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27 February, 2020

UAE present AED 85 Billion worth opportunities in Islamic Economy

According to the Global Islamic Economy Indicator, the value of investment opportunities in the Islamic Economy of UAE is pegged at AED 85 Billion.

According to Emirates Authority for Standardisation and Metrology (ESMA), in a release issued on the Global Halal Platform conclave, the Islamic spending on global food products is up by 1.6% and is expected to reach AED 33.2 Trillion in the next 3 years. With the Muslim population increasing around the world, spending on halal products presents a valuable opportunity for creating globally recognizable halal brands across food and lifestyle categories.

The ESMA report indicated that UAE was placed #1 on five out of seven sectors that make up the Islamic economy, leading to an emerging superiority of UAE on this front, as compared to other countries under the Organization of Islamic Cooperation (OIC).

With UAE exports to OIC countries estimated at AED 38.7 Billion, the healthy exchange of trade between the countries is a key indicator for the growth of the Islamic Economy.

ESMA is a pioneer in launching the world’s first integrated halal standard system, starting from food manufacture, to safety norm compliance, to food handling and methods of examination. With all members of the OIC complying with such a rigorous system, it only lends increased confidence in the platform across all stakeholders and the public.

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