(From Left to Right) Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Minister of UAE Ministry of Culture, Youth, and Social Development, Sheikh Nahyan bin Mubarak Al Nahyan and Nobel Laureate Professor Muhammad Yunus at the launching ceremony of the Sheikh Mohammed Bin Rashid Al Maktoum Global Initiatives Foundation on October 4.
On Monday October 5, Nobel Laureate Professor Muhammad Yunus joined The UAE Prime Minister and ruler of Dubai His Highness Mohammed bin Rashid Al Maktoum to inaugurate the Global Islamic Economy Summit at Madinat Jumeirah attended by 4,000 policymakers and business leaders and finance professionals from 30 countries.
Professor Yunus also gave the opening key note speech at the Global Islamic Economy Summit. The Prime Minister took the floor after Yunus’s speech to inaugurate the Summit. Professor Yunus said that the economy is not about businesses, it is about people. Growth rate does not reflect the condition of the people; it reflects the condition of the businesses. He argued that in order to make the world sustainable we would have to redefine business; instead of keeping the businesses to aim at one P, the profit, it should aim at three P's with equal priority-- People, Planet, and Profit. Only then business can reflect the condition of people. He warned the audience that unless we reformulate the purpose of business we would end up with a world where almost all the wealth of the planet will be concentrated in hands of a few people.
The Summit organized by Dubai Chamber, Dubai Islamic Economy Development Centre (DIEDC) and Thomson Reuters is intended to examine the changing dynamics of the Islamic economy.
On the previous day, October 4, Professor Muhammad Yunus was also personally invited by the UAE Prime Minister to join him in the launching ceremony of the Mohammed Bin Rashid Al Maktoum Global Initiatives Foundation, as a special guest, as he would like the foundation to be inspired by the work of Professor Yunus to help poor overcome poverty. The Prime Minister discussed with Yunus about the future programs of the Foundation and requested Professor Yunus to help him shape the agenda for the Foundation. He instructed his staff to issue resident visa to Yunus so that he can come to Dubai without any difficulty. The visa was issued on the same day.