The world’s $ 6.4 trillion Islamic economies grew by 100% from $ 3.2 trillion in just six years, with some 1.8 billion Muslims buying certified products ranging from intelligent sports hijab to Halal food sets and even Islamic Barbie dolls.
Everyone from Nike to Dolce Gabbana and Haribo rides the lucrative Halal wave with many products including luxury gowns and pigtails.
The importing countries of the GCC more than $ 50 billion of halal products, of which $ 20 billion are imported from the UAE alone, which constitutes 40 per cent of imports of Gulf Halal, according to consultants, food and beverage and Mitchell Farrelly.
With the number of Muslims rising to 3 billion worldwide by 2060, this number could increase significantly. There is no reason why Dubai cannot build the world’s largest Halal brands, according to Arabian Business.
It is no surprise that Dubai wants to become the capital of the global Islamic economy and is going to host its annual Halal exhibition in December. The Dubai Islamic Economic Development Center (DIEDC) announced that it will increase the Islamic economy’s contribution to the city’s GDP to 10 per cent by 2021 compared to 8.3 In 2018. The move is in line with a five-year strategy.
But does the Islamic economy grow fast enough?
“The growth of the Islamic economy is steady but not fast,” says Noman Khawaja, founder of the first fast-food brand in the UK. Because Halal brands are no longer enough to attract Muslim customers through a halal logo and a lazy brand. “
“Muslims want what non-Muslims lack. They see delicious burgers on Instagram and want to get it too. They want the same choices, whether they are food, clothing, restaurants or technology. “
“The bad news is that the world has not yet provided them with these products,” Khawaja said. The good news is that Dubai can do that. First by becoming a source rather than an importer of halal commodities. Let’s not make the same mistake with the Halal sector as we did with the fashion sector, where we relied heavily on imports rather than investing in our local talents and resources.
Khawaja noted that Dubai is a modern and constantly evolving city and is ranked among the world’s leading food and beverage centres, retail, cosmetics, entertainment and others – making it the ideal capital for the Islamic economy.
Let’s take a quick look at the figures: Muslim world spending on foods is $ 1.3 billion, clothing $ 270 billion, entertainment media $ 209 billion, travel $ 177 billion, pharmaceuticals $ 87 billion, cosmetics $ 61 billion.
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