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UAE, Third Islamic Economy in 2020

The State of the Global Islamic Economy announced the United Arab Emirates among world’s top three Islamic economies in 2020. The UAE follows Malaysia and Saudi Arabia. Islamic economy refers to economies that consider Islamic fundamentals and standards. In 2019, the Islamic economy gained €1.7 trillion and 1.9 billion Muslims in the world relied on chief sources including Halal food, recreation and modest fashion. The Dubai Islamic Economy Development Centre, or DIEDC, launched its work in 2013 to develop its economy across the world. The chief executive officer of DIEDC, Abdulla Mohammed Al Awar, said the report by the State of the Global Islamic is a benchmark for businesses progress and how customers spend on products produced in the Islamic economy. Another report by Techsci research company, in 2018, predicted that Halal food and drinks market in the UAE would gain over €4.6 billion by the year 2022. What causes the demand to rise are the growing population of Muslim community, growth in income, and boosting electronic commerce. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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