Global halal economy estimated to hit $3.2 trillion by 2024

The second edition of “Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.” (File/AFP)
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Updated 09 September 2020
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Global halal economy estimated to hit $3.2 trillion by 2024

  • The report explores the prospects of different sectors within the global Islamic economy
  • It also outlined the impact of the coronavirus pandemic on the halal industry

DUBAI: The global halal economy is estimated to be worth $3.2 trillion by 2024, according to a new Dubai-produced research about local, regional, and international Islamic economy.

The second edition of “Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide” – authored by Dubai Airport Freezone (DAFZA) - explores the prospects of different sectors within the global Islamic economy.

It ranked the food and beverage industry first in terms of growth potential – $2 trillion by 2021. Modest fashion is the second most popular sector, valued at $283 billion.

Other key players in the industry identified by the report are Islamic-themed media, halal pharmaceuticals, and halal cosmetics.

The report also outlined the impact of the coronavirus pandemic on the halal industry, explaining how travel, Islamic finance and modest fashion have been the most affected.

“The guide details the opportunities around core Halal economy sectors, outlines trends and provides strategic insights that will enrich the knowledge of entrepreneurs and companies keen to invest in the Islamic economy and capitalize on its promise of enduring growth and prosperity,” DAFZA’s Assistant Director General Amna Lootah said.

An earlier report, State of the Global Islamic Economy Report 2019/20, pegged the value of the global Islamic industry at $2.2 trillion in 2018 – 12 percent of which is from the food, pharmaceutical and lifestyle sectors.


Closing Bell: Saudi main index closes in green at 10,552 

Updated 22 December 2025
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Closing Bell: Saudi main index closes in green at 10,552 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 67.67 points, or 0.65 percent, to close at 10,552.26. 

The total trading turnover of the benchmark index was SR3.49 billion ($931.5 million), as 78 of the listed stocks advanced, while 177 retreated. 

The MSCI Tadawul Index increased, up 15.15 points, or 1.10 percent, to close at 1,392.59. 

The Kingdom’s parallel market Nomu lost 183.55 points, or 0.78 percent, to close at 23,271.1. This comes as 26 of the listed stocks advanced, while 37 retreated. 

The best-performing stock was Canadian Medical Center Co., with its share price surging by 6.30 percent to SR6.41. 

Other top performers included Saudi Arabian Mining Co., which saw its share price rise by 5.30 percent to SR63.60, and Al Majed Oud Co., which saw a 5.27 percent increase to SR131.90. 

Methanol Chemicals Co. posted the biggest decline of the session, with its shares falling 5.98 percent to SR8.17. 

Saudi Ground Services Co. saw its shares fall 5.96 percent to SR36, while Alramz Real Estate Co. declined 5.85 percent to SR59.60. 

On the announcements front, First Avenue for Real Estate Development said it has acquired full ownership of the Capital Avenue–Al Qirawan Tower in Riyadh for about SR310 million, according to a Tadawul filing. 

The acquisition of all partners’ stakes in the Jadwa Capital Avenue Real Estate Fund gives the company full control of the project on King Salman Road. With construction 90 percent complete and final works expected in the first quarter of 2026, the nearly 35,700-sq.-meter tower offers about 15,000 sq. meters of leasable space. 

The acquisition, financed through internal resources and bank funding, aligns with the company’s strategy to enhance its portfolio and returns. The transaction is projected to positively impact financial results from the first half of 2027. 

First Avenue’s shares traded 0.34 percent lower on the parallel market to reach SR5.88.