The Abu Dhabi Department of Economic Development (ADDED) has announced that the UAE’s Capital will host the World Islamic Economic Forum in 2024.
The World Islamic Economic Forum (WIEF), established in 2005 by the WIEF Foundation, is a global platform created to promote and discuss the latest economic developments and trends while inciting Islamic ethics of peace, fairness, and equality. The Forum strengthens dialogue, exchanging of ideas and knowledge between senior government officials, academics, and business leaders from around the globe.
H.E. Mohamed Ali Al Shorafa, Chairman of ADDED, and The Honourable Tan Sri Dr Syed Hamid Albar, Chairman of WIEF Foundation signed an agreement to host the 14th WIEF at the Abu Dhabi National Exhibition Centre (ADNEC) from 15 to 17 January 2024.
Mohamed said, “We are delighted to host the World Islamic Economic Forum, which fosters international collaboration and promotes sustainable development. Hosting the WIEF reflects our efforts to foster dialogue between relevant stakeholders to further develop Shariah-compliant economic activities and enhance trade and business.
“In recent years, halal food, Islamic finance, including fintech, have moved up the agenda in several parts of the world. Our initiatives and efforts to nurture businesses across all sectors offer ample opportunities for major players in these sectors, and we encourage entrepreneurs to benefit from the business-supportive environment in Abu Dhabi to reach their full potential,” added Mohamed.
According to the Global Islamic Economic Report 2022, there was spending of USD2 trillion in 2021 across food, pharmaceutical, cosmetics, fashion, travel, and media/recreation sectors while the Islamic economy sectors, excluding finance, are expected to grow by 9.1 per cent in 2022.
The USD2.2 trillion global Islamic finance industry is expected to grow 10 to 12 per cent from 2021 to 2022 due to increased Islamic bond issuance and economic recovery in the main Islamic finance markets, according to S&P Global Ratings.
Dr Syed said, “Approximately 3,000 participants from over 80 countries are expected to attend the forum in Abu Dhabi in 2024 including heads of governments, senior officials, opinion and business leaders, experts, and academics. This will also serve as a global platform for experts to exchange ideas and insights about developing a comprehensive and resilient future, as well as improving sustainability and forecasting global business”.
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