Dubai to grow halal investment by targeting investors at airport

Dubai to grow halal investment by targeting investors at airport

An airport in Dubai has released a “first-of-its-kind” guide to halal investment in a bid to tempt travellers to contribute to the emirate’s effort to become the hub of the Islamic economy by 2021.

Dubai Airport Freezone Authority (Dafza) launched “Dubai: The Global Gateway to Halal Industries”, which defines halal products in different industries, and showcases the economic system of Dubai, from a foreigner’s perspective.

The new guide has been designed to help foreign businesspeople evaluate halal market segments from food and beverages to pharmaceuticals and tourism.

It aims to foster awareness of opportunities drifting in the segment, which in turn will have an influence on the FDI flows of the local economy.

Dubai is looking to trade on the UAE’s leading position in regional and global halal markets, Mohammed Al Zarooni, director general of Dafza, said.

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,” he added.

The Dafza guidebook has shed light on the successful strategy of the UAE and Dubai in enhancing foreign investors’ experience in the sense of setting up business and issuing halal certification, which is aligned with all national efforts to develop a strong Islamic economy.”

Free zones such as Dafza are employed alongside official initiatives to help shape Dubai’s vital economic sectors.

Dubai’s government has set out its aims to make the country the “capital of the Islamic economy” between 2017 and 2021. In January it launched a strategy to exploit segments such as halal food imports by promoting trade and implementing improved standards.

According to the Global Islamic Economy Report for 2015-2016, the Islamic economy is estimated to be worth US$1.9tr, and is expected to exceed US$3tr by 2021 at an 8% annual growth rate.

The food and beverage industry ranks first among Muslims, with a total estimated value of around US$1.2tr—a figure expected to grow to near US$1.9tr by 2021.

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