Photo: The Dubai skyline during sunset on Feb 20, 2016. Shutterstock

Halal Industry Islamic Finance Islamic Lifestyle

Dubai restructures government bodies, dissolves Islamic Economy Development Centre

Dubai has issued new legislations to restructure certain government entities with the aim of raising efficiency levels, according to an official statement on Tuesday (May 4).

The decisions include the dissolution of the Dubai Islamic Economy Development Centre (DIEDC).

DIEDC’s responsibilities, functions, assets, allocated financial resources, commitments and liabilities will be transferred to the Department of Economic Development (Dubai Economy).

The new law governing DIEDC’s dissolution will be effective three months after its publication in the official gazette.

DIEDC started in 2013 to spearhead Dubai’s goal of becoming the “capital of the global Islamic economy”, as part of the emirate’s strategy to diversify the UAE’s economy.

The Centre has been responsible for milestone developments in the Islamic economy, including the Global Islamic Economy Summit that it started in 2013. The next GIES is scheduled for November 1 – 2.

DIEDC has also supported the launch and development of Salaam Gateway, and the annual State of the Global Islamic Economy reports that are published by DinarStandard, the company that manages and part-owns Salaam Gateway.

Other changes announced by the Dubai government on Tuesday include the transfer of the International Institute for Tolerance to the Islamic Affairs and Charitable Department, merging the Mohammed Bin Rashid Al Maktoum Knowledge Foundation with the Dubai Culture and Arts Authority, and the dissolution of the Dubai Design and Fashion Council.

*Correction: A correction was made in Para 7 to reflect that DinarStandard is the company that manages and part-owns Salaam Gateway.

© 2021 All Rights Reserved