Abu Dhabi: The Department of Economic Development in Abu Dhabi (ADDED) has revealed that the World Islamic Economic Forum will be held in the UAE capital in 2024.
The World Islamic Economic Forum (WIEF), established by the WIEF Foundation in 2005, is a global forum established to promote and discuss the most recent economic trends and advances while inspiring Islamic virtues of peace, justice, and equality. The Forum improves communication, knowledge exchange, and debate among top academics, business executives, and government officials from around the world.
Chairman of ADDED Mr. Mohamed Ali Al Shorafa and the Chairman of the WIEF Foundation, The Honourable Tan Sri Dr. Syed Hamid Albar, signed an agreement to host the 14th WIEF Forum at the Abu Dhabi National Exhibition Centre (ADNEC) from January 15th to 17th, 2024. The Abu Dhabi Department of Culture and Tourism and the ADNEC group were represented at the signing event.
The Department of Culture and Tourism, the forum’s destination partner, and the Abu Dhabi Exhibition and Convention Authority (ADNEC) have collaborated to secure Abu Dhabi as the site for the 14th annual World Islamic Economic Forum.
The Chairman of ADDED remarked that, “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 to enhance trade and business.”
Mr. Al Shorafa pointed out that, “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 to benefit from the business-supportive environment in Abu Dhabi to reach their full potential,”
Abu Dhabi: A rising hub for Islamic Economics
The Global Islamic Economic Report 2022 says that in 2021, people spent a total of $2 trillion in the food, pharmaceutical, cosmetic, fashion, travel, and media/recreation industries. In 2022, the Islamic economy (without finance) is expected to grow by 9.1 percent.
According to S&P Global Ratings, the economic recovery in the key Islamic finance markets and the increasing issuance of Islamic bonds will cause the $2.2 trillion global Islamic finance industry to expand 10 percent–12 percent over 2021–2022.
According to Dr. Syed Hamid Albar, “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 be a place for experts from all over the world to meet and talk about how to build a complete and resilient future, as well as how to improve sustainability and predict global business.”