The Dubai Chamber said in its report, “Full and partial city-lockdown measures are bringing demand in key markets to a standstill … The double-shock impact is pushing economic activity down to levels not seen even during the financial crisis.” The report is titled Impact of Covid-19 on Dubai Business Community. 

The survey was conducted on 1,228 CEOs across various sectors during the period between April 16 and April 22. This period saw the strictest lockdown imposed by the government. It appears that three-quarters of respondents were small businesses comprising less than 20 employees.

The Chamber’s spokesperson said, “We expect a significant improvement in the business confidence indicators in the coming weeks and months, as companies are expected to resume their operations.” Also, two-thirds of the respondents saw a moderate-to-high risk of running out of business in the next six months.

According to data, 27 percent of respondents expected to lose their business in the next one month and 43 percent expect to run out of it in the coming six months. In fact, Dubai is one of the most diversified economies in the Gulf region, depending on sectors such as hospitality, tourism, entertainment, logistics, property, and retail.

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The Social Solidarity Fund is built to support the fight against the pandemic by collaborating with government entities, charity associations and members of society, media reports said. Members of society can donate to the fund to support the fight against the pandemic.

Recently, Dubai Media Office said on social media that Emaar Properties contributes AED100 million, in light of its national duty towards the community and in support of the ongoing efforts at this time. Emaar’s contribution follows the news that its chairman Mohamed Alabbar will be foregoing 100 percent of his salary until further notice to help secure the “continuity of business.”

The aim of the fund is to contribute toward medical treatment and equipment to ensure good health is preserved in society at this time. In addition, Dubai Chamber has donated $2.7 million to the fund. It is reported that the donation is only an initial contribution by the Dubai Chamber.

Dubai Chamber President and CEO Hamad Buamim told the media, “The upcoming period will see the private sector come together even further to face common threats. The sector will prove that it is beyond prepared to play its part in serving the community.”

Last month, Emaar Properties’ subsidiary Emaar Hospitality announced that it will temporarily suspend booking at Palace Downtown, Address Fountain Views, Vida Creek Harbour and Vida Emirates Hills, media reports said,

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17th August 2013

Dubai Chamber of Commerce and Industry in partnership with Thomson Reuters, is organizing the first Global Islamic Economy Summit in Dubai on November 25-26^th.

“With a consumer base of 1.6 billion Muslims, many of them who live in the GCC, much has been said about the promise the Islamic world holds for economic growth and profitability. Yet very little transformative dialogue has been undertaken to assess the scale of opportunities and challenges within the global Islamic economy” said a statement released by the chamber.

The announcement of the summit closely follows the launch of Dubai: Capital of Islamic Economy by Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai. The summit will gather leading thinkers, policymakers, and stakeholders from around the world to lead a discussion on the future of $ 4 Trillion Islamic economy. Industry experts will focus on six major pillars of the Islamic economy which includes Islamic finance, Halal Food, Halal Lifestyle, Halal Travel, Islamic Infrastructure and SME Development. The event will feature the launch of several innovations relating to the Islamic economy, including ground breaking market studies and announcements from Dubai.

Some of the important topics to be discussed in the area of Islamic finance are Islamic asset management, sukuk and capital markets, Waqf endowments, takaful and re-takaful, venture capital financing, technology and innovation, SME development, healthcare and Hajj/Umrah and other aspects related to Islamic finance.

Sayd Farook, global head of Islamic Capital Markets, Thomson Reuters said “ In the current global economic climate, the search for new undeserved markets has brought a fresh spotlight onto the Muslim world, especially with regard to Islamic finance and the halal food and service sectors. The convergence of these two Sharia compliant industries is likely to be a new engine of growth that engages both the Muslim and non-Muslim world”.

Russell Haworth, Managing Director of Thomson Reuters for North East Africa said “The emergence of an Islamic economy as a definable economic paradigm opens up a new horizon of opportunities that, if nurtured, can bring tremendous benefits for societies all over the world”

Abdul Rahman Saif Al Ghurair, chairman, Dubai chamber said, “As a growing global business and leisure destination, Dubai is an ideal choice to become the capital of Islamic economy. We see major opportunities to enhance the halal food industry, develop trade policies, commercial laws and Islamic tourism among other sectors. The Global Islamic Economy Summit will be the ideal platform to explore these ideas and begin a constructive dialogue for future growth and development”.

Established in 1965, The Dubai Chamber of Commerce and Industry is a non profit public entity, to represent, support and protect the interest of the business community in Dubai by creating a favourable business environment, supporting the development of business and promoting Dubai as an international hub. Headquartered in New York, Thomson Reuters is world’s most trusted news organisation, it has its major operations in London, Minnesota and its shares are listed on the Toronto and New York Stock Exchanges.

The post Dubai to Host Global Islamic Economy Summit 2013 appeared first on International Finance.

17th August 2013

Dubai Chamber of Commerce and Industry in partnership with Thomson Reuters, is organizing the first Global Islamic Economy Summit in Dubai on November 25-26^th.

“With a consumer base of 1.6 billion Muslims, many of them who live in the GCC, much has been said about the promise the Islamic world holds for economic growth and profitability. Yet very little transformative dialogue has been undertaken to assess the scale of opportunities and challenges within the global Islamic economy” said a statement released by the chamber.

The announcement of the summit closely follows the launch of Dubai: Capital of Islamic Economy by Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai. The summit will gather leading thinkers, policymakers, and stakeholders from around the world to lead a discussion on the future of $ 4 Trillion Islamic economy. Industry experts will focus on six major pillars of the Islamic economy which includes Islamic finance, Halal Food, Halal Lifestyle, Halal Travel, Islamic Infrastructure and SME Development. The event will feature the launch of several innovations relating to the Islamic economy, including ground breaking market studies and announcements from Dubai.

Some of the important topics to be discussed in the area of Islamic finance are Islamic asset management, sukuk and capital markets, Waqf endowments, takaful and re-takaful, venture capital financing, technology and innovation, SME development, healthcare and Hajj/Umrah and other aspects related to Islamic finance.

Sayd Farook, global head of Islamic Capital Markets, Thomson Reuters said “ In the current global economic climate, the search for new undeserved markets has brought a fresh spotlight onto the Muslim world, especially with regard to Islamic finance and the halal food and service sectors. The convergence of these two Sharia compliant industries is likely to be a new engine of growth that engages both the Muslim and non-Muslim world”.

Russell Haworth, Managing Director of Thomson Reuters for North East Africa said “The emergence of an Islamic economy as a definable economic paradigm opens up a new horizon of opportunities that, if nurtured, can bring tremendous benefits for societies all over the world”

Abdul Rahman Saif Al Ghurair, chairman, Dubai chamber said, “As a growing global business and leisure destination, Dubai is an ideal choice to become the capital of Islamic economy. We see major opportunities to enhance the halal food industry, develop trade policies, commercial laws and Islamic tourism among other sectors. The Global Islamic Economy Summit will be the ideal platform to explore these ideas and begin a constructive dialogue for future growth and development”.

Established in 1965, The Dubai Chamber of Commerce and Industry is a non profit public entity, to represent, support and protect the interest of the business community in Dubai by creating a favourable business environment, supporting the development of business and promoting Dubai as an international hub. Headquartered in New York, Thomson Reuters is world’s most trusted news organisation, it has its major operations in London, Minnesota and its shares are listed on the Toronto and New York Stock Exchanges.

The post Dubai to Host Global Islamic Economy Summit 2013 appeared first on International Finance.