Dubai is on the way to meeting its ambitious target to be the capital of the global Islamic economy, according to the executive charged with seeing the project through.
“We have strong infrastructure as a foundation, and I’m confident that Dubai will do it in the time frame, said Abdulla Mohammed Al Awar, the chief executive of the Dubai Islamic Economy Centre. “We’ve met such targets in the past and made Dubai what it is today.”
Mr Al Awar, a former chief executive of the Dubai International Financial Centre, said that several initiatives had already been launched in support of the plan to put Dubai at the centre of a global economy potentially worth nearly US$7 trillion in three years’ time.
The strategy, announced last year by Sheikh Mohammed Bin Rashid, Vice President of the UAE and Ruler of Dubai, aims to put in place seven pillars of Islamic financial and economic measures in the next two-and-a-half years.
The pillars are finance, halal industry, tourism, digital infrastructure, arts, knowledge and standards. More than 40 individual initiatives have been identified as essential to complete the project.
“We have made progress in finance and banking, in sukuk, in some of the knowledge initiatives and in the halal clusters introduced in free zones. We may introduce extra new initiatives as we go along because there are lots of new ideas being progressed,” Mr Al Awar said.
He said there was a need for global Islamic indicators to quantify Dubai’s progress, and that new moves could coincide with global events taking place in the emirate. Dubai stages the World Islamic Economic Forum for the first time this autumn.
On standardisation, one of the key aspects of the aim to be a global hub, Mr Al Awar said that Dubai was talking to standards authorities in the 57 countries of the Organisation of Islamic Co-operation to achieve mutual recognition agreements on “bare minimum standards” in halal and other parts of the Islamic economy.
He added that a team from Dubai had been to Malaysia, which is one of the other centres of the global Islamic economy. “Malaysia and the rest of South East Asia have got their own big Islamic populations, so Dubai is well-placed to serve the rest of the global economy.”
He said he did not see Dubai in a “conflict situation” with London, a third hub for Islamic financial services.
fkane@thenational.ae
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Fight card
Preliminaries:
Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
Main card:
Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)
Title card:
Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)
Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)
Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)
Read more about the coronavirus
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Mohammed bin Zayed Majlis
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
