Dubai: The Dubai Airport Freezone Authority (Dafza) issued a halal industries guide to help Dubai achieve its goal of becoming the capital of the Islamic economy for 2017-2021.
The guide is a first of its kind, Dafza said in a statement on Monday, and describes halal products in different sectors, highlighting several investment opportunities for foreign investors.
The guide is meant to help foreign investors evaluate the various segments of the halal market ranging from food and beverages, pharmaceuticals, and cosmetics to tourism, and fashion.
“Dubai’s free zones have played proactive roles in developing the emirate’s vital sectors, including the halal industry that has achieved an annual growth of 8 per cent, according to official statistics,” said Mohammad Al Zarouni, director general of Dafza.
He added, “Due to its steady growth and consistent contributions to the national economy, the sector has been receiving unprecedented government support as well as posting strong trade flows due to the investment opportunities it facilitates, which advance the market among the ranks of global players.”
According to the Global Islamic Economy Report for 2015-2016, the Islamic economy is estimated to be worth $1.9 trillion (Dh6.98 trillion), and is expected to exceed $3 trillion by 2021 at an 8 per cent annual growth rate.
The food and beverage industry ranks first among Muslims, with a total estimated value of around $1.17 trillion, a figure expected to grow to near $1.9 trillion by 2021. The next most popular sector among the Islamic community is clothing, worth an estimated $243 billion.