Qatar will host the 14th World Islamic Economic Forum (WIEF) in October 2020, which is expected to be attended by more than 2,500 participants from 80 countries.
In this regard, Qatar government and the WIEF Foundation signed an agreement to jointly organise the forum, which seeks to provide a global platform for the industry leaders to share their thoughts and insights on promoting growth towards an inclusive and resilient future through the creation of a more sustainable and forward-looking global business landscape.
The agreement was signed by Nasser al-Mahanidi, Director of Finance, Ministry of Commerce and Industry and Syed Abu Bakar Almohdzar, WIEF managing director, in the presence of WIEF chairman Musa Hitam and WIEF secretary general Ahmad Fuzi Abdul Razak.
“The objective is in line with Qatar’s aspiration to play a key role in shaping the projected $3tn Islamic economy and propel Qatar’s position as one of the world’s capitals of Islamic economy,” al-Mahanidi said.
Musa Hitam, chairman of WIEF Foundation, said the forum is timely against the backdrop of a global landscape impacted by various challenges including global trade policies, tightening of global financial conditions, climate risks in economic decision making and technological disruption.
“Qatar is fast emerging as the most attractive foreign direct investment destination among the Gulf Cooperation Council nations. Islamic economies present great opportunities for growth in terms of their enormous size and purchasing power,” he said.
The focus areas of the 14th WIEF include Islamic finance, the Green Agenda, Education, Technology and 5G, Renewable Energy, Agrotech/Foodtech, Business of e-Sports and Developing Young Entrepreneurs.
According to the 2018/19 State of the Global Islamic Economy Report by Thomson Reuters, the Islamic economy continues its steady growth with an estimated spending recorded at $2.1tn in 2017. The value of Islamic finance sector assets was estimated at $2.4tn in 2017 and is expected to surge to $3tn by 2023.
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