Over the past two years, plant-based food consumption has grown by 49% across the EU, reaching a total sales volume of €3.6 billion.
UAE becomes GCC leader in economic indicators
2025-05-15
Islamic Economy emerges one of the fastest growing tranches of the global economy
Islamic economy becomes one of the fastest growing sectors of the global economy
Dubai: The UAE leads the GCC in the Global Islamic Economy Indicator (GIEI), a numeric measure representing the overall health and growth of the Islamic economy across 73 countries.
Dubai: The UAE has emerged as the leader among the Gulf Cooperation Council (GCC) in the Global Islamic Economy Index (GIEI), a numerical indicator representing the overall health and growth of Islamic economies in 73 countries.
Globally Malaysia, UAE and Bahrain were at top three positions respectively in the GIEI indicator and Islamic economy markets in 2016.
Malaysia, the UAE and Bahrain ranked in the top three in the 2016 GIEI index and Islamic economy markets respectively.
The State of the Global Islamic Economy Report (SGIE) and the Global Islamic Economy Indicator (GIEI) 2016-2017 were released on Monday by Thomson Reuters and Dubai Islamic Economy Development Centre (DIEDC) in collaboration with Dinar Standard.
Reuters and the Dubai Islamic Economy Development Centre (DIEDC), in partnership with Dinar Standard, released the 2016-2017 Global Islamic Economy Report (SGIE) and the Global Islamic Economy Indicators (GIEI) on Monday.
GIEI evaluated 73 countries including 57 OIC (Organisation of Islamic Conferen UAE Halal Markce) countries and 16 non-OIC countries evaluating the Islamic economy ecosystems based on supply and demand drivers relative to the size of the country, governance, awareness and social considerations.
The GIEI assessed a total of 73 countries, including 57 OIC member states and 16 non-OIC countries, and evaluated the Islamic economic ecosystem based on the country's size, governance model and social considerations related to supply and demand.
Globally, the UAE came second in the Global Islamic Economy Indicator score with 86 points behind Malaysia which scored 121 points. In Halal Food, Halal Travel, Modest Fashion, Halal Media and Recreation and Halal Pharmaceuticals and cosmetics, the UAE was ranked in number one position in the global top 10 ranking while in finance it came second after Malaysia.
Globally, the UAE ranked second in the Global Islamic Economy Index with a score of 86, compared to Malaysia's 121. The UAE ranked first globally in halal food, tourism, fashion, media and entertainment, and halal pharmaceuticals and cosmetics, while it ranked second in finance after Malaysia.
“Relative to its size, the UAE has established a very healthy ecosystem for Islamic economy companies. The strong government-led Islamic Economy development initiatives have given the UAE a strong platform for Development of all Islamic Economy sector,” the report said.
“Relative to its size, the UAE has established a very healthy ecosystem for Islamic economy companies,” the report states. “Strong government-led Islamic economic development initiatives have given the UAE a strong platform for the development of all Islamic economy sectors.”
The State of the Global Islamic Economy Report based on a survey of 172 industry leaders estimates global Muslim spend across various sectors at over $1.9 trillion (Dh6.97 trillion) in 2015, while the Islamic Finance sector has around $2 trillion in assets. “For the fourth consecutive year, the State of the Global Islamic Economy Report presents new facts that further strengthen our conviction in Islamic economy’s ethical and regulatory framework and its ability to drive global economic growth,” said Abdulla Mohammad Al Awar, Chief Executive Officer of Dubai Islamic Economy Development Centre.
The Global Islamic Economy Report, based on a survey of 172 industry leaders, estimates that Muslims worldwide spent over $1.9 trillion (AED6.97 trillion) across various sectors in 2015, while the Islamic finance sector held approximately $2 trillion in assets. Abdulla Mohammad Al Awar, CEO of the Dubai Islamic Economy Development Centre, noted that the findings, which are being released for the fourth consecutive year, further strengthen our belief in the regulatory framework for the Islamic economy and its ability to drive global economic growth.
Businesses confirm that the aggregate Islamic Economy is a high-growth segment, with 69 per cent considering sector performance to be good or excellent for them, and 86 per cent of respondents either optimistic or very optimistic about future prospects. Another initiative for this Report series has been the millennial consumers’ sentiment covering Islamic economy using social media data analysis. From nearly half a million interactions analysed, 76 per cent of sentiments were positive.
Businesses believe the Islamic economy as a whole is a high-growth sector, with 69% rating its performance as good or excellent, and 86% optimistic or very optimistic about future prospects. Another area of focus in this report series is consumer sentiment towards the Islamic economy, as analyzed through social media data. Analysis of nearly 500,000 consumer interactions reveals that 76% of consumers are positive.
“Islamic Economy is one of the fastest growing tranches of the global economy. The convergence between the Islamic economic sectors is strongly expected to enhance the Islamic economy space going forward. This annual report is now a point of reference for professionals and industry players looking at the current and forecasted trends in this area,” said Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters.
“The Islamic economy is one of the fastest-growing sectors of the global economy. There is a strong desire for collaboration across sectors to strengthen the Islamic economy space. This annual report is now a reference for professionals and industry players to understand current and projected trends in this area,” said Nadim Najjar, Chairman of Reuters Middle East and North Africa.