Global Islamic Economic Summit 2019 (GIES) is the world’s largest and most comprehensive forum dedicated to the Islamic economy. Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the summit brings together influential policymakers and experts to address the greatest challenges and opportunities in the Islamic economy.
Dedicated to one of the best-performing markets in the world, GIES represents an estimated $2 trillion in consumer spending, by nearly 1.6 billion predominantly young Muslims worldwide.
Spending by this population, which is expanding at twice the rate of the global population, is forecast to reach $2.6 trillion by 2020.
Every pillar of the Islamic economy has been growing at a remarkable rate, presenting countless opportunities for double-digit growth.
Today, Islamic banking assets are estimated to total around $1.65 trillion and are expected to double over the next four years, while expenditure on halal food and Muslim lifestyle is forecast to grow by 10 per cent annually reaching $3.7 trillion by 2019.
At a time where the International Monetary Fund warns that the global economy is sliding into “secular stagnation” due to a slump in commodity prices and a slowdown in investments, the Islamic economy stands in stark contrast, offering a viable solution to success in the 21st century.