Dubai to host Global Islamic Economy Summit in Nov. 2021

Business Bureau, Gulf Today

Under the directives of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai: Capital of Islamic Economy initiative, the Dubai Islamic Economy Development Centre (DIEDC), in collaboration with Dubai Chamber of Commerce and Industry (Dubai Chamber), on Monday announced the new schedule of the fifth edition of the Global Islamic Economy Summit (GIES 2021). The largest convention of Islamic economy stakeholders and experts will now take place from 1 to 2 November 2021, on the sidelines of Expo 2020 Dubai, the first World Expo ever to be hosted in the Middle East, Africa, and South Asia region.

The decision to reschedule the annual GIES event follows in-depth consultations with the strategic partners of DIEDC and GIES, to support measures to combat the spread of the coronavirus (COVID-19), and enable a larger international audience to attend. The GIES rescheduling also aligns with the Expo 2020 Dubai umbrella postponement. The latter is now set to kick off in October 2021 after the World Expo awarding body said its general assembly had approved a one-year postponement due to the challenges posed by the COVID-19 pandemic.

GIES Virtual Series DIEDC, in partnership with GIES’s strategic partners, will organise a series of virtual sessions, including workshops, panel discussions, webinars, and more, through leveraging best-in-class video conferencing tools. The sessions will draw the participation of leading regional and international experts, and serve as a platform to discuss the latest developments in the Islamic economy industry.

In drumming up support for the upcoming edition of GIES next year, the series will continue until end-2020, and further strengthen Dubai’s position as a pioneering destination and a global capital of Islamic economy.

Speaking on the postponement of GIES to coincide once again with Expo 2020 Dubai, His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, said: “Rescheduling this landmark event for the Islamic economy presents participants with an exceptional opportunity to collaborate in addressing the potential challenges the sector faces in the post-COVID-19 era, and in ensuring sustainable growth. It will also allow visitors to gather in large numbers in 2021, after carefully assessing and addressing the health impacts associated with the coronavirus pandemic.

“Participants will have the opportunity to engage in a fruitful exchange of knowledge and lessons learned. We are confident that the conversations will lead to reimagining a better economic future across the globe, especially given the continued uptake of the Islamic economy as a viable solution to ensure sustainable development.” He added: “Today more than ever before, the Islamic economy is being hailed as a haven for sustainable growth, and a stronghold against crises. Post-COVID-19, the world will more actively seek sustainable economic practices and solutions that provide a fairer distribution of wealth, more financial inclusion, and greater socio-environmental sustainability. The fifth edition of the Global Islamic Economy Summit will serve to highlight the business case for Islamic economy and raise awareness about its role in achieving sustainable development.” His Excellency added: “We believe that organising GIES 2021 and Expo 2020 Dubai at a time when the world is looking for solutions to the economic challenges emerging from the coronavirus pandemic, will help the Islamic economy sectors prepare for the next phase of growth. This will also strengthen Dubai’s position as the global capital of Islamic economy. Within the context of the growing demand for knowledge exchange in the industry’s sectors, GIES, as the largest convener of field experts and specialists on the sector, is in prime position to benefit from the historical setting of the world expo that dates back to the first edition in London in 1851.”

For his part, His Excellency Majid Saif Al Ghurair, Chairman of Dubai Chamber and Board Member of DIEDC, pointed out that the fifth edition of GIES will provide an opportunity to acquaint the world with the significant role of the Islamic economy in driving the post-COVID-19 recovery. He stressed that the Islamic economy provides exceptional tools and solutions that can help the world overcome the economic challenges of COVID-19.

Al Ghurair pointed out that the postponement of GIES to 2021 was the appropriate decision, as organising the summit during Dubai’s Expo will ensure a distinguished and receptive global audience and a platform to highlight how the Islamic economy contributes to supporting sustainable growth amongst the world’s economies. He pointed out that the postponement will enable stakeholders to prepare a clear agenda that prioritises the requirements for the next era, and the role that the Islamic economy can play in the future.

Speaking on the GIES Virtual Series, Abdulla Mohammed Al Awar, CEO of DIEDC, said: “Through the GIES Virtual Series, organised in collaboration with our strategic partners, we aim to explore new ideas and exchange knowledge on ways to optimise the development of key Islamic economy sectors. We also intend to keep regional and international stakeholders updated on the latest developments, further strengthening Dubai’s reputation for hosting international events of a high calibre.” The previous edition of GIES in 2018 attracted more than 3,000 participants. Key topics included rapid digitalisation and the effects of the global economic shifts on the Islamic economy landscape.