Abu Dhabi, UAE – The Abu Dhabi Department of Economic Development (ADDED) has announced that the UAE’s capital will host the World Islamic Economic Forum in 2024.
Launched in 2005 by the WIEF Foundation, the World Islamic Economic Forum (WIEF), is a global platform created to promote and discuss the latest economic developments in the Muslim world.
The Forum strengthens dialogue, exchanging of ideas and knowledge between senior government officials, academics, and business leaders from around the globe.
Mohamed Ali Al Shorafa, Chairman of ADDED, and Tan Sri Dr. Syed Hamid Albar, Chairman of WIEF Foundation, signed an agreement to host the 14th WIEF Forum at the Abu Dhabi National Exhibition Centre (ADNEC) from January 15 to 17 in 2024.
Abu Dhabi has been selected to host the 14th edition of the World Islamic Economic Forum, thanks to the collaborative efforts between different Abu Dhabi entities such as ADNEC group who are providing the hosting venue and the Department of Culture and Tourism – Abu Dhabi, the forum’s destination partner.
“We are delighted to host the World Islamic Economic Forum, which fosters international collaboration and promotes sustainable development,” Chairman of ADDED said. “Hosting the WIEF reflects our efforts to encourage 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 in to benefit from the business-supportive environment in Abu Dhabi to reach their full potential,” Al Shorafa added.
According to the Global Islamic Economic Report 2022, US$2 trillion were spent in 2021 across food, pharmaceutical, cosmetics, fashion, travel, and media sectors 2021, The Islamic economy sectors, excluding finance, are expected to grow by 9.1 percent in 2022.
The $2.2 trillion global Islamic finance industry is expected to grow 10%-12% over 2021-2022 due to increased Islamic bond issuance and economic recovery in the main Islamic finance markets, according to S&P Global Ratings.