Page 371 - Ministry of Economy - December 2017

12/25/2017 Muslim spending tops $2trn on halal economy - Retail,Culture & Society,Middle East - ArabianBusiness.com
Muslim spend on media and entertainment was $198 billion in 2016, and is forecast to reach $281

billion by 2022.

The Halal pharmaceuticals and cosmetics sector is also quickly moving out of its niche status,
especially Halal cosmetics.

Multinational companies are recognising the segment’s potential, notably US-based Orly teaming up

with Muslimgirl.com to create and launch six Halal nail polishes, just in time for Ramadan.

Muslims spend on pharmaceuticals was $83 billion in 2016, and is forecast to reach $132 billion by

2022, while spend on cosmetics was estimated at $57.4 billion, and to reach $82 billion by 2022.

Sultan bin Saeed Al Mansouri, UAE Minister of Economy and chairman of DIEDC, said: “This year’s

Global Islamic Economy Indicator testifies to the success of the UAE in pioneering an appropriate
Islamic economy ecosystem within a short period, when compared with other nations that have been

active in fostering this niche economic system - especially in the halal industries space.

"Sharia-compliant sectors are central to the Islamic economic system and attract the most investment
– thereby facilitating an Islamic economy-friendly environment.”

He added: “The decline in oil prices has led to a fundamental shift in the nature of the economies of

the GCC region and led to a greater focus in developing non-oil productive sectors. This trend has
positioned the halal industry and trade in a prime position as growth drivers of the economy for the

coming years.”

http://www.arabianbusiness.com/industries/retail/384645-muslim-spending-tops-2trn-on-halal-economy 3/3