UAE unveils strategy to more than double value of Islamic banking and boost halal exports
The UAE on Tuesday set out plans to more than double the value of its Islamic banks and boost exports of halal products across the globe under a major national drive. Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, said the UAE Strategy for Islamic Finance and the Halal Industry was approved during the latest meeting of the UAE Cabinet, which he chaired. Sheikh Mohammed said the country's goal was to increase the assets of the country's Islamic banks from Dh986 billion to Dh2.56 trillion within six years and to raise Islamic sukuk issuances - Sharia-compliant bonds - in the Emirates to more than Dh660 billion by 2031. Sheikh Mohammed said a committee would be established, headed by the governor of the UAE Central Bank, to implement the plan as part of a wider effort to diversify and expand the country's economy. The growth of the UAE's tourism sector was also on the agenda at the ministerial gathering, held at Qasr Al Watan in Abu Dhabi. Sheikh Mohammed said the tourism, travel and hospitality industry generated more than 800,000 jobs in 2023 and was expected to have contributed more than Dh236 billion to the national economy in 2024. He said the UAE aims to raise this figure to Dh450 billion by 2031. The Dubai Ruler said ministers approved plans to update the UAE's national biosecurity framework to improve prevention and response and bolster research and innovation. The cabinet was also briefed on the latest development's in the UAE's small and medium enterprise business sector. The Emirates ranked first globally for the fourth consecutive year in the Global Entrepreneurship Monitor 2024-2025 report, and 18th worldwide on the list of the top 100 emerging ecosystems for startups for 2024. The cabinet heard SME licences had risen by 160 per cent. Sheikh Mohammed said the UAE was committed to supporting and expanding this sector and to provide the best environment for launching and supporting small and emerging companies, which he cited as a cornerstone of the economy.
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