Dubai’s Ruler issued a decree yesterday to launch an Islamic economy development centre, overseen by a board of senior figures within the federal and local Government.
The move marks a step forward in the emirate’s efforts to become the global centre of the Muslim world economy.
Under the decree issued by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, the centre will have the legal capacity to promote Dubai as a capital for the Islamic economy.
According to the official news agency Wam, the centre’s role will include the “promotion of economic activities compatible with Islamic law in goods and financial service sectors, as well as the non-financial sector as a main pillar on which the economy of the emirate is based”.
Sheikh Mohammed also issued a decree to form the centre’s board of directors, to be chaired by Mohammed Abdullah Al Gergawi, the Minister of Cabinet Affairs in the UAE federal Government. Mr Al Gergawi is a close adviser to Sheikh Mohammed through his other role as chairman of Sheikh Mohammed bin Rashid Al Maktoum Executive Office and Foundation.
Sami Al Qamzi, the director general of Dubai Department of Economic Development, was named as vice chairman of the board. Essa Kazim, the chairman of Borse Dubai and Dubai Financial Market, will be the board’s secretary general.
With a potential value of US$6.7 trillion, the Islamic economy is one of the biggest concentrations of economic power in the world.
Sheikh Mohammed has set a three-year timetable for the emirate to be the centre of the Muslim world economy.
“Historically, it’s been Bahrain that has been a centre for Islamic finance but since the unrest there in 2011 Dubai has gained market share across all sectors,” said Liz Martins, senior economist at HSBC in the Middle East and North Africa. “Dubai can play on its developed services and commercial sectors as well as its political stability.”
According to Wam, as well as setting out a strategic plan for the development of the sector in the emirate, it will also have regulatory powers.
It will draw up standards to judge the extent to which any commodity or financial service complies with the provisions of Sharia law. The centre will promote such standards locally and globally.
Research will also be conducted by the centre into the contribution of Islamic activities to the emirate’s GDP.
Dubai’s economy has rebounded robustly from a debt crisis in 2009, led by brisk activity in trade, tourism and retail. Its economy swelled by 4.9 per cent in the first half of this year, according to official estimates.
Now the emirate hopes to add an extra edge to its competitiveness through becoming a major centre for the world’s 1.6 billion Muslims.
According to Wam, an executive director will be appointed at the centre, appointed by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
A report released last month by the Dubai authorities and Thomson Reuters, estimated Muslim consumers’ global expenditure on the media, food and lifestyle sectors (including cosmetics and tourism) at $1.62tn last year. It puts the figure at $2.47tn by 2018.
The report also put the value of Islamic financial assets at $1.35tn, which is expected to grow 15 to 20 per cent per year in core markets.
tarnold@thenational.ae
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Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
CHINESE GRAND PRIX STARTING GRID
1st row
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2nd row
Valtteri Bottas (Mercedes-GP)
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SERIES INFO
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All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16
UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins