UAE - Mubasher: The Islamic economy's contribution to Dubai's gross domestic product (GDP) grew by 2.2% to AED 41.8 billion in 2018, compared to AED 40.95 billion in 2017, Dubai media office reported, citing the latest figures by the Dubai Statistics Center (DSC).

In 2018, the Islamic economy contributed 9.9% of Dubai's GDP,  with AED 10.7 billion coming from the financial sector.

Meanwhile, AED 17.9 billion and AED 6.2 billion of the total amount of Islamic economy's contribution came from the retail and wholesale sectors and the manufacturing sector, respectively.

This result reflects the emirate's position as a global capital of the Islamic economy, as well as its expertise and advanced infrastructure, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council of Dubai, said in a statement.

Sheikh Hamdan added that the Islamic economy has the ability to alleviate the economic impact of coronavirus (COVID-19) and revive the global market.

The Chairman of the Dubai Islamic Economy Development Centre (DIEDC), Minister of Economy Sultan bin Saeed Al Mansouri, said: "The Islamic economy is a pillar of the diversified national economy. Being a more just and transparent economic system, it strikes the required balance between wealth accumulation and distribution, while supporting comprehensive long-term growth."