Dr. Ayoub Kazim, Managing Director of the Education Cluster of TECOM Investments, confirmed that the UAE has the potential to develop a strong Islamic economy through introducing the large number of students, who are currently studying in the State, to the importance of this economy, explaining that the various business sectors are required to lead the efforts and assist the academic institutions by identifying the academic programs, skills and qualifications required by the labor market, in addition to providing the necessary support for scientific research projects related to this vital sector.
This came during the World Halal Summit 2015, which was held in the Malaysian capital, Kuala Lumpur, in which a delegation of the Dubai International Academic City (DIAC) participated, as the Summit brought together industry leaders and a group of experts and academics. The global Islamic economy includes a wide range of sectors, including food, medicine, fashion, media, and Islamic finance.
It is estimated that over the next five years, the global demand for Halal products will increase by 15 per cent to 20 per cent. A study conducted by Thomson Reuters Foundation showed that the UAE is going in this direction of growth, as the Dubai Islamic market has potential value equal to 6.7 trillion dollars, which is more than the sum of the economies of both the United States and China. A study issued by Dubai Chamber of Commerce and Industry revealed that the global halal food market is worth up to 667 million dollars, and it is expected to grow to reach 1.6 trillion dollars by 2018. DIAC seeks to enhance and strengthen the relations between its partners in order to identify and discuss the sector’s requirements. It also plays an important role in providing innovative training and cognitive development programs related to the future growth in the country and the region, especially those related to the growth of Islamic economics, in order to support the vision of the UAE leadership to develop an economy led by innovation and characterized by sustainability of Gross Domestic Product (GDP) growth.
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