Latest news with #EconomicDiversification
Arabian Business
a day ago
- Business
- Arabian Business
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to strengthen its leadership in Islamic finance and the halal industry, reinforcing its vision of economic diversification and global competitiveness. Backed by visionary government policies and a future-ready regulatory environment, the UAE is rapidly evolving into a global powerhouse for Sharia-compliant finance and halal-certified commerce. The recently unveiled national strategy aims to establish an integrated ecosystem covering Islamic banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with global standards. UAE Islamic finance Data from the Central Bank of the UAE in February 2025 reveals that Islamic banks now hold 18 per cent of total banking assets and 22.8 per cent of credit across the national banking system. The Islamic Sukuk market is also experiencing major growth, fuelled by the 2023 launch of the UAE's dirham-denominated Islamic Treasury Sukuk (T-Sukuk). Nasdaq Dubai now hosts over $95.7bn in listed Sukuk, establishing the United Arab Emirates as one of the world's largest centres for Sharia-compliant fixed-income instruments. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. As of February 2025, credit granted by Islamic banks surged to AED503.5bn ($137bn), reflecting a 16 per cent year-on-year increase. Deposits grew even faster, reaching AED595.3bn ($162bn), up 16.9 per cent. UAE halal industry In parallel, the UAE is stepping up its ambitions to become a global halal manufacturing and export hub. Under the new national plan, halal exports are expected to rise from AED74bn ($20bn) to AED315bn ($86bn) by 2031. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, said that the strategy is a landmark step toward establishing the United Arab Emirates as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to Bonafide Research, the United Arab Emirates' halal food and beverage market is projected to exceed $31.27bn by 2029, reflecting strong domestic and international demand for halal-certified goods driven by rising consumer awareness of ethical and dietary standards. The country's geographic position continues to amplify its influence in global trade and tourism. This strategic advantage is central to its ability to attract investors, consumers, and manufacturers alike, solidifying the country's status as a leading hub for both Islamic finance and halal commerce.
Zawya
20-02-2025
- Business
- Zawya
QRDI Council sets agenda for Web Summit Qatar 2025
Doha, Qatar: Qatar Research, Development, and Innovation (QRDI) Council has unveiled an exciting and comprehensive agenda for the upcoming Web Summit Qatar, set to take place from February 23 to 26, 2025. As both a strategic partner of the Web Summit Qatar and the exclusive partner of the Corporate Innovation Summit, QRDI Council has curated a series of dynamic and engaging activities for attendees. Including panel discussions, presentations, and knowledge-sharing sessions hosted at QRDI Council's pavilion, located at E202, designed to provide an immersive, interactive experience. QRDI Council's Secretary-General, Omar Al Ansari, will participate in a key panel discussion on the Innovation Ecosystem. This session will explore the current landscape of science, technology and innovation in Qatar, focusing on how the ecosystem is evolving to drive economic diversification and foster cutting-edge advancements. "The Web Summit Qatar represents a unique opportunity for QRDI Council to showcase Qatar's role as a global hub for innovation, collaboration, and sustainable development," said the Secretary General of the QRDI Council, Omar Al Ansari. "We are excited to engage with local and international experts and stakeholders as we continue to shape the future of innovation in Qatar and beyond." The QRDI Council's Innovation Pavilion will feature high-impact sessions, showcasing a dynamic lineup of local and international experts in research, development, and innovation (RDI). Among the distinguished contributors are sessions led by the Qatar Financial Centre, the Qatar Investment Authority and the Indian Embassy in Doha and many more. Additionally, Ogilvy will host a session at the Pavilion titled 'Data is Power: Converting Browsers to Brand Lovers.' QRDI Council is also gearing up to launch and present several key programs aimed at enhancing Qatar's innovation ecosystem and supporting the country's broader economic vision. The Council's pavilion will serve as a platform for thought leadership, knowledge exchange, and networking opportunities where participants can gain insights into how the QRDI Council is committed to building a strong RDI ecosystem in Qatar. About QRDI Council QRDI Council is a government entity with the mission to support research, development and innovation activities as well as to develop RDI talent in Qatar. The Council strives to make Qatar a top destination for global talent and a pioneering research, innovation, and development hub with its motto 'locally empowered, globally connected'. Playing a pivotal role within the Qatar National Development Strategy, the QRDI Council is actively shaping the Innovation component of the Economic Diversification goal. The Council's commitment underlines its unwavering dedication to the Qatar National Vision 2030. QRDI Council aims to make Qatar a global innovation hub and a top choice for R&D centers worldwide, seeing RDI as vital for Qatar's growth and prosperity. To delve deeper into QRDI Council's endeavors and vision:
Zawya
10-02-2025
- Business
- Zawya
QRDI Council launched an award supporting emerging university innovators in Qatar
Doha: Qatar Research, Development, and Innovation (QRDI) Council has launched the Rising Innovators Award, an initiative aimed at empowering undergraduate and graduate students and inspiring the next generation of innovators. This new award provides students with a platform to showcase their pioneering ideas and solutions, positioning them for global recognition. The award underscores QRDI Council's commitment to fostering innovation and nurturing emerging talent in Qatar's rapidly evolving research, development, and innovation (RDI) ecosystem. Shortlisted projects will be invited to present their ideas at the QRDI pavilion during the highly anticipated Web Summit Doha 2025. At this prestigious event, they will have the opportunity to deliver live presentations to an esteemed jury composed of industry experts, investors, and QRDI leadership. 'The Rising Innovators Award serves as a critical platform for empowering young innovators to transform their ideas into tangible solutions that address pressing global challenges,' said Nuha Al-Okka, Program Manager at QRDI Council. 'By providing students with the opportunity to present their innovative projects on a global stage, QRDI Council is helping create a culture of creativity and problem-solving, propelling Qatar as a leader in innovation and RDI.' The initial stages of the Rising Innovators Award invited undergraduate and graduate students across Qatar to submit their innovative projects or products through the QRDI portal . Each submission should have included a project overview, its potential impact, and a short video pitch. A distinguished panel of experts from QRDI Council, along with other national entities, will assess the current submissions based on key criteria including innovation, feasibility, scalability, and societal impact. From these evaluations, five standout projects will be shortlisted. The shortlisted projects will be announced on the 18th February 2025. The top three winning projects will receive the Rising Innovators Award, with exciting prizes and invaluable opportunities for collaboration and training to accelerate their solutions toward real-world impact. For additional information please visit this link Ends About QRDI Council QRDI Council is a government entity with the mission to support research, development and innovation activities as well as to develop RDI talent in Qatar. The Council strives to make Qatar a top destination for global talent and a pioneering research, innovation, and development hub with its motto 'locally empowered, globally connected'. Playing a pivotal role within the Qatar National Development Strategy, the QRDI Council is actively shaping the Innovation component of the Economic Diversification goal. The Council's commitment underlines its unwavering dedication to the Qatar National Vision 2030. QRDI Council aims to make Qatar a global innovation hub and a top choice for R&D centers worldwide, seeing RDI as vital for Qatar's growth and prosperity. To delve deeper into QRDI Council's endeavors and vision: Website: Stay Connected: Engage with the QRDI Council on various social media channels to stay updated on the Council's latest activities and achievements. Follow QRDI on - Instagram - LinkedIn - X - YouTube - : Facebook
