Dubai’s Islamic Economy Poised to Become a Key Contributor to the Emirate’s GDP

Accounting for 9.9% of Dubai (United Arab Emirates-UAE)’s total gross domestic product (GDP) in 2018, data from the Dubai Statistics Centre revealed that Dubai’s Islamic economy contributed AED 41.8 billion to the Emirate’s GDP in 2018, reflecting a 2.2% year-over-year (YoY) increase.

The largest share of Dubai’s Islamic economy market came from the retail and wholesale sector accounting for a 43% share, followed by 26% from the financial sector, 17% from the hospitality sector (including food and beverage), as well as a 14% contribution from everyone else.

With government backing in place, Dubai hopes to drive GDP growth through the development of its Islam...