Officials says there are AED85 billion investment opportunities in the Islamic economy, especially in the food sector…reports Asian Lite News
Abdullah Al-Maeeni, Director-General of Emirates Authority for Standardisation and Metrology, ESMA, announced that the Islamic spending on food and beverages has grown by 1.6 percent, and is expected to reach US$9.1 trillion in the next three years, reflecting a very important opportunity for investment and creating global halal food brands.
The volume of investment opportunities in the UAE Islamic economy is some AED85 billion, according to the Global Islamic Economy Indicator.
During the opening of the 5th global halal industry platform, organised by ESMA in Dubai, Al-Maeeni said that the report demonstrated a new Emirati superiority, as the UAE achieved the first rank in five sectors out of seven sectors making up the Islamic economy.
Investment opportunities in the sectors of the UAE Islamic economy are estimated at $23 billion (AED85 billion), and export opportunities from the state to the OIC countries have reached some $10.6 billion.
“We have 1.8 billion Muslims around the world, and this figure is expected to increase to 3 billion by the year 2060,” Al Maeeni said.
Islamic countries are also witnessing an active trade movement, with regard to products of the Islamic economy related to lifestyle, as countries import some $272 billion, and in exchange, export some $210 billion.
“ESMA succeeded in issuing the first integrated system that includes the standards of food products, safety and conformity with halal-specific conditions, and methods of examination at the level of Islamic countries. This was done to ensure optimal application among all members of the Organisation of Islamic Cooperation, while exporting and importing food products and raising the degree of confidence in the certificates issued by it,” noted Al-Maeeni.
The first day of the halal platform witnessed a wide-ranging global presence, including hundreds of officials, experts and decision-makers, and saw the African Standardisation Organisation designated as the guest of this session.
In a parallel context, ESMA participated in the 25th session of the Gulf Food Exhibition, which started Sunday at the Dubai World Trade Centre and will continue until 20th February.
During its participation, the authority presented Emirati standards and technical regulations related to the food and beverage sector, including the Emirates System for Honey Bees, which will see mandatory implementation early next April.