The Global Islamic Economy Summit 2018 (GIES), the world’s largest forum dedicated to all aspects of the Islamic economy, got underway in Dubai, UAE yesterday (October 30), a media report said.

Inaugurated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, the two-day summit is featuring more than 16 sessions, panel discussion, speeches and presentations putting the spotlight on new trends and technologies that are reshaping the global Islamic economy, as well as key challenges and growth opportunities, reported Emirates news agency Wam.

Over 3,000 key decision makers, policymakers, business leaders and industry experts from around the world are attending the summit being held under the theme "A Shared Future".

In his keynote speech, Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre (DIEDC), commended the transformation of the Global Islamic Economy Summit over the years into a landmark event that plays a key role in the development of the Islamic economy.

“The platform presents an unparalleled opportunity for attendees to forge new partnerships with the aim of advancing economic growth, financial security, and social stability.

"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 2018 is the most fitting platform to address these issues and present outcomes that highlight the advantages of the new economic reality," Al Mansouri said.

He revealed that the contribution of the Islamic economy to Dubai's GDP increased from 7.6 per cent in 2014 to 8.3 per cent in 2016, registering a growth rate of 14 per cent, adding that the UAE is committed to boosting productive sectors and develop strategies that encourage responsible investment, entrepreneurship and innovation.

Speaking during opening ceremony, Rustam Minnikhanov, President of Tatarstan, highlighted the strong commitment of his country to cooperating with the Dubai government to advance the Islamic economy.

"We cooperate closely with the Dubai Islamic Economy Development Centre, especially in the sphere of Halal lifestyle. This has become a main topic of the Kazan Summit, which this year celebrated its 10th anniversary. The Kazan Summit is an international economic forum that addresses the major issues of strengthening relations between Russia and the Islamic world - it is my great pleasure to welcome you to the Kazan Summit next year," he said.

In turn, Majid Saif Al Ghurair, chairman of the Dubai Chamber of Commerce and Industry and Board Member of DIEDC, highlighted the role of the summit as a global platform enabling various stakeholders to collaborate and support the development of the global Islamic economy.

"We look forward to transforming the ideas we explore today into a plan of action, and to setting the necessary procedures and frameworks that can radically transform the Islamic Economy and to establish it as a leading global economic model. These objectives and many others set our event today apart; the Global Islamic Economy Summit is a bold step towards sustainable economic development for all," Al Ghurair added.

Following the keynote addresses, the winners of the Islamic Economy Award were invited to the stage to receive their certificates and awards from Sheikh Hamdan bin Mohammed.

The summit is being organised by Dubai Chamber of Commerce and Industry and the Dubai Islamic Economy Development Centre in cooperation with Thomson Reuters as Strategic Partner.