A specialized study conducted by the Investment Promotion Agency in Qatar confirmed that the State of Qatar is a thriving center in the halal economy, which is witnessing continuous and steady growth, noting that Qatar’s focus on basic areas with high growth potential has resulted in an amazing increase in the size of the halal economy market across multiple sectors.
The study showed that the halal economy continues to grow and greatly enhance its importance globally, as its size and potential market value are expected to reach $7.7 trillion by 2025, up from $3.2 trillion in 2015.
This thriving sector that adheres to Islamic principles and values includes a wide range of sectors, from finance to food, medicine, travel, cosmetics, and fashion, noting that in recent years, the halal economy has gained wide interest and increasing investments in light of an expected compound annual growth rate of It increased to 9.2 percent between 2015 and 2025, and as the halal economy continues to expand and diversify, it provides a unique opportunity for companies and investors to benefit from the growing consumer market who seek halal products and services within the framework of their ethical values.
The study pointed out that the countries of the Cooperation Council for the Arab States of the Gulf are in a good position to benefit from the growth of this market, especially in light of the position of the State of Qatar as a center for this thriving sector, noting that Qatar has proven its leadership in the halal food sector through the presence of key stakeholders in the market. Such as Hassad Food Company, which contributes to enhancing food security, sustainability and innovation.
The study indicated that in 2021, the market assets of the halal economy amounted to $156.4 billion in financial markets, $1 billion in Islamic insurance (Takaful), $14.2 billion in Islamic tourism, and $5.1 billion in the healthcare sector. In addition to $849 million in Islamic financial technology.
The study noted that the main indicators confirm the dominance of the Gulf Cooperation Council countries over the global market for the halal economy, as the value of the halal food market reached $58.2 billion in 2021 in the GCC countries, while the market value of financial assets for the halal economy reached the level of $1.5 trillion in 2021 in In the region, the expected growth rate was estimated at more than 7 percent between 2020 and 2026 for the economies of the Organization of the Islamic Conference, while the value of Islamic financing for emerging companies in the Middle East and North Africa region reached one billion dollars in 2020.
The study confirmed that the State of Qatar continues its efforts and contributions locally and globally in the field of adopting the halal economy, and this is evident in the establishment of the Halal Authority of the Organization of Islamic Cooperation, and the issuance of the Ministry of Public Health its guide on importing halal food products, and actors across multiple sectors support the value chains of the economy Halal in the country, from procurement of Halal products to their certification and Halal standards certification, logistics, and distribution to end users.
Qatar is promoting collaborative spirit through initiatives such as the video programme "Halal livelihood" affiliated to the Ministry of Commerce and Industry, which aims to raise awareness about halal life and the great potential of its Islamic banks, with regard to takaful, green investments (investments that respect environmental standards) and issuance of sukuk.
The study indicated that the State of Qatar, thanks to its stable and resilient economy, business-friendly climate, comprehensive knowledge system, and rich culture, offers foreign investors an attractive and competitive business environment. Within the framework of its ambitious National Vision 2030, the state aims to strengthen its position as a leading destination in the fields of trade, tourism and investment in the region. , including its halal economy, which is ranked among the top ten halal economies, according to the Global Islamic Economy Index.
On the other hand, the study drew attention to the increasing demand for halal products and services, not only by Muslim consumers, but also by non-Muslims, who view halal products as healthy and safe, and the volume of media spending for this market is expected to reach $308 billion. By 2025, with Qatar retaining its ranking among the top three countries in the Organization of Islamic Cooperation in the field of media services and lifestyles of an Islamic nature, this growth contributes to the possibility of creating more job opportunities, promoting innovation and contributing to economic development.
And she stressed that in order to benefit from the market for halal products and services, companies and investors must cooperate with various parties and destinations, including the Halal Certification Authority, distribution platforms, marketing companies, logistics and warehousing companies, and retailers. With the continued expansion of the halal economy globally, Qatar’s strategic location, its great involvement in this sector and the strong infrastructure of the halal economy make it an attractive destination for investors from the region and around the world.
