World Islamic Economic Foundation and Government of the State of Qatar inked Agreement to hold 2020 World Islamic Economic Forum
Doha, 12 December 2019 – The Government of the State of Qatar and the WIEF Foundation signed an agreement to jointly organise the 14th World Islamic Economic Forum (WIEF) in the month of October 2020 at the Sheraton Grand Doha Resort & Convention Hotel with the theme “Economic Resilience: Inclusive Growth”.
Speaking at the Joint Media Briefing, H.E Nasser Al Mahanidi, Director of Finance, Ministry of Commerce and Industry, said: “We are honoured to be the Host for the 14th edition of WIEF Forum. The Forum will offer a global platform for businessmen looking to strengthen global cooperation, which is crucial to advancing sustainable development”.
“The objective is in line with Qatar’s aspiration to play a key role in shaping the projected US$3 trillion Islamic economy and propel Qatar’s position as one of the world’s capitals of Islamic economy,” said H.E. Nasser Al Mahanidi.
“The WIEF Foundation is pleased to hold the 14th WIEF in Doha. Qatar is fast emerging as the most attractive FDI destination amongst the GCC nations. Islamic economies present great opportunities for growth in terms of their enormous size and purchasing power,” said Tun Musa Hitam, Chairman of WIEF Foundation.
“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”, added Tun Musa Hitam.
The Forum is expected to be attended by more than 2,500 participants from 80 countries which include Leaders, Role Players and media representatives from Central Asia, Middle East, Asia Pacific and beyond. The 14th WIEF will provide a global platform for 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 global economy will continue to grow at a steady pace of 3 percent in 2020, after an expansion of 3.1 percent in 20181.
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 US$2.1 trillion in 2017. The value of Islamic finance sector assets was estimated at $2.4 trillion in 2017 and is expected to surge to $3 trillion by 2023.
About the World Islamic Economic Forum (WIEF) Foundation
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, organises the annual World Islamic Economic Forum, a world-class business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the Foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe. The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the United Kingdom and United Arab Emirates, and aims to bring together Muslim and non-Muslim communities through the common language of business.
About Qatar’s Ministry of Commerce and Industry
The Ministry of Commerce and Industry is responsible for overseeing commercial and industrial activities for the State of Qatar, directing these activities in accordance with the requirements of national development. The Ministry’s mandate includes business development needed to attract investments, and support and develop exports. Other responsibilities include developing methods and procedures for providing public services to the business and investment sector, regulating the practice of trade professions, registering the commercial and investment establishments, issuing the necessary licenses to carry out their activities, and supervising the regulation and control of markets in its area of competence.
Taking the necessary measures to protect consumers, combat commercial fraud, safeguard competition and prevent monopolistic practices, as well as protect intellectual property rights is an essential aspect of the Ministry’s mandate. The Ministry also spearhead efforts to develop general policies to promote industrialization and national industries, developing and exploiting its existing industrial zones, and proposing the establishment of new zones.
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