Middle East halal industry tops $20 billion

DUBAI: The halal industry in the Middle East is estimated to be worth more than 73 billion UAE dirham ($19.8bn), according to industry reports.

Sparking the interest of global players looking to strengthen their operations in this highly-profitable market, Orange Fairs & Events will be hosting Halal Expo 2008, from November 24 to 26 at the Crowne Plaza Hotel in Dubai.

The exhibition aims to provide a high impact platform to aid global players, who are looking to leverage the high demand for halal food products in the region, which have grown to comprise a significant part of the global halal food market, expected to reach $500bn by 2010.

Amidst the growing demand for halal food products in the region, Dubai has emerged as one of the first to leverage the booming prospects within the market after establishing a highly successful food processing industry, which earns more than 11bn dirhams a year.

The emirate's food processing sector is expected to rise by 11 per cent annually, owing to its growth as the world's third largest re-exporter, with 72pc of its exports being shipped to Asia, Africa and Gulf countries.

"The growth of the global halal food industry is well exemplified by the expansion of the halal food trade in the region, specifically in Dubai, which is being regarded as a global hub for halal products," said Orange Fairs & Events director Raees Ahmed.

"Additionally, Dubai's open trade policies have encouraged the growth of the halal food industry not only in the region, but as well as in Western markets, where the Muslim population has seen a significant growth.

"Our goal is to foster trade and facilitate a platform that promotes convenient access to genuine Halal goods, and therefore further the development of Halal trade."

Currently, 20 global companies have confirmed their participation at Halal Expo 2008, from eight countries, with the organiser also expecting to welcome more than 80 international exhibitors.