Link August 2017 AUGUST 2017 | Page 22

Port & Freezone efforts to develop a strong Islamic economy. DAFZA has always been a key supporter to the national initiatives contributing to Dubai’s vision of becoming an international investment hub. Our outlook for the UAE’s Halal sector is very positive, as the UAE ranked first among Arab countries and second in the World Islamic Index for 2016.” “Dubai’s free zones have played proactive roles in developing the Emirate’s vital sectors, including the Halal industry that has achieved an annual growth of 8 per cent according to official statistics. 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 22 August 2017 among the ranks of global players. The knowledge DAFZA contributes through this guide complements its leading role in the economy that has spanned more than two decades. We look forward to presenting this guide to the whole world through seminars and our participation in international economic events, promote the Halal and attract foreign direct investment to Dubai, the Capital of the Islamic Economy,” H.E. added. According to the Global Islamic Economy Report 2015 - 2016, the Islamic economy is estimated to be worth USD 1.9 trillion and is forecasted to exceed USD 3 trillion by 2021 at an 8 per cent annual growth. The food and beverage industry ranks first among Muslims, with a total estimated value of around USD 1.17 trillion which is expected to grow to near USD 1.9 trillion by 2021. The next most popular sector among the Islamic community is clothing which is worth an estimated USD 243 billion. Islamic entertainment follows at an estimated USD 189 billion, then travel at about USD 151 billion, and halal medicines and cosmetics at USD 78 billion. As industry leaders continue to promote their ingredients used in Halal products, Halal industries are expected to be collectively worth around USD 213 billion by 2021. ESMA recently reported that the Halal markets and related products are estimated to be worth over USD 2.3 trillion, with the food and beverage sector accounting for around 67 per cent of the total volume of trade at approximately USD 1.4 trillion. With the growth rate expected to reach 5.6 per cent annually by 2020, the annual Halal spend is expected to reach USD 1.6 trillion. Other statistics report that around 75 to 80