Halal economic system estimated to value $3.2tr by 2024

Amna Lootah, Assistant Director Normal, DAFZA. WAM

The Halal economic system is estimated to be price $3.2 trillion by 2024, in response to the newly launched second version of the Halal Guidebook titled ‘Dubai – A International Gateway for Halal Business: A Step-by-Step Information.’

The Guidebook unveils key developments that can have an enduring impression on the regional economic system and assists in offering a transparent image of the worldwide and nationwide Islamic economic system.

In accordance with the State of the International Islamic Financial system Report 2019/20, the Islamic economic system was valued at $2.2 trillion in 2018, which accounts for 12 per cent of the worldwide spend within the meals, pharmaceutical and way of life sectors. The spending energy has additionally witnessed a major enhance and is ready to develop by 6.2 per cent compound annual development fee, CAGR. Rating first within the Information Guide is the meals and beverage trade, with a complete estimated worth of round $1.four trillion, the sector is predicted to develop to close $2 trillion by 2021. Modest trend is the second hottest sector, valued at $283 billion. Islamic-themed media, Halal prescription drugs and Halal cosmetics have additionally been recognized by the Guidebook as key gamers within the economic system.

Launched in 2017, the primary version of the information has confirmed to be an asset in attaining the long-term plans for the Halal economic system sought out by native and regional management. Developed by DAFZA with the help of The Dubai Islamic Financial system Growth Centre, DIEDC, The Halal Commerce and Advertising Centre, HTMC, and DinarStandard, the second version of the Guidebook outlines Halal Islamic economic system development alternatives, together with its enabling ecosystem, Halal commerce circulate, and the Halal certification and compliance course of.

The Guidebook additionally outlines the extent to which the Halal sector has been affected by the intensified measures aimed toward combating COVID-19. Inside the Halal economic system, essentially the most challenged sectors have been journey, Islamic finance, and modest trend whereas media and recreation present robust alternatives. Meals provide chain has additionally been severely disrupted however was rapidly met with resilience from the Halal market economies which have persistently targeted on bringing the provision chain nearer to house by both investing in home manufacturing or discovering nearer regional provide chain companions.

Amna Lootah, Assistant Director Normal, DAFZA, stated: “Lately, the UAE has intensified efforts aimed toward increasing the economic system with a number of initiatives and development plans which have ensured a extra numerous and vibrant Halal sector. Such actions have established Dubai and the broader UAE as one of many world’s most vital enterprise hubs and facilitated the progress of varied industries together with the emirate’s Islamic economic system. A lot in order that investments within the Halal economic system have recorded development of 399 per cent in 2018/19, with a price of $1.2 billion” “The information particulars the alternatives round core Halal economic system sectors, outlines developments and supplies strategic insights that can enrich the data of entrepreneurs and firms eager to put money into the Islamic economic system and capitalize on its promise of putting up with development and prosperity.” Different contributors embrace Emirates Authority for Standardisation and Metrology, ESMA, Emirates Worldwide Accreditation Centre, EIAC, Arab Brazilian Chamber of Commerce, CCAB, Al Islami Meals, Salaam Gateway, Fonterra, Abbott Labs, SGS Gulf Restricted and CDIAL Halal.

Amna Lootah thanked all supporting entities which have since supplied infrastructure, companies, community and capabilities essential to compile the guidebook and in flip, lead the way forward for the Halal trade.

“Dubai has a super location within the coronary heart of the regional and international Islamic economic system system, two hours distant by air from 455 million Islamic shoppers, which is equal to $587 billion of the worth of the halal consumption market. The Emirate of Dubai can be the commerce centre for 57 nations of the Organisation of Islamic Cooperation, OIC, which accounts for $296 billion of halal imports, in response to 2018 outcomes.” Ms. Lootah concluded Main international gamers throughout industries are starting to take part within the Halal economic system with a number of multinational cooperation’s corresponding to Nestlé, Cargill, Hershey’s, BRF, and Abbott growing their participation by actively addressing Halal meals alternatives.

For corporations seeking to take part within the Halal economic system, DAFZA presents a variety of companies and capabilities to make sure a easy set-up of enterprise operations. The free zone supplies entry to all kinds of presidency and enterprise companies in a single centralised location. It additionally supplies corporations throughout the Halal economic system with superior infrastructure for his or her operations, which boosts their development.

WAM

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