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AMAF Calls the Public to Support Food Aid for Refugees

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The campaign, lined up to run until after Eid Al Fitr, will set up a podium, featuring the replica of a refugee camp and an interactive screen projecting a tent city with a line of children waiting for food, at The Dubai Mall.

 The Awqaf and Minors Affairs Foundation (AMAF) has urged the public to contribute toward its annual Ramadan campaign for the Salma humanitarian relief programme which provides halal food to victims of wars and natural disasters worldwide.

The campaign, lined up to run until after Eid Al Fitr, will set up a podium, featuring the replica of a refugee camp and an interactive screen projecting a tent city with a line of children waiting for food, at The Dubai Mall.

The Salma team will circulate donation boxes and flyers among visitors and professionals working in TECOM Group’s communities including Dubai Media City, Dubai Internet City, Dubai Sports City, Dubai Design District, Dubai Knowledge Park and Dubai Science Park.

Tayyeb Al Rais, secretary-general of AMAF, said the campaign will help promote the Salma programme and collect donations. “The Salma programme closely monitors the impact of wars and disasters worldwide.”

Unfortunately, the number of refugees globally continues to surge, with children constituting 51 per cent of the total, he said. “From 2015 to 2016, more than 73,000 people have become victims of conflicts and natural disasters in the Islamic world.”

The UN’s latest data shows that more than 700 million people currently live in areas prone to disasters, with the number expected to reach one billion by 2030. These statistics drive us to expand our aid coverage to new countries, he disclosed.

“Supporting the displaced people across the globe through providing food aid, the Salma programme clearly testifies that the endowment model is a viable solution to the world’s humanitarian relief needs.

“In the past three years, the programme helped save thousands of lives through supplying more than 455,000 halal meals and distributing 50 tons of meat to people in Palestine, Yemen, Jordan, Sudan, Tajikistan, the Philippines, and countries of West Africa.”

According to latest UN reports, 65.3 million people across the globe are currently displaced due to wars and natural disasters, including 21.3 million who are classified as refugees. The conflicts are forcing 34,000 people to flee their homes every day, Al Rais elaborated.

“The initiative is executed in collaboration with Emirates Red Crescent, UN’s World Food Programme, Dubai Charity Association, Dar Al Ber and Dubai International Humanitarian City.”

The government and private sector entities, as well as individual donors, help ensure the continuation and expansion of the programme through securing sustainable financial resources, he said. “Donations to the Salma Humanitarian Relief Programme can be made through the website www.salmaaid.com or via text message.”

Originally published on www.khaleejtimes.com

NBF Islamic Recognised as the Best “Shari’a-Compliant Window of the Year”

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National Bank of Fujairah (NBF) PJSC announced today that NBF Islamic has been recognised as the “Shari’a-compliant Window of the year” at The Banker’s Islamic Bank of the Year Awards 2017. This prestigious accolade is a clear indication of NBF’s position as the leading provider of comprehensive suite of Shari’a-compliant banking solutions.

In 2014, NBF launched its Islamic window with retail banking services in its home emirate Fujairah in response to growing customer demand for Shari’a-compliant services. In 2015, the bank broadened its offering and launched its Shari’a-compliant corporate banking services to cater to businesses looking for a reliable and trusted banking partner in the UAE. Since its launch, NBF Islamic has grown at a phenomenal pace, recording an operating income of AED 60.4 million in 2016. Indicative of its success, in 2017 to date, it has registered an asset base of AED 3.5 billion and have also seen its total Islamic financing receivables and Islamic customer deposits reaching AED 2.1 billion and AED 3.2 billion respectively.

NBF’s segmented financing approach has seen it cement its position as the “Bank for Business” in the UAE. Over the years, the bank has endeavoured to create bespoke financing solutions for clients by combining its expertise across areas like trade finance and treasury, with its specialised focus on niche areas like energy and marine, precious metals and diamonds, equipment finance and Emirati businesswomen.

 NBF’s CEO Vince Cook said: “We are very proud to receive this coveted industry recognition only three years after NBF Islamic’s inception. The proposition’s success to date is a testament to the positive feedback we have been receiving from customers. The UAE market has witnessed an increasing demand for Shari’a-compliant banking services as Muslims and non-Muslims begin to appreciate this model as a viable alternative to conventional banking. The UAE government’s efforts to position itself as a global hub for Islamic finance will spur more demand for these services.”“At NBF, we have continuously focused on providing innovative solutions commensurate to clients’ needs in the niche space we operate in. Today, the bank’s priority is to continue developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments while adhering to the best practice governance standards and Shari’a principles. Given the success we have achieved so far, we are eager to grow our portfolio even further and continue to grow our market share while adding value to our clientele.”

This is not NBF Islamic’s first feat; it was awarded the “Best New Islamic Window – UAE” at the Islamic Business and Finance Awards 2016, only two years since its launch. The latest award reflects the bank’s dedication to supporting the government’s aspirations to transform itself into the global capital of Islamic economy.

Originally published on www.albawaba.com

Emirates Islamic is First Islamic Bank to Integrate Blockchain Technology into Cheques

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Emirates Islamic has announced that it will introduce blockchain technology into its cheques as a fraud prevention measure.

Termed ‘Cheque Chain’, Emirates Islamic is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method. Emirates Islamic will issue new cheque books carrying a unique QR (Quick Response) code on every leaf, along with a string of 20 random characters.

“Blockchain has the potential to significantly increase security and protection in banking transactions and we are delighted to be among the first in the UAE to utilise this new technology,” said Suhail Bin Tarraf, Chief Operating Officer, Emirates Islamic. “We anticipate that Cheque Chain will dramatically reduce cheque frauds in this market helping us provide our customers greater peace of mind and security.”

Continued Bin Tarraf, “Emirates Islamic is making deeper investments in digital technologies to enhance and improve the banking experience, as part of our commitment to support the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai in making Dubai the global capital of Islamic economy. We are confident that our efforts will be well received by our customers and partners.”

In the next phase of the Cheque Chain project, the bank will have each cheque leaf registered on the Bank’s block chain platform enabling it to validate the authenticity of the cheque at source.

Originally published on www.cpifinancial.net

Halal Sector Key Topic at International Economic Summit

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The ninth International Economic Summit between Russia and Organisation of Islamic Cooperation (OIC) member countries started on Friday in Kazan, Tatarstan, with the UAE represented by a senior delegation chaired by Dr Rashid bin Ahmed bin Fahad, Minister of State.

The summit, which concludes today, began with a session entitled ‘Halal Industry’, which addressed the growing international demand for halal products and services. In his speech, Dr Bin Fahad stated that the Islamic economic sector is among the fastest-developing sectors in the world and has become an integral part of the international economy, especially after the world financial crisis and the desire for safe investments and economic activities with the added value of social development, which are the foundations of the Islamic economic structure.

He clarified that the halal industry is one of the most important parts of this vital sector, as the international demand for halal products has witnessed rapid growth after reaching a value of more than $2.3 trillion in 2015, according to OIC reports. He added that the food and beverage industry has the largest share of this industry, dominating with 67 per cent of total trade in halal products with a value of $1.4 trillion. This number is expected to rise to around $1.6 trillion at the beginning of 2020.

He then highlighted the UAE’s leading experience in the field of the Islamic economy and the halal industry, while clarifying that the country has succeeded, under directives of its wise leadership, in establishing a healthy and integrated system for the Islamic economy.

He stated that the UAE has taken the lead by launching initiatives to promote qualitative developments in the Islamic economy, including the ‘Dubai: Capital of Islamic Economy’ initiative and establishing the Dubai Islamic Economy Development Centre and many other major projects and programmes, which represent an engine for achieving international prosperity in this field.

He added that with regards to the halal industry, the country is proud of its initiatives, which are unique internationally, represented in the International Halal Accreditation Forum, which was launched last year as an independent non-government network that provides an international umbrella for the consistent application of unified mechanisms for standardising the specifications of halal products from the Standards and Metrology Institute for Islamic Countries, a subsidiary of the OIC.

Despite being recently formed, the forum included the participation of accreditation authorities from over 21 countries, which is expected to expand to more than 40 countries during the coming years, who contributed to facilitating international trade in halal products, elevating its industries, protecting its consumers from around the world and supporting and encouraging developing countries to establish developed systems of halal accreditation.

Dr Bin Fahad stressed that the increasing interest in the halal sector in the country comes from its strong connection with the field of industry and the trading of food products, considered the most attractive investments with a share of 31 per cent of overall industrial investments in the country, adding that the value of the UAE’s trade in food products in 2015 reached around $25.3 billion, and $18 billion in the first nine months of 2016.

He further added that the country has led the Arab world in the export of food products in 2015, with a percentage of close to 30 per cent of the total exports of Arab countries, and second place in imports with a percentage of 18 per cent. This gives a clear indication that the UAE is one of the most important regional destinations in the trading and investments in the halal food sector, opening wider fields of co-operation with various trading partners, especially in this important international event.

Originally published on http://www.khaleejtimes.com

FTZ Contributions to Islamic Economy to Reach $117bn

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The contribution of free trade zones to the Islamic economy globally is set to double to $117 billion by 2021, according to a recent report by researchers Salaam Gateway.

The UAE’s free trade zones are using advanced information management tools to drive the doubling of the global free trade zone GDP, said experts.

The UAE hosts four of the world’s top 10 free trade zone cities for the Islamic economy.

Industry-watchers agree the new Ras Al Khaimah Economic Zone is showing global best practices in using digital transformation to support its more than 13,000 companies.

Andrew Calthorpe, CEO at the free trade zone consultancy Condo Protego, said: “Digital transformation is vital for UAE free trade zones to drive the country’s economic growth.”

“Using the latest information management solutions, trade zones can deliver digital services to boost the business competitiveness of small businesses,” he said.

In the UAE, Condo Protego has seen strong success on driving digital transformation for one of the region’s largest free trade zones. By replacing legacy infrastructure with automated software-defined and scale-out infrastructure, the free trade zone can publish its own business applications and move closer to cloud and mobile app delivery.

Calthorpe added: “Using cloud and mobility information management solutions, free trade zone businesses can gain a level playing field with large enterprises.”

“Businesses can incorporate faster and more easily, better manage sales and supply chain, and enhance their ability to better meet customer needs,” he added.

Among UAE free trade zones, Condo Protego is seeing strong demand for solutions such as Dell EMC hyper-converged infrastructure, and Dell EMC software-defined storage such as ScaleIO, ECS scale-out storage, and Isilon network attached storage, it stated. 

Originally published on www.tradearabia.com

Salma Humanitarian Programme Dubai Launches Ramadan Drive

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DUBAI: The Salma Humanitarian Relief Programme, an initiative of the Dubai Islamic Economy Development Centre (Diedc) executed by Awqaf and Minors Affairs Foundation (Amaf), has announced the launch of its annual Ramadan campaign.

In line with the UAE’s pioneering humanitarian role, the Salma programme provides halal food relief to victims of wars and natural disasters across the globe. In partnership with Tecom Group, Emirates NBD, Roads and Transport Authority (RTA), Jumeirah, Choithrams and The Dubai Mall, its seasonal campaign encourages UAE residents to donate and invest in the endowment sector.

Slated to run until after Eid Al Fitr, the campaign will set up a podium, featuring a replica of a refugee camp and an interactive screen projecting a tent city with a line of children waiting for food, at The Dubai Mall to promote the Salma programme and collect donations. In addition, the Salma team will circulate donation boxes and flyers among visitors and professionals working in Tecom Group’s communities including Dubai Media City, Dubai Internet City, Dubai Sports City, Dubai Design District, Dubai Knowledge Park and Dubai Science Park.

Tayeb Al-Rais, Secretary General of Amaf, said, “As part of its mandate, the Salma programme closely monitors the impact of wars and disasters worldwide. Unfortunately, the number of refugees globally continues to surge, with children constituting 51 per cent of the total. From 2015 to 2016, more than 73,000 people have become victims of conflicts and natural disasters in the Islamic world. Furthermore, the UN’s latest data shows that more than 700 million people currently live in areas prone to disasters, with the number expected to reach one billion by 2030. These statistics drive us to expand our aid coverage to new countries.”

He added: “Supporting the displaced people across the globe through providing food aid to those who need it the most, the Salma programme clearly testifies that the endowment model is a viable solution to the world’s humanitarian relief needs. In the past three years, the programme helped save thousands of lives through supplying more than 455,000 halal meals and distributing 50 tons of meat to people in Palestine, Yemen, Jordan, Sudan, Tajikistan, the Philippines, and countries of West Africa.”

Speaking on the Ramadan campaign, Tayeb Al-Rais said: “I commend Tecom Group, Emirates NBD, RTA, Jumeirah, Choithrams and The Dubai Mall on enabling the Salma team to carry out this outreach campaign and encourage the public to donate for a worthy cause. Our collaboration is part of the UAE’s continued efforts to instil the culture of giving and volunteering in society.”

According to latest UN reports, 65.3 million people across the globe are currently displaced due to wars and natural disasters, including 21.3 million who are classified as refugees. In addition, conflict forces 34,000 people to flee their homes every day. Given the increasing need for relief for the less fortunate, Amaf works relentlessly to raise awareness about the importance of contributing to the Salma programme

Launched in 2014 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Salma Humanitarian Relief Programme follows a concept of sustainable endowment to ensure a steady supply of meals to those affected by wars and disasters.

The initiativeis executed in collaboration with Emirates Red Crescent, UN’s World Food Programme, Dubai Charity Association, Dar Al Berand Dubai International Humanitarian City, which offers logistical support. Government and private sector entities and individual donors help ensurethe continuation and expansion of the programme through securing sustainable financial resources.

Originally published on www.gulftoday.ae

HBMSU Master’s Program in Islamic Banking & Finance Obtains Full Academic Accreditation

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Earning another major achievement and a first-of-its-kind in the Gulf, the Hamdan Bin Mohammed Smart University (HBMSU) was awarded full academic accreditation by international and independent quality assurance body, Finance Accreditation Agency (FAA), for its Master’s Program in Islamic Banking and Finance. The move is a major boost to HBMSU’s leadership in investing in human resources to transform Dubai into a global capital for the Islamic economy.

Prof. Moustafa Hassan, Vice Chancellor for Academic Affairs, HBMSU, said: “The full academic accreditation for the Master’s program in Islamic Banking and Finance comes as a forward step towards the path of excellence and a likely development in the preparation of a new generation armed with modern knowledge and efficiency. The move supports Dubai’s transformation into a global capital for Islamic economy, which translates the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This new achievement puts us in front of a new responsibility to further develop our world-class academic programs and to keep it at pace with latest technological developments that meets the country’s developmental needs. Rest assured that we remain fully committed in providing a better education for future innovators in the UAE and the Arab world, based on the strong pillars of smart technology, innovation, quality and scientific research.”

HBMSU is the first academic institution in the Gulf region to earn full international accreditation for Master’s Program in Islamic Banking and Finance following a rigorous evaluation process involving FAA’s panels of leading international experts in Islamic banking and finance. The evaluation was based on the FAA’s international standards relating to accreditation of finance-related academic and learning programs. With the accreditation, HBMSU’s Dubai Center for Islamic Banking and Finance is also recognized by FAA as a Registered Training Provider.

Mr. Khairul Nizam, CEO of FAA said: “we are very proud and honoured that HBMSU and Dubai Centre for Islamic Banking and Finance have achieved the accreditation that is guided by internationally-benchmarked quality assurance processes and first-in-the-world learning standards on Islamic finance”.

The accreditation and recognition by FAA highlight the strong capability of HBMSU’s Dubai Center for Islamic Banking and Finance to develop highly qualified professionals and contribute towards the growth of Islamic finance and economy.

Originally Published on www.albawaba.com

Islamic Banks’ Growth in Saudi Arabia to Continue Unabated

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JEDDAH — S&P Global Ratings forecast oil prices will stabilize at $50 per barrel in 2017 and 2018, with unweighted average GDP growth in the six GCC countries at 1.9% in 2017 and 2.4% in 2018, after 2.3% in 2016. S&P expects the slowdown in growth at both conventional and Islamic banks in the region will persist. Asset growth stabilized at 6.4% in 2016 for Islamic and conventional banks in our sample, compared with 6.6% and 6.9% respectively in 2015. The rating agency said asset growth will drop to about 5% as governments› spending cuts and revenue-boosting initiatives, such as tax introductions, reduce opportunities in the corporate and retail sectors.
“We see banks becoming more cautious and selective in chasing high-quality lending opportunities, triggering stiffer competition.”

The story is not the same for all GCC countries, though, it said.

Although the economic slowdown was and will remain more pronounced in Saudi Arabia, Islamic banks› growth accelerated there in 2016, thanks to their strategy to increase their foray into the corporate and small and midsize (SME) sectors. By contrast, the slowdown was deeper in Qatar, where a mix of lower liquidity and government spending cuts prompted banks to curtail their pace of expansion. Asset growth was about nil in Kuwait over the past year, hit by the depreciation of some foreign currencies and the ensuing impact on the financials of some leading Kuwaiti Islamic banks. Lastly, despite the tepid economy and the drop in real estate prices in the UAE, Islamic banks continued to expand at high single digit figure.

The asset quality indicators of GCC Islamic banks remain on a par with those of their conventional counterparts. Both Islamic and conventional banks are well entrenched in their local real economies in the GCC. As the economic cycle turns, “we think that asset quality indicators will continue to deteriorate in 2017-2018. The weakening that has already occurred was not noticeable in 2016 because – as is typical – banks started to restructure their exposures to adapt to the shift in the economic environment. Therefore, we saw an increase in restructured loans in the GCC in 2016, but we didn›t observe a marked increase in nonperforming loans (NPLs) or cost of risk. We think the deterioration will be more visible in 2017-2018. Although some market participants maintain that Islamic banks will fare much better than their conventional counterparts due to the asset backing principle inherent to Islamic finance, we think they will be on equal footing.”

Overall, S&P believes  that subcontractors, SMEs, and expatriate retail exposures will bear the brunt of the turning economic cycle and prominently contribute to the formation of new NPLs in 2017 and 2018.

“We see as positive the buffers that GCC Islamic banks have built in previous years, when the cycle was more supportive. The ratio of NPLs to total loans was 3.1% on average for our sample at year-end 2016, with an average coverage ratio of 133.9%. Under our base-case scenario, we think NPLs could increase to 4%-5% over the next two years: Credit losses could climb by more than 50% over the same period.”

Moreover, growth in customer deposits slowed to 6% in 2016, compared with 9% in 2015 for the Islamic banks in our sample.

“We expect this trend will continue in 2017 and 2018, as governments and their related entities, whose deposits largely depend on oil prices, contribute between 20% and 40% of the total deposits in GCC banking systems. This is somewhat counterbalanced by Islamic banks› natural tendency to attract retail depositors because of their Shariah-compliant nature. In addition, we consider that the funding profiles of GCC Islamic banks remain strong by international standards. Core customer deposits mostly dominate in funding profiles, and banks› use of wholesale funding sources remains limited. The use of sukuk as a funding source is limited, and we don›t think this will change dramatically anytime soon. Most recent sukuk issues by GCC banks were capital-boosting sukuk (primarily in the form of Tier 1 sukuk) as their pricing was attractive compared with banks› cost of common equity. We don›t anticipate many sukuk issues from GCC Islamic banks in 2017-2018.

GCC Islamic banks› liquidity also remains strong by international standards. Banks tend to keep sizable amounts of cash and money market instruments (about 19% of total assets at year-end 2016,  owing to the lack of high-quality liquid assets. Moreover, most of the GCC governments› issues (except in Oman and Bahrain) were conventional. Still, we think that some GCC governments might start to look at tapping the liquidity buffers of GCC Islamic banks through sukuk issuance in 2017-2018. The relatively lengthy and complex process related to sukuk issuance has so far dampened this trend, though, while also bringing sukuk standardization to the forefront of policymakers› and market participants› agendas.”

Growth opportunities are becoming scarcer because of government spending cuts and lower disposable income for retail clients. S&P said banks will become selective and prioritize quality and risk profiles over quantity. This, in turn, will fuel competition and pressure on asset yields. Cost of funding has increased, squeezing the intermediation margins of GCC Islamic banks in 2016.

The pressure eased a bit after some governments issued international bonds and unlocked payments to contractors.

That said, “we think that GCC Islamic banks are on an equal footing with their conventional counterparts as far as cost of funding is concerned. We foresee increased credit losses in the coming two years due to the currently less supportive economic environment. Exposure to subcontractors, SMEs, and retail customers, especially expatriates, should lead the uptrend. We therefore expect banks› revenue growth will decelerate, and we think banks will focus on their cost base (by pruning branches, for instance) to mitigate the impact.”

As for their conventional counterparts, GCC Islamic banks, through their relatively low cost base, should protect their profitability somewhat in 2017 and 2018.

Although consolidation might be a way forward in some GCC markets, S&P expects mergers will remain the exception in 2017-2018, rather than the new norm. — SG

Originally published on www.saudigazette.com.sa

Arab Fashion Week opens in Dubai

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DUBAI: Designers, buyers and influencers have descended on Dubai for Arab Fashion Week, a five-day event dedicated to ready couture and resort wear for women, men and those who refuse a label.
The show opened Tuesday night with Jordanian-Canadian sensation Rad Hourani, Palestinian-American Jenanne Filat and her menswear lineup straight out of Arkansas, and runway darlings Marchesa.
Hourani sent his models down the catwalk in geometric, binary-transcending designs “based on style preference rather than gender,” with men, women and gender non-conforming models in layers of dark boiled wool and poplin, and all in pastel slip-on shoes.
The week will also showcase designers specializing in abayas, a traditional robe-like dress that is gaining popularity among major labels as they move into regional markets. The International Dwarf Fashion Show will also host a show by American Wardrobe featuring models living with dwarfism.
While listed as an international fashion week alongside Paris and Milan, the twice-yearly Arab Fashion Week offers exclusively see-now-buy-now collections and pre-collections — an issue that has been met with some contention by traditional gatekeepers in the world of high fashion.
Marchesa’s trademark fairytale pre-fall collection was an instant hit with the Arab Fashion Week crowd, some of whom put on their Marchesa best for the occasion. Many were still snapping selfies on the catwalk moments after the lights dimmed and music started.
With three-dimensional floral appliques, layers of tulle, long beaded fringe and intricate embroidery in blush, blue and metallics, Marchesa’s collection of gowns was met with nods and excited whispers.
Marchesa co-founder and designer Georgina Chapman said: “We’ve always had a strong clientele base here and I think it’s because the Middle Eastern woman, the Arab woman, appreciates fashion.”
“She’s not afraid of trying something … She’s bold, and she’s glamorous, and she’s feminine, and she’s unapologetic about that.”
The Muslim fashion industry is booming, with spending on modest wear — which includes both traditionally feminine and gender-shunning designs — expected to top $480 billion annually by 2019.

Originally published on www.arabnews.com

 

Increased GCC Visitor Numbers Swell ATM 2017

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This year’s Arabian Travel Market witnessed a 10 per cent increase in visitors from the GCC and a 7 per cent increase in international visitors to the event, which was held in Dubai World Trade Centre from April 24-27.

For the second year in succession, visitor numbers smashed through the 28,000 mark – the show saw a 71 per cent increase in visitors over the last five years.

Simon Press, senior exhibition director, ATM, said: “The continued growth of ATM is testament to the strength of the travel and tourism industry in the Middle East. The event has also built on its quality year on year and the professionalism of exhibitors and stands not only increases the brand value of their own organisation, but also that of Arabian Travel Market.

“Exhibition stand contracts signed during ATM 2017 for next year are up 38 per cent year-on-year, with exhibitors keen to reserve their space for what promises to be a record-breaking event in 2018 as ATM celebrates its 25th anniversary.”

Held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, ATM has grown to become the largest event of its kind in the region and one of the biggest in the world. The 2017 edition, on the theme of experiential travel sponsored by La Perle, boasted an additional hall, with 466 main stand holders representing 87 countries and over 100 new exhibitors making their debut. The number of countries represented at ATM 2017, taken from all attendees, totaled 157.

The show got off to an inspiring start, with an informative discussion on the legacy of Expo 2020. Now just under three years away, it was revealed that plans for the site after the world showcase concludes will see 80 per cent of the plot re-developed with all Expo’s assets and transport infrastructure re-purposed for future use by a range of tenants and major private sector firms.

Commenting on the overall session, Press said: “The seminar also explored the importance of Dubai’s sustainable tourism initiatives, the expansion of the emirate’s airports’ capacity and the engagement of global audiences through partnerships with celebrities and social media influencers.”

The UNWTO & ATM Ministerial Forum, which was attended by more than 20 Government Ministers and global leaders, concluded that the main priorities for the region’s tourism industry include human resources development, public/private sector cooperation, connectivity, technology and sustainability.

“Despite all external shocks, the Middle East and North Africa tell one of tourism’s biggest success stories. A story that brings an immense opportunity to make tourism a pillar of economic diversification, job creation and sustainable development in this region” said UNWTO Secretary-General, Taleb Rifai.

“This meeting provided an opportunity to identify the priorities of tourism policy for the MENA destinations, strengthen regional cooperation and public-private partnerships that prepare the region to welcome the 195 million international tourist arrivals – almost triple the present volume of 72 million – forecasted by UNWTO for 2030,” he added.

New this year, the inaugural Halal Travel Summit, was one of many seminar sessions on the Global Stage, which welcomed leading Muslim travel industry experts including Rafi-uddin Shikoh, CEO of DinarStandard and Faeez Fadhlillah, CEO of Salam Standard & Tripfez, in a discussion about halal destination strategies and how to sell halal travel.

Muslim travel is a key sector for economic development and job creation throughout the world, generating $139 billion in GDP and creating 4.5 million jobs worldwide. And the travel and tourism industry throughout the Middle East is perfectly placed to capitalise according to panellists.

Fadhlillah said: “The US and the EU represent 44 per cent of the global Muslim travel market, netting nearly $64 billion of inbound expenditure during 2015.

“The Asian and Middle Eastern countries attracted more than a third (37%) of the global expenditure total, and these regions are expected to see the most robust tourism growth in the coming years.”

The one-day summit featured three interactive seminar sessions covering the big picture, halal destination strategies and how to sell halal travel. It was agreed there was a strong need to create a halal tourism industry body involving both Muslims and non-Muslims. Also, in the Middle East, there is a need to develop formal halal destination strategies with public and private sector involvement and buy-in, following in the footsteps of Asian countries such as Malaysia, Indonesia and Japan.

Zulkifly Md Said, director general, Islamic Tourism Centre (ITC), Ministry of Tourism and Culture, Malaysia, said: “Islamic tourism is not something that has to be forced upon. However, if you feel that you want to expand your business to the Muslim traveller, then you must understand the adjustments you need to make to capture their presence.”

Another of the highlights from the Global Stage was the hot topic of aviation. Despite the concerns from Gulf carriers regarding the electronic devices ban on US-bound flights, it is indicative of the confidence of regional airlines who all presented a strong presence at the show.

Jaan Albrecht, the newly appointed CEO of Saudi Arabian Airlines Group (Saudia), said: “The first three months have been a steep learning curve. Saudi Arabia is a country of more than 30 million proud nationals and residents, with a lot of background, history and a huge domestic travel market, fuelled by also having the largest population of young people of any country in the world. It’s a fascinating market.”

Other popular features included the Wellness and Spa Lounge, Travel Agents’ Academy, Buyers’ Club and the Bloggers’ Speed Networking events.

Press added: “What we have done is followed the market trends in the region and also listened closely to what our exhibitors want. The show is designed with content in mind and I think this year we were able to fully explore our theme of experiential travel, while also covering the hot topics in the industry.

“This would not have been possible without the partnerships we have created and continue to create.”

The ATM Best Stand Awards also returned, with some delighted winners including Etihad Airways, Amadeus, Kerzner International Resorts, Al Rais Tours and Holidays and Jetclass.

Responsible tourism, which played a huge part in the show and continues to be at the forefront of the industry, has appropriately been named the theme for 2018. – TradeArabia News Service

Originally published on www.tradearabia.com

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