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Exhibitors and visitors during the opening of Gulfood exhibition at the Dubai International Convention and Exhibition Centre, which featured Halal Food World, a halal food sourcing event. In the food and beverages segment alone, global spending by Muslims is expected to hit $1.97 trillion by 2024. Image Credit: Gulf News Archives

Dubai: Muslims across the world are expected to spend $3.2 trillion in the food, pharmaceutical, and lifestyle sectors by 2024, according to the latest State of the Global Islamic Economy Report.

The report says Muslims are estimated to have spent $2.2 trillion in 2018 across the same sectors, marking a 5.2 per cent increase year-on-year. Additionally, Islamic finance assets are estimated to have reached $2.5 trillion in 2018.

In the food and beverages segment alone, global spending by Muslims is expected to hit $1.97 trillion by 2024, the report says.

On the Global Islamic Economy Indicator, which comprises 73 countries, Malaysia, the UAE, Bahrain, and Saudi Arabia led the ranking.

The report, produced by US-based research and advisory firm DinarStandard, shows that Islamic economy investment activity reached $1.2 trillion in 2018, with 54 per cent of these investments recorded in the halal products category. The figures reflect various corporate-led acquisitions, investments in halal tech startups, and private equity investments.

Abdulla Al Awar, chief executive officer of Dubai Islamic Economy Development Centre, said the report highlights areas of opportunities across various industries, with recommendations for governments, businesses, and investors to reap the benefits.

“Among these signals is the growth of Islamic digital startups and ventures, particularly in Islamic fintech (financial technology). Given its underlying value-based ethos, it is encouraging to see the important role that the Islamic economy plays in addressing the needs of global ethical consumers…” he said.