The Abu Dhabi Department of Economic Development (ADDED) has announced that the UAE’s Capital will host the World Islamic Economic Forum in 2024.
The World Islamic Economic Forum (WIEF) launched in 2005 by the WIEF Foundation, is a global platform created to promote and discuss the latest economic developments and trends while inciting Islamic ethics of peace, fairness, and equality. The Forum strengthens dialogue, exchanging of ideas and knowledge between senior government officials, academics, and business leaders from around the globe.
H.E. Mohamed Ali Al Shorafa, Chairman of ADDED, and The Honourable Tan Sri Dr Syed Hamid Albar, Chairman of WIEF Foundation signed an agreement to host the 14th WIEF Forum at the Abu Dhabi National Exhibition Centre (ADNEC) from 15th to 17th January 2024. The signing ceremony was attended by the Department of Culture and Tourism – Abu Dhabi and ADNEC group.
Abu Dhabi has been selected to host the 14th edition of the World Islamic Economic Forum, thanks to the collaborated efforts between different Abu Dhabi entities such as ADNEC group who are providing the hosting venue and the Department of Culture and Tourism – Abu Dhabi, the forum’s destination partner.
H.E. Mohamed Ali Al Shorafa, Chairman of ADDED, said: “We are delighted to host the World Islamic Economic Forum, which fosters international collaboration and promotes sustainable development. Hosting the WIEF reflects our efforts to encourage dialogue between relevant stakeholders to further develop Shariah-compliant economic activities and enhance trade and business.
“In recent years, halal food, Islamic finance, including fintech, have moved up the agenda in several parts of the world. Our initiatives and efforts to nurture businesses across all sectors offer ample opportunities for major players in these sectors, and we encourage entrepreneurs in to benefit from the business-supportive environment in Abu Dhabi to reach their full potential”, H.E. Al Shorafa added.
According to the Global Islamic Economic Report 2022, there was a spending of US$2 trillion in 2021 across food, pharmaceutical, cosmetics, fashion, travel, and media/recreation sectors 2021 and the Islamic economy sectors, excluding finance, are expected to grow by 9.1% in 2022.
The $2.2 trillion global Islamic finance industry is expected to grow 10%-12% over 2021-2022 due to increased Islamic bond issuance and economic recovery in the main Islamic finance markets, according to S&P Global Ratings.
The Honourable Tan Sri Dr Syed Hamid Albar, Chairman of WIEF Foundation said, “Approximately 3000 participants from over 80 countries are expected to attend the forum in Abu Dhabi in 2024, including heads of governments, senior officials, opinion and business leaders, experts, and academics. This will also serve as a global platform for experts to exchange ideas and insights about developing a comprehensive and resilient future, as well as improving sustainability and forecasting global business”.