UAE: Halal Food, Lifestyle And Tourism Sector Grow In Popularity

The global Halal food and lifestyle sector is expected to grow by 6 per cent by 2020, according to selected findings from the State of the Global Islamic Economy Report 2015/2016, which will be released in full at the end of this month. The report is commissioned and supported by the Dubai Islamic Economy Development Centre (DIEDC) in partnership with Thomson Reuters, and in collaboration with Dinar Standard.

Held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Global Islamic Economy Summit (GIES) this year will bring together thinkers and business leaders to address these issues. These include Temel Kotil, CEO, Turkish Airlines, Simon Coombs, CEO, Shaza Hotels, Abdulla Al Maini, Director General, ESMA, Alia Khan, Chairwoman, Islamic Fashion Design Council, and Hourya Mohamed Laarabi, Experience Development Professional, among many others.

The full State Global Islamic Economy Report will be revealed before the Summit. For more information about GIES 2015, please visit: http://www.giesummit.com/en/gie-summit/.

In partnership with the Dubai Islamic Economy Development Centre and Dubai Chamber, Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, is organising the second edition of the Global Islamic Economy Summit. Taking place on Oct 5 and 6, the Summit is expected to bring together over 2,000 business leaders to discuss issues and opportunities in the growing Islamic economy.

The Summit will tackle challenges in family tourism, Halal food, pharmaceuticals and personal care, fashion, media and recreation, as well as other important aspects of the Islamic economy.

The global Muslim market spent $142 billion on travel in 2014, and is expected to reach $233 billion by 2020. The most popular destination countries for Muslim tourists are Malaysia, Turkey and the UAE, which is outpacing other countries in terms of hotel development. To meet that growth, new channels are being created, such as HalalBooking.com, a travel search and booking website for Halal-conscious travellers. The website expects their bookings for their Turkey-based hotels to reach 10 million per hotel by the end this year and in 2016.

Although the Halal travel sector, also known as “Shariah-compliant”, is expected to grow by 8.6 per cent by 2020, some investors are still reluctant to invest in “Muslim-friendly” hotels, for fear of revenue loss associated with not serving alcohol. Banqueting, however, is considered a viable alternative revenue-generating option for dry hotels. According to Riyanto Sofyan, CEO of Sofyan Hotels, “The Halal tourism industry is not limited to Muslims, but rather extols Islamic values that are universal and inclusive, helping to broaden our market reach and attract a wider customer base, regardless of religion.”

The Halal food sector is expected to grow by 5.8 per cent by 2020, with the demand for ethical treatment of animals alone resulting in a $100 billion organic food market. Although the principle of treating animals is embodied within Halal food, educating Organisation of Islamic Cooperation (OIC) countries about the Halal sector and its standards and accreditation continues to be a challenge.