Watch out UAE firms! Soon, clients will be checking out your work practices in new Halal Index
The index will be set up by Dubai Exports, an agency of the Department of Economic Development (DED), and will include relevant information about all the halal companies, banks, financial institutions, Islamic products and Islamic services in Dubai.
“This Index will boost the businesses of these firms by encouraging to enhance their local industries and products and by providing these businesses with new export opportunities across new markets,” Al Awadi said.
Halal companies, are firms engaged in the business of production, marketing and distribution of products that are Sharia compliant.
Al Awadi said that this comes in line with the government’s initiative to position Dubai as the world capital for Islamic economy in two years.
He added that this index will facilitate the growth of Dubai’s halal exports, which are expected to lead the region soon.
Dubai could emerge as the leader in the next phase of the evolution of Sharia-compliant sectors, including finance and insurance, Halal food and lifestyle, and travel.
“This index will be a good platform for all halal firms in the UAE to gain the opportunities for halal businesses and Islamic industries, which is now well established across geographies,” Al Awadi added.
With a clear vision of establishing itself as the centre of a global Islamic economy, Dubai looks likely to be the one with the biggest potential.
With Muslim consumer expenditure globally on food and lifestyle sectors around $1.62 trillion (Dh5.9 trillion) in 2012 and expected to reach $2.47 trillion by 2018, Al Awadi pointed to the need to boost this business sector by providing the right infrastructure and services.
Dubai Exports is looking to boost the emirate’s export by 20 per cent this year through the expansion to new markets, Al Awadi said.
“Dubai’s export long–term strategies to grow with the exports will continue to provide support required for our local companies to grow with their businesses and in turn the emirate’s Gross Domestic Production (GDP).
“The infrastructure and facilities already in place provide simple export process to our local companies wanting to enter new markets,” he said.
By Zaher Bitar
- Gold trading expansion to spur demand in Kingdom
- Is trust the only missing ingredient from Egypt's economic reform recipe?
- Explain this, Mr. Erdogan: Israel-Turkey trade ties booming amidst Gaza crisis
- Kuwait: the GCC's underachiever?
- Liberalization under the auspices of the palace: migration reform in Morocco