Bahrain launches the “Global Halal Economy” to capture a share of a $7 trillion market

Hassan Al-Sitri

– Hamad bin Salman: Developing an integrated national system to unify and facilitate “Halal Economy” procedures.

– Bin Hindi: He urged “businessmen” to support specific economic and investment initiatives

– Youssef: Bahrain has been a leader in Islamic finance since 1985, and the new center completes the system

– Al-Aali: A huge financing gap in the halal sector despite its global size of $7 trillion

– Al-Shammari: Bahrain officially announced its intention to become an international center for the halal industry

The halal economy goes beyond food and medicine to include tourism, technology, financial services and entertainment

The center will not bear financing risks and will operate on a structuring and coordination model in exchange for service fees

– Bahrain seeks to compete with Malaysia and Thailand for leadership in the global halal economy

The Kingdom of Bahrain has reopened the “Halal Economy” file by launching the “Global Halal Economy Center” project under construction, amid a remarkable economic and official presence, in a move aimed at restoring the Kingdom’s leading role in a sector witnessing rapid global growth whose value exceeds 7 trillion dollars.

The introductory meeting – organized by the Bahrain Businessmen Association, in the presence of Chairman of the Board of Directors Ahmed Bin Hindi, Chairman of the Founding Committee of the Global Halal Economy Center Adnan Yousef, and officials, businessmen, investors and those interested in the economic sector – formed a platform to present visions for developing the Halal economy system, through the establishment of a specialized institutional entity responsible for organizing the sector, developing financing and investment tools, and building legal and technical standards, in addition to linking investors with promising projects and opportunities in various sectors related to the Halal economy.

In this context, the Assistant Undersecretary for Domestic and Foreign Trade at the Ministry of Industry and Commerce, Sheikh Hamad bin Salman Al Khalifa, stressed the growing importance that the halal economy sector is gaining at the regional and international levels, and the promising opportunities it provides to support economic growth and attract more qualitative investments, praising the private sector initiatives to strengthen the Kingdom of Bahrain’s position as a leading center for the Islamic economy and halal sectors. He pointed to the efforts of the Kingdom of Bahrain to continue developing an integrated national system aimed at unifying and facilitating procedures related to the halal economy, and enhancing the reliability of products and services compatible with halal standards.

For his part, Chairman of the Board of Directors of the Bahraini Businessmen Association, Ahmed bin Hindi, stressed the importance of the halal economy sector as one of the most promising economic sectors in the world, indicating the association’s keenness to support qualitative economic and investment initiatives, and to enhance the role of the private sector in advancing economic development paths in the Kingdom.

In turn, Adnan Yousef, Chairman of the Founding Committee of the World Halal Economy Center, reviewed the Centre’s vision, goals and target sectors, as well as opportunities for international cooperation and partnerships in the Halal sector. He said that the establishment of the center represents a strategic response to a new phase of global economic transformations, explaining that the global investment climate is currently witnessing a high degree of complexity, which prompts the search for new and more sustainable paths for growth and investment.

Youssef stated that the Global Center for Halal Economy comes as a continuation of this integrated system that Bahrain has established over the past decades, expressing his optimism that the center will constitute a new qualitative initiative starting from Bahrain towards regional and global markets. He added that the project received initial approval from the Ministry of Industry and Trade, expressing his hope to complete the procedures and officially launch the center before the end of this year.

For his part, Dr. confirmed. Hassan Al-Aali said that today the halal economy is witnessing an increasing demand and a significant expansion in the scope of its concept, after it is no longer limited to the food and medicine sectors only, but has expanded to include multiple fields such as halal tourism, halal entertainment, Islamic finance, logistics services, health, and other service sectors that have come to fall under the umbrella of the halal economy. He explained that the importance of this sector stems not only from its economic feasibility, but also from its moral and ethical dimensions, which enhances confidence and reassurance among consumers and investors alike.

He stressed that the size of the global halal economy is estimated at about $7 trillion, while existing Islamic financing is not entirely directed to halal sectors, which creates a large financing gap that represents a promising investment opportunity that the Center can contribute to addressing by developing specialized financing tools and linking projects with banks and investors. He stated that establishing the center in the Kingdom of Bahrain will contribute to attracting investments, organizing the halal economy sector and raising the level of quality in it, as well as strengthening Bahrain’s position as an international center for the halal industry, especially in light of the Kingdom’s move towards consolidating its position in this vital sector.

For his part, Vice Chairman of the Board of Directors of the Bahraini Businessmen Association, Abdul Hakim Al-Shammari, confirmed that the Association continues its role in organizing and hosting many events and seminars that address economic and development issues affecting the Bahraini street. He explained that the issue of the halal economy is no longer a marginal issue or limited to a limited scope, but rather has become one of the promising global economic sectors, stressing that the Kingdom of Bahrain is not far from this field, but rather is considered a regional and global center for many economic initiatives and projects that have been launched from it over the past decades. He stated that the size of the global halal economy exceeded $7 trillion, explaining that the concept of the halal economy is no longer linked only to the food and pharmaceutical sectors, but rather includes broad sectors such as tourism, skin care, Islamic economics and banking, entertainment, and other economic and service activities.

The meeting included a presentation by Economic Advisor Dr. Hassan Al-Aali, entitled “The Halal Economy as a Global Economic Platform and Bahrain’s Future Opportunities,” addressed the size of the global Halal economy market, the investment opportunities associated with it in the region, in addition to the sectors of Islamic finance, food industries, logistics, technology and innovation, and the role of the Kingdom of Bahrain as a regional center for the Islamic and Halal economy.

The meeting also witnessed an open discussion panel entitled “The Future of the Halal Economy, Investment Opportunities and Partnerships,” during which a number of future visions and initiatives were reviewed that aim to develop the sector, enhance trade integration, and raise quality and classification standards, in a way that enhances the competitiveness of Bahraini products and services in global markets.

The “Global Halal Economy Center” project comes as a strategic initiative based in the Kingdom of Bahrain, with the aim of building an integrated system linking the financial sectors, food industries, tourism, logistics services, technology, training and consulting, in accordance with the best international standards and practices adopted in the halal economy, which contributes to creating new economic and investment opportunities that support the national economy and open broader horizons for regional and international cooperation.