Dubai turns Islamic economy hub.

Key initiatives have helped position Dubai as a global hub of Islamic economy with the sector's contribution to the emirate's gross domestic product (GDP) registering 14 per cent growth, outpacing the global trend.

Driven by various strategic initiatives, the share of Islamic economy in Dubai's GDP grew from 7.6 per cent in 2014 to 8.3 per cent in 2016, the UAE Minister of Economy Sultan bin Saeed Al Mansouri told participants at the Global Islamic Economy Summit 2018 (GIES) which opened on Tuesday.

The conference, the world's largest forum on the global Islamic economy, was inaugurated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai.

Highlighting the momentum gained by 'Dubai: Capital of Islamic Economy' initiative since its launch in 2013, Al Mansouri said the UAE is committed to boosting productive sectors and developing strategies that encourage responsible investment, entrepreneurship and innovation.

The minister said as a result of modern technology, such as blockchain, digital currencies and Artificial Intelligence, the dynamics of the global Islamic economy have changed through the introduction of new challenges as well as opportunities.

"As the largest event of its kind on a global scale, the GIES is the most fitting platform to address these issues and present outcomes that highlight the advantages of the new economic reality," said Al Mansouri.

According to the recent 'State of the Global Islamic Economy Report 2018-19', the UAE ranks top globally across five Islamic economy sectors as Islamic finance assets globally recorded a surge to $3.8 trillion while global Muslim spend on food and beverage is expected to reach $1.9 trillion by 2023.

Held under the theme 'A shared future', the fourth edition of GIES is being organised by the Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre (DIEDC) .

Over 3,000 key decision makers, policymakers, business leaders and industry experts from around the world are attending the two-day summit. Coming under spotlight at the event are new trends and technologies that are reshaping the global Islamic economy as well as key challenges and growth opportunities.

Speaking at the opening ceremony, Rustam Minnikhanov, President of...