Islamic Economy Award to open in October

United Arab Emirates, May 29, 2018

The sixth Islamic Economy Award, IEA, ceremony will take place on the sidelines of the fourth Global Islamic Economy Summit, GIES 2018, which will run from 30th to 31st October, in Dubai. The award highlights the most innovative initiatives that drive economic development in line with the core principles of the Islamic economy – responsibility, sustainability and positive impact on society.

The summit is organised by Dubai Chamber of Commerce and Industry and Dubai Islamic Economy Development Centre, DIEDC, and strategically supported by Thomson Reuters.

Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, said, 'With the rise of protectionist measures in several economic zones around the world, the UAE is positioning itself today as a global hub for innovative ideas originating not only from international corporations but also from entrepreneurs and small and medium-sized enterprises. The emirate’s smart infrastructure, enhanced by its digital transformation and artificial intelligence applications, and supported by a comprehensive legal and regulatory framework that stimulates investment and ensures transparency, gives it a distinct competitive edge.'

Al Mansouri said that the continued success of the Islamic Economy Award in attracting nominations from around the world is testimony to the increasing awareness of the Islamic economy concepts and the growing number of economic initiatives aimed at achieving a balance between profitability and development. He also expressed his confidence that this year's edition will attract the participation of multiple worthy nominees.

'The recent announcement by the UAE Cabinet bringing into effect a new visa system for international investors and outstanding experts in vital economic sectors reflects the country's keenness to attract the best talent from across the globe,' he added.

Al Mansouri also noted that encouraging responsible and sustainable economic practices that positively impact growth is essential for the development of the Islamic economy and for broadening the horizons for investors, entrepreneurs and innovators. He emphasised the social benefits of investments that achieve profit while minimising risks as opposed to investments that generate profit at the expense of sustainable development.

In turn, Majid Saif Al Ghurair, Chairman of Dubai Chamber and DIEDC Board Member, said, 'The efforts of various institutions and other key players to highlight the positive results achieved by the Islamic economy contribute to expanding its footprint and enhancing its outcomes. With its focus on development, openness, tolerance, sustainability, innovation and happiness, Dubai provides an ideal base for honouring the pioneers of the Islamic economic arena.'

Registration is open until 25th July across eight categories including Islamic banking, food and health products and services, and Islamic art. The Islamic Economy Award is open to all candidates, local and international, who meet the criteria.

In addition, the Lifetime Achievement Award honours a prominent achiever who has been a leader and inspiration to others, and has ensured a significant positive impact on the Islamic economy.

The Islamic Award was launched in 2013 under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and the supervision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. It is independently managed by Thomson Reuters.