- The UAE is among the top three countries for the global Islamic indicator in many sectors such as halal food, travel, fashion, media, recreation and Islamic finance among others.
- The UAE ranked third after Malaysia and Bahrain in Islamic finance; the sector is estimated to cross the $4 trillion mark in 2019 compared to $1.21 trillion in 2013.
- Global expenditure of Muslim consumers forecast to reach $3.7 trillion by 2019.
- The Dubai Islamic Economy Development Centre regularly measures the impact of halal initiatives on UAE’s GDP.
Dubai, UAE, July 24, 2017: Halal Expo Dubai will strengthen UAE’s goal of leading and developing the Halal industry in the Arab region and beyond. The county has immense potential and resources to be the hub of Islamic economy and for attracting foreign investments to UAE as the country ranked third after Malaysia and Bahrain in Islamic economy and finance, stated by the organizers of Halal Expo Dubai which will be held on September 18 and 19, 2017 in Dubai.
The Dubai Islamic Economy Development Centre in a recent meeting announced what it calls a “refreshed” growth strategy for the next five years until 2021, after multiple sessions of stakeholder engagement, with the objective of measuring and expanding its impact on the UAE’s GDP.
Dubai’s strategy consolidates the original seven pillars of the Islamic Economy into three. The initial strategy in operation since the inception of the centre in 2013 rested on seven sectors – Islamic finance; halal industry; family-friendly tourism; digital infrastructure; Islamic arts, fashion and design; and standards and certification.
Raees Ahmed, Director of Orange Fairs and Events, organisers of the Halal Expo Dubai, commented: “We are immensely inspired by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Prime Minister of UAE and rule of Dubai, who is keen to make Dubai the hub of halal economy”, and added: “Halal Expo Dubai is a platform to attract halal FDI to UAE.”
Dubai’s strategy uses a two-pronged approach. The first part concentrates on the development of the Islamic Economy ecosystem and includes identifying new key performing indicators for monitoring the growth of important sectors and measuring their contribution to the national economy. The second component includes enhancing Dubai’s status as a global reference for Islamic finance, industry, trading standards and culture, and as a prime destination for halal trade and family tourism.
“We have chosen Dubai for our halal event because Dubai has achieved great successes in its agenda for developing the Islamic economy with a focused
approach and plan for developing each sector of this economy.” Raees said.
Under the updated strategy for Islamic economy development, Islamic finance is seen as a growth engine for Dubai as well as the world’s Islamic Economy.