Global halal food market is worth $1.1 trillion

Updated 01 February 2015

Global halal food market is worth $1.1 trillion

The international Halal food market, considered one of the fastest growing segments of the worldwide food industry and currently worth $1.1 trillion globally, occupies an integral part of Gulfood 2015 — the 20th anniversary of the food and hospitality trade show.
In all, more than 1,000 international halal food brands and companies will convene at Dubai World Trade Centre (DWTC) from Feb. 8-12 to display thousands of Halal products — from energy drinks, vegan and vegetarian foods to meat and poultry, canned goods, gourmet and fine foods — at the second annual Halal World Food.
With more than 80,000 international food industry professionals expected to attend the largest edition of Gulfood, Halal World Food will cement its standing as the world's biggest annual halal food sourcing trade show. Beyond the significant, sector-specific commercial and trading opportunities presented at the dedicated show-within-a-show concept, the inaugural Halal Investment Conference on Feb. 10 will debut as part of the three-day Gulfood Leaders Events program.
"The global halal food market now accounts for a fifth of the world's food trade (Datamonitor, 2014), and as the primary trading hub for halal food in the MENA region, Dubai has both the ambition and world-class infrastructure to become a worldwide halal center," said Trixie LohMirmand, SVP, exhibitions and events management, DWTC.
Topics to be covered at the Halal Investment Conference include among others the role of halal in Dubai's capital of Islamic Economy vision, business opportunities in the global halal marketplace.
“Dubai, with its vision to become the capital of the Islamic economy and the introduction of its halal scheme will level the playing field for all halal manufactures and restore consumer confidence," said Idris Mohammed, director, Tilly-Sabco Bretagne — a French leader in chicken production and slaughtering, and the title sponsor of the Halal Investment Conference.


Oman’s sultan says government will work to reduce debt

Updated 23 February 2020

Oman’s sultan says government will work to reduce debt

DUBAI: Oman's Sultan Haitham bin Tariq al-Said said on Sunday the government would work to reduce public debt and restructure public institutions and companies to bolster the economy.
Haitham, in his second public speech since assuming power in January, said the government would create a national framework to tackle unemployment while addressing strained public finances.
"We will direct our financial resources in the best way that will guarantee reducing debt and increasing revenues," he said in the televised speech.
"We will also direct all government departments to adopt efficient governance that leads to a balanced, diversified and sustainable economy."
Rated junk by all three major credit rating agencies, Oman's debt to GDP ratio spiked to nearly 60% last year from around 15% in 2015, and could reach 70% by 2022, according to S&P Global Ratings.
The small oil producing country has relied heavily on debt to offset a widening deficit caused by lower crude prices. Also, the late Sultan Qaboos, who ruled Oman for nearly 50 years, held back on austerity measures.
The country has delayed introducing a 5% value added tax from 2019 to 2021, and economic diversification has been slow, with oil and gas accounting for over 70% of government revenues.
Last week, rating agency Fitch said Oman was budgeting for a higher deficit of 8.7% for 2020 despite its expectation of further asset-sale proceeds and some spending cuts.
"We are willing to take the necessary measures to restructure the state's administrative system and its legislation," Haitham said in his first speech since the mourning period for Qaboos ended, without elaborating.
He said there would be a full review of government companies to improve their business performance and competence.
Oman observers have said that if Haitham moves to decentralise power it would signal willingness to improve decision making. Like Qaboos, he holds the positions of finance minister and central bank chairman as well as premier, defence and foreign minister.