GIES 2021 to look up the possibilities, challenges of global Islamic economy

By Amirtha P S, Desk Reporter
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The world’s largest Islamic economy gathering, Global Islamic Economy Summit 2021 (GIES) will be conducted under the theme ‘Driving Transformation’ in partnership with the Dubai Chamber of Commerce and Industry and with the strategic support of Refinitiv, a London Stock Exchange Group company.

The convention hosted by Dubai Islamic Economy Development Centre (DIEDC) is set to run from 1 to 2 November 2021, on the sidelines of Expo 2020 Dubai. GIES 2021 looks to offer insights into the opportunities and challenges for the global Islamic economy in the upcoming period and to highlight the latest trends, policy developments and learning experiences.

Abdulla Mohammed Al Awar
Abdulla Mohammed Al Awar

“Dubai is scheduled to welcome the world on 1 October 2021 for the highly-anticipated Expo 2020 Dubai, the first World Expo ever to be hosted in the Middle East, Africa, and South Asia region. The Expo will set the stage to usher in the fifth edition of GIES, and we are committed to leveraging its immense advantages to attract stakeholders to the Summit and further enhance the growth of the Islamic economy.”

The latest State of the Global Islamic Economy Report (SGIE 2020/21), developed by DinarStandard, shows that the consumer spending in 2019 was $2.02 trillion, reflecting a 3.2 percent year-on-year growth from 2018. In addition, Islamic finance assets were valued at $2.88 trillion during the same year.

Even though, the SGIE Report forecasted an 8 percent decline in global spending in 2020 for the Islamic economy due to the COVID-19, several sectors including food, pharmaceutical, cosmetics, fashion, travel, and media/recreation are expected to return to pre-pandemic levels by the end-2021.

Despite the challenges posed by COVID-19, the Islamic economy continues to see strong year-on-year growth, driven by emerging factors like the rise of ethical consumption, digital connectivity, participation of top global brands, and the surge in trade among the countries of the Organisation of Islamic Cooperation (OIC).

Speaking on this year’s theme, Mr. Al Awar added, “Under the ‘Driving Transformation’ umbrella theme, GIES 2021 will emphasize three subthemes, innovation, connectivity, and impact.”

Najeeb Mohammed Al-Ali, Executive Director of Expo 2020 Dubai, stated, “Held during the six months of Expo, GIES 2021 honors this commitment, bringing together representatives, from a variety of sectors and markets across the world, to drive forward the global Islamic economy and help shape a better, post-pandemic future for us all.”

The Vice President of International Relations at Dubai Chamber, Hassan Al Hashemi commented that the summit will be an ideal platform to recognize the changing patterns of Islamic economic sectors amid current challenges, and will contribute to identifying numerous opportunities while supporting Dubai’s vision.

The previous edition of GIES held in 2018 attracted more than 3,000 participants and its key topics included rapid digitalization and the effects of the global economic shifts on the Islamic economy landscape.

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