The Abu Dhabi Department of Economic Development has announced the World Islamic Economic Forum to be held from 15 to 17 January 2024 at the Abu Dhabi National Exhibition Centre.
The relevant document for the event was signed by H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development, and H.E. Syed Hamid bin Syed Jaafar Albar, President of the World Islamic Economic Forum Foundation.
Launched by the World Economic Forum Foundation in 2005, the Forum is a global platform to discuss the latest developments, economic trends and to consolidate the interaction among the Muslims and preserve universal values.
The Forum also contributes to the consolidation of the dialogue, exchange of ideas and knowledge between government representatives and academics.
Officials from the Abu Dhabi Department of Culture and Tourism and the Adnec National Exhibition Company witnessed the signing ceremony. The choice of venue for the XIV Session of the World Economic Forum was based on the Emirate’s popularity for culture and tourism.
H.E. Mohamed Ali Al Shorafa Al Hammadi said: ‘We are proud and supportive of the World Economic Forum, expanding global trade exchange and facilitating cooperation between countries’.
He noted that the interest to halal industry was increasing and, consequently, the number of Islamic studies in Islamic economics was increasing too.
According to the World Islamic Economy Report 2022, it reached two trillion dollars in 2021 and is expected to grow by 9.1% this year.
In addition, according to S&P Global Ratings, the Islamic banking sector, estimated to be worth $2.2 trillion, is expected to grow by 10-12% by the end of this year.
H.E. Syed Hamid bin Syed Jaafar Albar said: ‘It is expected that about 3000 participants from 80 countries will attend the World Economic Forum in Abu Dhabi in 2024 with heads of government, business leaders, public figures, experts and academics. The Forum will lay the foundations for the future as well as the sustainable development of the world business sector’.
We would like to note that the UAE and Russia have strong strategic ties. In 2021, bilateral trade increased by 64.5% in comparison with the year 2020 and was $5.36 billion, making the Gulf country Russia’s largest trading partner.
A similar momentum of $3 billion in trade has been registered since the beginning of 2022 by the Russian Ministry.
GSV "Russia - Islamic World"
Photo: Valery Ded/Creative Commons 3.0