijan, India, Morocco and Indonesia

5. Infrastructure spending across large OIC markets

6. Crowdfunding and SME financing

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES - ISLAMIC

FINANCE

1. Investment opportunities across the Halal Food value chain

2. Halal Food SMEs seeking Islamic financing for working capital, trade

financing and expansion needs

3. M&A opportunities

4. Organic and pure/wholesome (Tayyab) new products

5. Halal ingredients

6. Building global or regional brands that deliver on halal integrity

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES – FOOD

1. Western Muslim markets

2. Halal vaccines - especially for Hajj/Umrah

3. Ingredients manufacturing by OIC countries

4. Partner with major retailers to overcome political stigma over Halal

brands.

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES –

PHARMACEUTICALS & COSMETICS

1. Family-friendly and business travel cross-over appeal to Muslim-friendly

services

2. Luxury Muslim market segment

3. Halal travel as commercial real-estate investment opportunity

4. Hajj funds

5. Halal-themed packages

6. Muslim heritage gifts/souvenirs

7. e-commerce, mobile, social media marketing platforms

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES – FAMILY

FRIENDLY TOURISM

1. Broaden the genre

2. Gaming

3. Marketing partnerships with other Halal lifestyle sectors;

4. Western Muslim markets;

5. Digital media content;

6. Integrating technology/new media, social media (Google Glass for apps,

Oculus for virtual/ augmented reality);

7. Develop globally branded Halal media and celebrities or regional icons.

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES – DIGITAL

ECONOMY

1. Digital/e-commerce platform

2. Expansion of online startup brands with retail outlets, physical stores,

franchising and distribution partnerships

3. Western Muslim markets as the largest segment

4. Better target marketing platforms

5. OIC-based exporters

6. Cross-sell to other faith-based, modest-conscious consumers, with

global brand positioning.

GLOBAL ISLAMIC ECONOMY OPPORTUNITIES –

FASHION

Thank you!!!