Saudi Arabia ranks 4th in Global Islamic Economy Indicator

Saudi Arabia has been ranked among the top 15 countries with world-class Islamic economy ecosystems, according to a report published by Dubai Islamic Economy Development Centre on Sunday.

Malaysia has topped the ranking, followed by the UAE and Bahrain ranking second and third globally in the Global Islamic Economy Indicator.

The UAE also ranks in first place across five sectors – Halal Food, Halal Travel, Modest Fashion, Halal Media and Recreation, and Halal Pharmaceuticals and Cosmetics.

Saudi Arabia remains a powerful leader in the global Islamic economy, ranking fourth in the Islamic finance sector globally, with close to $500 million in assets across 129 Islamic finance institutions. The Kingdom also ranks among the top 10 in the pharmaceuticals and cosmetics sector, the State of the Global Islamic Economy Report 2018/19 noted.

“Capitalizing on its status as the natural center of the Muslim world, and in line with its 2030 vision to diversify the economy, Saudi Arabia has substantial potential to become a leading entity in halal travel. With a comprehensive Islamic economy strategy, supported by its sovereign wealth fund, Saudi Arabia can play a leading role in facilitating trade,” the report added.

The report estimates that Muslims spent $2.1 trillion across the food, beverage and lifestyle sectors in 2017, and forecasts spending to reach $3 trillion by 2023.

By category, food and beverage leads Muslim spend at $1.3 trillion, followed by fashion at $270 billion, media and recreation at $209 billion, travel at $177 billion, pharmaceuticals at $87 billion and cosmetics at $61 billion.