UAE set to take centrestage of $3 trillion global halal industry

The UAE’s aspiration to seize the centrestage of the global halal industry will get a critical fillip with the world’s largest trade showcase of the thriving $3 trillion sector making its international debut in Dubai in November.

The Malaysia International Halal Showcase (Mihas), recognised by the Guinness World Records for having the largest attendance for a halal trade show, will be staging its first overseas edition in Dubai from November 18 to 20 aimed at extending the show’s reach beyond south east Asia while leveraging the city’s appeal as a sought-after hub for trade fairs and events.

Targeting Dh1 billion sales, the trade show, titled Mihas@Dubai, will kick off as part of the Middle East Organic and Natural Product Expo, Malaysia’s Investment, Trade and Industry Minister Zafrul Abdul Aziz said at the opening ceremony of the 20th edition of Mihas in Kuala Lumpur officiated by Prime Minister Anwar Ibrahim.

The minister said Malaysia wants to leverage Dubai’s geographical advantage as a strategic springboard to reach out across the Middle East and North Africa halal market for the export and distribution of Malaysian-made goods.

Aziz said the Malaysia External Trade Development Corporation (Matrade) has plans to stage Mihad edition in China and Europe.

Inaugurating the 20th edition of the trade showcase, which has benefited nearly 17,000 Malaysian exporters and foreign buyers over two decades, and generated RM25 billion in total sales, Prime Minister Ibrahim said the halal industry has evolved beyond the traditional requirements of avoiding pork and alcoholic ingredients to encompass more comprehensive aspects as “it shifted to using more sophisticated methods to avoid harm, while aspects such as health, cleanliness, efficacy and the utilisation of modern technology.” .

Reezal Merican Naina Merican, chairman of Matrade, said staging Mihas in Dubai is a strategic initiative aimed at tapping the immense market potential of the halal sector in Africa and the Middle East. “The advantages of Dubai as a sought-after global platform are manifold. With the halal industry poised to reach $5 trillion by 2030, the internationalisation of Mihas would take the brand to greater heights while attracting a diverse array of participants and buyers particularly from the Middle Eastern, South Asian and African markets to the flagship event in MITEC, Kuala Lumpur.”

Mustafa Abdul Aziz, Matrade’s chief executive officer, said despite global economic challenges, Malaysia remains at the top in the halal food sector in the Global Islamic Economic Indicators 2023. He said Malaysian companies would be empowered via the Halal Industry Master Plan (HIMP 2030) to seize opportunities to achieve 75.2 billion Malaysian ringgit (Dh65.05 billion) in halal exports, or 11 per cent of GDP by 2030. “Our goal is to create an export cluster and attract global companies to source for halal products and services here, including from micro, small and medium enterprises,” said Aziz.

Aziz said over the years, Mihas gas generated attracted 500,000 trade visitors and significantly elevated Malaysia’s profile on the global stage. Mihas 2024 is on track to hit RM3.5 billion in sales while Malaysia’s halal export value in 2024 is expected to far exceed RM55 billion reached in 2023, marking the second consecutive year it has surpassed the RM50 billion mark.

“The participation of 250 international buyers at Mihas 2024, which has facilitated around 2,500 business matching sessions, is expected to generate a potential sourcing value of more than RM1 billion,” said Aziz, adding that these business deals would have significant impact on the domestic economy as among others it can support the exporters in terms of creating job opportunities.