DUBAI: Dubai plans to develop two world-class Halal Zones to position itself as a hub for the trillion - dollar global halal product markets.
The Economic Zones World (EZW) will develop the clusters in collaboration with Dubai Islamic Economy Development Centre (DIEDC) at Jafza and TechnoPark to serve international and regional markets respectively.
"Since Halal products and services are one of the key components of Islamic Economy, the EZW's move is a major step forward in that direction. EZW aspires to become one of the world?s key hubs for halal products trading, services, and manufacturing," said Chairman of the EZW Hisham Abdullah Al Shirawi while formally rolling out the initiative.
He said the move will meet the longstanding demand of the EZW's existing over 700 leading companies in food & beverages, pharmaceutical and cosmetics sectors.
"A large number of these companies are engaged in the business of production, marketing and distribution of halal products in their respective sectors," he said.
Chairman of Dubai Financial Market, EssaKazim said halal sector was one of the key pillars in the global islamic economy.
"The importance of Halal to the overall Islamic economy can be gauged by the fact that the global Halal market is valued at USD 2.3 trillion and it is estimated that one out of every four human beings consumes halal products.
"Given the latent demand, the potential market for Halal products and services is huge and will continue to grow," he said.
Multi-phased EZW Halal Zone Development Plan will also identify laws, regulations, and licencing needs of the Zone and draft laws and regulations accordingly. It will also setup the internal processes and systems to automate different processes.
The trillion-dollar global halal market accounts for 20% of the total food sector in the world.
(The Times Of India / 28 Feb 2014)---
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com