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The Global Islamic Economy Summit (GIES) 2021 is expected to take place on 1st-2nd November. It was originally scheduled to be held on 9th-10th November.
The event will be held on the sidelines of the World Expo that will open October 2021 after being postponed a year due to the COVID-19 pandemic, according to a statement on the Dubai Media Office website.
The Global Islamic Economy Summit 2021 aims to deliver on its theme of Enabling Transformation by providing a platform to stimulate discussion among all stakeholders as to how to become more innovative, interconnected and impactful and facilitate interaction between the different sub-sectors of the Islamic economy.
The Islamic economy has performed exceptionally in recent years, driven by growing demand for halal and ethical products and the increasing affluence of the Muslim population, as well as expanding digital connectivity, economic diversification, investor expectations, and the entry of multinationals into new markets, among other factors.
The Islamic economy encompasses seven rapidly maturing sectors, all which are expected to continue their strong growth trajectory in the coming year: Islamic Finance, Halal Food, Modest Fashion, Muslim-friendly Travel, Halal Pharmaceuticals, Halal Cosmetics and Halal Media & Recreation.
In 2018, Muslims spent an estimated $2.2 trillion across the food, pharmaceutical and lifestyle sectors, according to the 2019/20 State of the Global Islamic Economy Report. This annual spending reflects a healthy 5.2% year-on-year growth and is forecasted to rise to $3.2 trillion by 2024, expanding at an annual growth rate of 6.2%.
The GIES is organized by Dubai Islamic Economy Development Centre (DIEDC), which was established in December 2013 to transform Dubai into the ‘Capital of Islamic Economy’.
