UAE: Global Halal Market to Reach US$6.4 Trillion by 2018

Halal activity is gaining strong momentum. The 9th Dubai Halal Expo opened on Monday, 18 September, at the Roda Al Bustan Hotel in Dubai.

New highlights:

1. The Dubai Halal Expo strengthens the GCC's US$50 billion halal product import spending.

2. 'We want an Islamic economy with a global vision and local cadres serving our national economic interests, because the fast-paced development of the global economy makes it necessary for us to accelerate the pace of our national economic diversification,' Sheikh Mohammed.

3. The United Arab Emirates imports US$20 billion (about 7.3 billion) in halal consumption, said Farrelly and Mitchell, food and agriculture experts.

4. The Dubai Halal Expo helps reposition Dubai as the center of the global halal economy, as it attracts 4,000 global producers, suppliers, importers, exporters, wholesalers and retailers.

The global halal economy is expected to reach US$6.4 trillion in 2018, up from US$3.2 trillion in 2012. According to the latest reports, Dubai has strengthened its position as a global leader in the Islamic economy as it opens the 9th Dubai Halal Expo tomorrow.

The UAE is home to 5,000 halal product importers, manufacturers and wholesalers. ESMA, the UAE's national standards authority, expects to issue 18,000 halal certificates this year, the highest in the world.

These developments are a direct result of the government's vision, as His Highness Sheikh Mohammed, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced in 2013 his intention to transform Dubai into the capital of the global Islamic economy.

'Due to steady growth, increased assets and straightforward principles, the Islamic economy has become a reality in the global economic system. Through the huge market opportunities the Islamic economy offers and the great partnerships it creates, the Islamic economy can play a key role in the further stability and development of our region,' UAE Prime Minister Sheikh Mohammed said in a statement. 'We want an Islamic economy with a global vision and local cadres serving national economic interests, because the fast-paced development of the global economy makes it necessary for us to accelerate the pace of national economic diversification.'

Subsequently, the government created the Dubai Islamic Economy Development Centre (DIEDC), which is supporting the Dubai Halal Expo—a major exhibition with nearly 100 companies from fifteen countries, including national pavilions from Malaysia, Kazakhstan, China, Pakistan, Indonesia and the UAE.

The Dubai Food Park is a government program that has signed a US$1.35 billion agreement to establish a UAE-China food industrial park, which will ultimately support China's US$1 trillion investment in the 'Belt and Road' and help drive the rapid expansion of halal food products and services in Asia, Europe and Africa.

UAE Minister of Economy Sultan bin Saeed Al Mansoori earlier said: 'Dubai and the UAE have an interest in promoting the cultural awareness of the Islamic economy globally and promoting global acceptance of its principles.'

'Today, non-Muslim countries also regard the Islamic economy, the halal lifestyle and the principles of Islamic law as the core of sustainable development plans. The Islamic economy strategy adopted by Dubai and the UAE is truly unique in its ability to foresee economic changes, provide safe investment options and use bonds to finance major global projects.'

This two-day exhibition is expected to feature four thousand—mostly buyers and sellers of halal products and services from 40 countries. Raees Ahmed, director of Orange Exhibitions, which hosts the 2017 Dubai Halal Expo, said: 'The Dubai Halal Expo is part of the effort to help Dubai strengthen its position as a global center for halal and the Islamic economy. The two-day exhibition will create the right convergence point for international buyers, sellers, producers, manufacturers, importers, exporters and wholesalers of halal food and services, and help leading international halal suppliers create business through Dubai.'