Latest news with #HalalIndustry
Malay Mail
28-05-2025
- Business
- Malay Mail
Tengku Zafrul: Miti yet to name new Halal Development Corp chairman as merger discussions continue
KUALA LUMPUR, May 28 — The Ministry of Investment, Trade and Industry (MITI) has yet to appoint a new chairman for Halal Development Corporation Bhd (HDC) following the end of former chairman Khairul Azwan Harun's contract. Minister Tengku Datuk Seri Zafrul Aziz said MITI also wants to observe the progress of the proposed merger between HDC and the Malaysia External Trade Development Corporation (MATRADE). 'The HDC chairman's contract has ended ... we want to see how this merger involving the Halal Commission proceeds, and whether it will be approved by the Cabinet or not,' he told reporters after the Asean-GCC Economic Forum 2025, held here today. Tengku Zafrul also expressed his appreciation to the former chairman and HDC management for their service to the development of the halal industry in Malaysia. 'I would like to thank the chairman of HDC and the HDC management as well. The HDC chairman's contract has ended, and I want to thank him for his dedication over the past two years,' said Zafrul. Earlier, MITI announced via a post on X (formerly Twitter) that Khairul Azwan had ended his service as HDC chairman effective May 17, 2025. The ministry said Khairul Azwan held the position beginning May 18, 2023. Khairul Azwan holds a master's degree in management from the Open University Malaysia and previously attended a global leadership course at the Harvard Kennedy School of Government, United States. He currently serves as chairman of VSolar Group Bhd and was formerly chairman of mTouche Technology Bhd and Malaysia Debt Ventures Bhd (MDV). — Bernama
Malay Mail
16-05-2025
- Business
- Malay Mail
PM Anwar says Tatarstan has enormous potential, ready to develop ties with it
KAZAN, May 16 — Prime Minister Datuk Seri Anwar Ibrahim yesterday said the Republic of Tatarstan has enormous potential and that Malaysia is ready to discuss trade and economic issues with it, such as Islamic banking and the halal industry in Kazan, the capital of the republic. As of 2022, the population of Tatarstan stood at 3.9 million people, comprising more than 70 ethnic groups, with more than 50 per cent of the population being Muslim. The prime minister said Malaysia is ready to work and develop ties with the republic, which is part of the Russian Federation. 'I believe that Tatarstan has enormous potential, (there is) a large number of proposals. We are ready to work and develop our ties,' Anwar said during a meeting with the Rais (Head) of Tatarstan Rustam Minnikhanov. The meeting was held in the Kazan Kremlin and was attended by the Prime Minister of Tatarstan Alexey Pesoshin, the Deputy Minister of Energy of the Russian Federation Roman Marshavin, representatives of ministries and departments and heads of major machine-building enterprises. Anwar led a delegation that comprises Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu; Minister of Science, Technology and Innovation Chang Li Kang; Minister of Higher Education Datuk Seri Dr Zambry Abdul Kadir; and Minister of Plantation and Commodities Datuk Seri Johari Abdul Ghani as well as Malaysia's Ambassador to Russia Datuk Cheong Loon Lai. Meanwhile, Rustam, in a media statement, said that Anwar's visit to Kazan was a significant event. 'We are very glad to see you. Your visit encourages us to work even more actively. Our contacts should be more intensive,' he said, thanking Anwar for visiting Tatarstan and his participation in the Kazan Forum 2025. 'It is gratifying that a solid delegation of business circles is participating in the forum with you. The Kazan Forum has been held with federal status for three years now and is the main platform for establishing cooperation between Russia and the countries of the Muslim world. 'It is also a great honour for us that you participate in the meeting of the strategic vision group of the Russia-Islamic World (of the forum),' said Rustam. The Rais also thanked Anwar for the support provided by Malaysia, and emphasised that Tatarstan attaches great importance to the development of cooperation with Malaysia within the framework of friendly Russian-Malaysian relations. There is an increase in mutual trade turnover, ties are developing in agriculture, oil and gas and petrochemical sectors, IT technologies and in several other areas, he added. 'Our republic is a pilot region for the implementation of the principles of Islamic (partnership) banking and financing in Russia. We are also doing a lot of work in terms of developing the halal industry. These are also promising areas for our cooperation. Our colleagues from Malaysia provide us with great support. We learn from you, adopt the best practices,' said the Rais. Earlier, the Rais also presented the Malaysian Prime Minister with an English-language collection of poems by the classic poet of Tatar literature, Gabdulla Tukai. Anwar's official visit to Russia started in Moscow on May 13 and will end tomorrow. The Republic of Tatarstan is located on the eastern frontier of Europe at the confluence of the Volga and Kama rivers, with a distance from Moscow of 797 km. It covers a territory of 68,000 km², which is roughly the size of countries such as Ireland, Lithuania or Sri Lanka. The Volga River is one of Russia's most prominent watercourses, whose meandering presence through Tatarstan not only enhances the region's natural splendour but also holds significant economic importance. Tatarstan is also famous for a UNESCO site, the Bolgar Historical and Archaeological Complex, which was once the capital of Volga Bulgaria and now serves as a pilgrimage site for Muslims and a treasure trove for history lovers. The region's main source of wealth is oil, with a strong petrochemical industry. — Bernama
Arabian Business
06-05-2025
- Business
- Arabian Business
UAE sets $697bn Islamic bank target and aims for Halal export boost; Cabinet reviews tourism sector amid $122.5bn goal
The UAE has set ambitious targets for Islamic finance, tourism and more during a Cabinet meeting held in Abu Dhabi. Among the items on the agenda were the setting of massive growth targets for Islamic banks in the country, a review of 2024's booming year for tourism and small and medium enterprises in the country. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi. UAE Cabinet meeting Sheikh Mohammed bin Rashid Al Maktoum said: 'I have chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and Halal Industry. 'The goal is to develop the Islamic financial sector, lead global Islamic finance activities, and boost the export of Halal products worldwide. 'We aim to increase the assets of our Islamic banks from AED986bn ($268.4bn) to AED2.56tn ($697bn) within six years and raise the value of listed Islamic sukuk in the UAE to over AED660bn ($180bn) by 2031. 'We also approved the formation of a committee chaired by the Central Bank governor to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors.' During the meeting, the UAE Cabinet approved UAE Strategy for Islamic Finance and Halal Industry, aiming to build a globally competitive national Islamic finance sector, facilitate its activities and drive leadership in sustainable finance. It also seeks to boost exports by increasing local halal production and reach global Islamic markets. By 2031, the strategy targets significant growth, aiming to increase local Islamic bank assets to AED2.56tn ($697bn), increase local Sukuk issuances to AED660bn ($180bn), and international Sukuk listed in the UAE to AED395bn ($107.5bn), among other objectives. ترأست اجتماعاً لمجلس الوزراء في قصر الوطن بأبوظبي اعتمدنا خلاله استراتيجية الإمارات للمالية الإسلامية وصناعة الحلال.. الهدف هو تطوير الصناعة المالية الإسلامية، وقيادة أنشطة التمويل الإسلامي العالمي، ورفع مستوى صادرات منتجات الحلال لجميع أنحاء العالم.. هدفنا رفع أصول بنوكنا… — HH Sheikh Mohammed (@HHShkMohd) May 6, 2025 Sheikh Mohammed bin Rashid added: 'We also reviewed, today, the results of the UAE tourism sector for the year 2024. The sector of tourism, travel, and hospitality in the country provided during the year 2023 over 800,000 jobs, and contributed 11.7 percent to the national economy, and it is expected to score more than AED236bn ($64.3bn) in 2024. 'We have the necessary infrastructure, and our goal is to raise the sector's contribution to AED450bn ($122.5bn) over the next six years.' The UAE Cabinet reviewed the performance of the Emirates Tourism Council and the positive results of the tourism sector, driven by initiatives like the 'World's Coolest Winter' campaign and the National Tourism Charter. The year 2024 tourism results revealed that 30m guests checked in to the country's hotels by end of the year, scoring an increase of 9.5 per cent, compared to the previous year, room numbers grew by 3 per cent to 215,000 and hotel revenues rose by 4 per cent to AED37bn ($10.1bn). Tourism, including travel and hospitality, contributed AED220bn ($60bn/11.7 per cent) to the 2023 national economy. Its contribution is projected to reach AED236bn ($64.3bn) in 2024, and provided over 800,000 jobs in 2023. Sheikh Mohammed bin Rashid said the Cabinet reviewed SMEs in the country, adding : 'We also reviewed updates on the small and medium enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report of 2024–2025 and 18th among the world's top 100 in the Emerging Ecosystems Ranking in 2024. SMEs licences have grown by 160 percent. 'Our aim is to continue supporting and expanding this sector, providing the best environment for launching and sustaining small and emerging businesses, which are a core pillar of our national economy.' كما استعرضنا اليوم أيضاً ضمن مجلس الوزراء نتائج القطاع السياحي الإجمالي في الدولة للعام 2024… حيث ساهم قطاع السياحة والسفر والضيافة في الدولة بأكثر من 800 ألف وظيفة خلال عام 2023، وبلغت نسبة مساهمة هذا القطاع في الاقتصاد الوطني 11.7%، ومن المتوقع وصوله إلى أكثر من 236 مليار… — HH Sheikh Mohammed (@HHShkMohd) May 6, 2025 The Cabinet reviewed the latest updates on the national Small and Medium Enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year according to the 2024-2025 report of the International Business Leadership Observatory, seventh globally at the 2024 Global Competitiveness Index, and 18th globally among the 2024 top 100 Emerging Ecosystems Ranking. 'The country witnessed a growth of more than 160 per cent in the number of SMEs licenses issued between 2020 and 2024. The Cabinet also reviewed: The Ministry of Human Resources and Emiratisation's (MOHRE) AI implementation results. These included an AI-driven labour market simulation model, and an online platform that facilitates analysis to support decision-making and AI-driven solutions to current challenges. Automated solutions mimicking human actions in digital systems were also deployed The performance results of UAE Council for Digital Wellbeing, combined with national efforts to combat harmful online and social media practices, such as blocking drug-related content and accounts, disrupting malware and phishing schemes, and banning over 8 million phone numbers linked to harmful products Preparations for the 2025 Hajj season, led by the UAE Hajj affairs department, which operates under the General Authority of Islamic Affairs and Endowments and Zakat and in partnership with local governments entities
Emirates 24/7
06-05-2025
- Business
- Emirates 24/7
UAE Cabinet, chaired by Mohammed bin Rashid, approves 'UAE Strategy for Islamic Finance and Halal Industry'
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has chaired the UAE Cabinet meeting held at Qasr Al Watan, Abu Dhabi. The meeting was attended by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Interior. H.H. Sheikh Mohammed bin Rashid Al Maktoum said, 'I have chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, during which we approved the UAE Strategy for Islamic Finance and Halal Industry. The goal is to develop the Islamic financial sector, lead global Islamic finance activities, and boost the export of Halal products worldwide. 'We aim to increase the assets of our Islamic banks from AED986 billion to AED2.56 trillion within six years and raise the value of listed Islamic sukuk in the UAE to over AED660 billion by 2031. We also approved the formation of a committee chaired by the Central Bank governor to implement the strategy. The UAE will continue to diversify and expand its national economy across all sectors.' H.H. Sheikh Mohammed bin Rashid added, 'We also reviewed, today, the results of the UAE tourism sector for the year 2024. The sector of tourism, travel, and hospitality in the country provided during the year 2023 over 800,000 jobs, and contributed 11.7 percent to the national economy, and it is expected to score more than AED236 billion in 2024. We have the necessary infrastructure, and our goal is to raise the sector's contribution to AED450 billion over the next six years." H.H. Sheikh Mohammed bin Rashid confirmed, 'The Cabinet also approved, today, an updated national biosafety framework to enhance our national capabilities in prevention and response, increase research and innovation efforts, strengthen our biological emergency management system, and reinforce the UAE's biosafety infrastructure." H.H. Sheikh Mohammed bin Rashid concluded, 'We also reviewed updates on the small and medium enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year in the International Business Leadership Observatory report of 2024–2025 and 18th among the world's top 100 in the Emerging Ecosystems Ranking in 2024. SMEs licences have grown by 160 percent. Our aim is to continue supporting and expanding this sector, providing the best environment for launching and sustaining small and emerging businesses, which are a core pillar of our national economy.' During the meeting, the UAE Cabinet approved UAE Strategy for Islamic Finance and Halal Industry, aiming to build a globally competitive national Islamic finance sector, facilitate its activities and drive leadership in sustainable finance. It also seeks to boost exports by increasing local halal production and reach global Islamic markets. By 2031, the strategy targets significant growth, aiming to increase local Islamic bank assets to AED2.56 Trillion, increase local Sukuk issuances to AED660 billion, and international Sukuk listed in the UAE to AED395 billion, among other objectives. Furthermore, the Cabinet approved an updated, second edition of the National Biosecurity Framework (2023-2032), focusing on 3 main aspects: sustainably managing biological risks, strengthening prevention and response capabilities, and promoting biosecurity research and innovation. Key updates include developing a biological emergency management system, implementing relevant international agreements and bolstering national expertise. The UAE Cabinet reviewed the performance of the Emirates Tourism Council and the positive results of the tourism sector, driven by initiatives like the "World's Coolest Winter" campaign and the National Tourism Charter. The year 2024 tourism results revealed that 30 million guests checked in to the country's hotels by end of the year, scoring an increase of 9.5 percent, compared to the previous year, room numbers grew by 3 percent to 215,000 and hotel revenues rose by 4 percent to AED37 billion. Tourism, including travel and hospitality, contributed AED220 billion (11.7 percent) to the 2023 national economy. Its contribution is projected to reach AED236 billion in 2024, and provided over 800,000 jobs in 2023. Reinforcing the UAE's commitment to sustainable development and its National Policy on Biofuels, the UAE Cabinet reviewed several biofuel projects. As part of the UAE's commitment to providing excellent services to the community members, the Cabinet reviewed preparations for the 2025 Hajj season, led by the UAE Hajj affairs department, which operates under the General Authority of Islamic Affairs and Endowments and Zakat and in partnership with local governments entities. To boost federal employee productivity and efficiency, the UAE Cabinet approved the updated performance management system for Federal Government employees (Enjazaty). Focusing on strategic alignment, specialisation, employees' roles, results, the system promotes a culture of high performance, continuous feedback, and learning, while emphasizing flexibility, transparency, and a strong employer-employee relationship. In legislative affairs, the Cabinet further approved the issuance of legislative decisions concerning visiting doctors at federal health facilities, regulating space activities, penalties related to nuclear regulation and public benefit organizations, as well as amendments to Cabinet's resolution on marriage grants. The Cabinet also reviewed the Ministry of Human Resources and Emiratisation's (MOHRE) AI implementation results. These included an AI-driven labour market simulation model, and an online platform that facilitates analysis to support decision-making and AI-driven solutions to current challenges. Automated solutions mimicking human actions in digital systems were also deployed. The Cabinet reviewed the latest updates on the national Small and Medium Enterprises (SMEs) sector. The UAE ranked first globally for the fourth consecutive year according to the 2024-2025 report of the International Business Leadership Observatory, seventh globally at the 2024 Global Competitiveness Index, and 18th globally among the 2024 top 100 Emerging Ecosystems Ranking. The country witnessed a growth of more than 160% in the number of SMEs licenses issued between 2020 and 2024. Additionally, it reviewed the performance results of UAE Council for Digital Wellbeing, combined with national efforts to combat harmful online and social media practices, such as blocking drug-related content and accounts, disrupting malware and phishing schemes, and banning over 8 million phone numbers linked to harmful products. Performance reports for 2024 were reviewed for numerous federal entities, including the UAE Space Agency, Emirates Drug Establishment, the Federal Authority for Nuclear Regulation, among others. The Cabinet also addressed requests from the Federal National Council to discuss policies concerning public benefit organizations, support for national companies, consumer protection, and traffic safety improvements. The agenda of the meeting featured the Cabinet's approval of the restructuring of the UAE Gender Balance Council, chaired by H.H. Sheikha Manal bint Mohammed bin Rashid Al Maktoum, and including Mona Ghanem Al Marri, Vice Chairperson, and other members. The Cabinet also approved the issuance of a resolution restructuring the UAE Gender Balance Council, enabling it to carry out its duties and achieve its objectives in coordination with relevant federal and local entities and the private sector. The meeting witnessed also the Cabinet's approval to restructuring of the UAE Council for Environmental and Municipal Work, chaired by Her Excellency Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, and to the formation of a special committee for chemical precursors, chaired by the Emirates Drug Establishment. The UAE Cabinet ratified four international agreements, focusing on investment promotion and protection, with the Democratic Republic of Congo, Uzbekistan, Somalia, and the Philippines. The Cabinet also approved numerous MoUs and agreements, including a comprehensive economic partnership with Azerbaijan and an agreement between the Arab Youth Center and Jordan's Crown Prince Foundation. Further approved MoUs addressed mutual recognition of competency certificates with Fiji, energy cooperation with Mongolia and Uzbekistan, and visa exemption with Sri Lanka. In international affairs, the Cabinet approved hosting eight world class events, including the Intergovernmental Oceanographic Commission (IOC) regional committee meeting for the Central Indian Ocean; World Customs Organization Technology Conference and Exhibition; and the International Operational Risk Working Group Conference. Follow Emirates 24|7 on Google News.
The National
06-05-2025
- Business
- The National
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.
