Indonesia International Halal Expo 2017 set for May 2017

Source: Sinar Expo Primar website.

The Indonesia International Halal Expo 2017 will be held at Balai Kartini Jakarta, Indonesia from May 12 to 14 2017.

Organised by Sinar Expo Primar, the event is an international trade show and exibition for Indonesia's halal industry and consumer market. It will feature business matching services, seminars, cooking demonstrations, a fashion show, entertainment as well as awards for best product, best company and best exhibitor.


With a population of more than 218 million Muslims, Indonesia hosts the biggest Muslim population in the region.

Interested?

Register (PDF). Early bird exhibitor pricing is available till 31 December 2016. The event will run from May 12 to 14, from 9am to 6pm.

Contribute more event listings to the Suroor Asia events page

Take aim at the US$3.7 trillion halal food and lifestyle market at Halal World Food

Source: Gulfood website.

Halal World Food, an annual halal food sourcing trade event featuring more than 800 certified suppliers, targets the global halal food and lifestyle market, which is estimated to US$3.7 trillion by 2019. 

The fourth Halal World Food reflects the UAE's strategic position as an international centre for halal food trading. In 2016 exhibitors from seven continents displayed thousands of halal products – from energy drinks, and vegan and vegetarian foods to meat and poultry, canned goods, and gourmet foods.

Significant inward investment opportunities for major international businesses are expected. The show is ideal for regional buyers, suppliers, logistics providers and storage and transport solutions providers. The show also sees halal food policy-shapers and government organisations coming together to discuss the implementation of standardisation and certification frameworks.


Interested?

Halal World Food will be at the Dubai World Trade Centre from 26 February to 2 March 2017 as part of Gulfood.

Dubai Endowment Sign bestowed on Dubai RTA

Source: Mohammed Bin Rashid Global Centre for Awqaf and Endowment. RTA receives Dubai Endowment Sign from MBRGCEC.

HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), has received the Dubai Endowment* Sign from HE Dr Hamad Al Hammadi, Secretary General of the Mohammed bin Rashid Centre for Endowment Consultancy (MBRGCEC) in recognition of RTA’s initiative for deploying the world’s first endowment taxicabs. The revenue from the taxicabs will be allocated to community activities related to public transport.
“RTA prides itself on being among the first contributors to the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE, and Ruler of Dubai, and initiating the concept of the first endowment taxicab in the world. Obtaining the Endowment Sign is an incentive for all to contribute to community development through endowments. We are looking forward for our cooperation with the MBRGCEC to bear results dividends in support of community development efforts,” said Al Tayer.

“RTA is keen on supporting all programmes and initiatives of the Dubai government in scientific, social, humanitarian and economic fields out of its relentless efforts to bolster its social responsibility at the local, regional and global levels. Such efforts, we believe, would raise the standing of the UAE and Dubai in global humanitarian circles and bring happiness to people.”

“The first endowment taxicab in the world is a key component of the creative endowment unleashed by HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE, and Ruler of Dubai,” said Dr Hamad Al Hammadi. “RTA has rolled out this innovative concept, which heralds a pioneering endowment experience worthy of emulation worldwide. We are looking forward for other public and private entities to follow suit of RTA in developing cracking endowment solutions for community development."

The Dubai Endowment Sign is part of the activities launched by HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE, and Ruler of Dubai, as part of the global vision for endowment. It is an incentive for engaging with the community, and enables public and private organisations to serve the community through endowing a part of their assets to address social development needs.

Entities that are granted the Dubai Endowment Sign can benefit from several advantages, including:

• Priority in government procurement and contracting with the Dubai government as per the directives issued by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
• Inclusion of the Dubai Endowment Sign in all types of communications, and inclusion of the entity’s logo in promotional campaigns organised by the MBRGCEC.

“The MBRGCEC seeks to offer consultancy to public and private entities towards enhancing their communal contributions through the Dubai Endowment Sign. Such coordinated efforts would help build a wide spectrum of community services featuring key tools for leveraging the corporate contribution to the community,” said Al Hammadi.
 
Interested?

Enquire about obtaining the Dubai Endowment Sign at the MBRGCEC website

*Endowments (أوقاف‎‎) in the Islamic context, called awqaf or waqf, are charitable donations given to further religious purposes. The Dubai vision for Awqaf and Endowments does not specifically mention religious purposes and refers to doing good and serving humanity in general.

Ahli United Bank lists US$200 million sukuk on Nasdaq Dubai

Ahli United Bank, one of Kuwait’s leading financial institutions, has listed a US$200 million tranche of sukuk on Nasdaq Dubai, the region’s international financial exchange.

It is the third listing on the exchange from Kuwait, underlining the close capital markets ties between Kuwait and the UAE, as well as Dubai’s status as the world’s largest centre for sukuk listings by value. Sukuk totalling 4US$5.75 billion have been listed in the Emirate.

Nasdaq Dubai provides issuers with close links to regional and international investors as well as a first class listing infrastructure.

posted from Bloggeroid

Rare Ottoman artifacts from Hungary on exhibit in Sharjah

Source: Sharjah Museums Department. The opening ceremony.

Running until January 19, 2017 at the Sharjah Museum of Islamic Civilization, Spectacle and Splendour – Ottoman Masterpieces from the Museum of Applied Arts in Budapest features more than 50 spectacular Ottoman artefacts preserved in Hungary since the 16 ^th and 17^th centuries.

The collection of luxury textiles, ceremonial weapons, saddle cloths, silk garments and rugs is being shown in the Arab world for the very first time. At the same time, the exhibition marks the first ever collaboration between the Sharjah Museum of Islamic Civilization and the Museum of Applied Arts in Budapest - established in 1872 and one of the oldest and most important museums of its kind.

The exhibition was inaugurated by HE Abdallah Al Owais, President of the Department of Culture and Information, Sharjah. The exhibition was attended by Manal Ataya, Director General of Sharjah Museums Department, Dr Ulrike Al-Khamis Strategic Advisor - Islamic and Middle Eastern Arts Sharjah Museums Department, Dr Viktória Horváth, a representative from the Ministry of Foreign Affairs and Trade of Hungary, Dr Zsombor Jékely, Deputy Director, Budapest Museum of Applied Arts, and HE Osama Naffa, Ambassador of Hungary to the UAE.

Ataya, Director General of Sharjah Museums Department, said: “This fascinating exhibition project with the Budapest Museum of Applied Arts yet again underscores our ongoing commitment to establishing ties with the world’s most prestigious institutions to bring exceptional collections to Sharjah and to foster intercultural dialogue through art and culture.

“The exhibition also provides a unique and unprecedented opportunity to learn about a fascinating period in Islamic and European history and to embark on  a journey of discovery into a period of outstanding aesthetic sensibility and remarkable workmanship.”

Spectacle and Spendour captures a particular period in Ottoman and Hungarian history when parts of the country, mainly the central and southern regions, were under Ottoman rule. During this time, it was common among the Hungarian elite to acquire the finest items from Ottoman workshops in order to display their power, authority and sophistication.

Each of the artefacts in the exhibition provides visitors with a gateway into the history of the Ottoman empire and its interaction with Eastern Europe, in particular Hungary and Transylvania. At the same time, they touch on key aspects of Islamic civilisation at large, such as the symbolic importance of textiles and carpets, the exchange of diplomatic gifts, and horsemanship. The rare pieces also offer a window into the powerful and sophisticated lives of Ottoman and Hungarian elites some 500 years ago, as well as giving a unique insight into methods of workmanship perfected by local craftsmen at the time.

Many of the masterpieces on display entered Hungary as early as the 16^th century as tokens of diplomacy, through trade or as war booty.  Some items were made in Hungary itself, the result of skills being transferred between different regions of Ottoman rule.

Highlights of the collection include a silk upper coat made for a young child, probably using the fabric of a Turkish ceremonial robe received as a diplomatic gift. Its intricate floral pattern was popular in the later 16^th century. The cut of the garment displays Turkish influence on Hungarian aristocratic costume of the time, such as the long, narrow ceremonial sleeves reaching down to the bottom of the costume.

A collection of Ottoman ceremonial saddle cloths that were used in both Hungary and Transylvania, which is now part of central Romania provide examples of exceptionally skilled workmanship in decorating velvet and silk satin cloths with intricate silver wire embroidery.

The weapons on display include a gem-studded dagger, most probably made in an imperial Ottoman workshop. Making gifts of ceremonial weapons was a fashionable custom among European rulers as well as Ottoman Turks in the 16th and 17th centuries.

The rare ceremonial maces included in the exhibition are examples of symbols of power and wealth in Hungary and Transylvania around the 17th century. The quality of its material and ornamentation reflected the rank of its owner. The most prestigious are gilded, gem-studded maces, often of Ottoman Turkish origin.

The collection of ornamental rugs includes examples that were originally laid on the hot floors of Turkish baths, but were brought to regions of Hungary including Transylvania to decorate the walls of noble homes. They were also hung in carriages.

“This exhibition is designed to appeal to a wide range of audiences, from those interested in Islamic art and culture to contemporary art and design practitioners,” said Ataya. “We hope visitors will be inspired by the aesthetic subtlety of the designs and the way weavers, dyers, embroiderers and metalworkers went about their craft with such skill and dedication.

“We thank our Hungarian colleagues for their outstanding support and commitment in staging this fascinating exhibition in Sharjah and hope that it will contribute positively to intercultural dialogue and an ever deeper appreciation of Islamic art and culture among our visitors.”

Cooperation between the Philippines and Brunei for the halal industry on the cards

The Secretaries of the Department of Trade and Industry (DTI) of the Philippines and the Mindanao Development Authority (MinDA) have held bilateral meetings with Bruneian government ministers on the sidelines of the state visit of Philippine President Rodrigo Roa Duterte to Brunei Darussalam from October 16 to 18.

MinDA Secretary Datu Abul Khayr Alonto met with Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng (Pehin Lim), Minister at the Prime Minister’s Office (PMO) and Minister of Foreign Affairs and Trade II on October 16. Topics discussed by the two officials included cooperation in the halal industry.

Source: Department of Foreign Affairs, Philippines.

On October 17, DTI Secretary Ramon Lopez met with Pehin Orang Kaya Seri Kerna Dato Seri Setia (Dr) Haji Awang Abu Bakar bin Haji Apong (Pehin Abu Bakar), Minister of Home Affairs and Chairperson of the Brunei Investment Agency (BIA). Cooperation between the Philippines and Brunei in the halal industry was discussed.

Aladdin Group launches AladdinStreet halal e-marketplace in Singapore

Source: Aladdin Group. Aladdin himself.

Aladdinstreet.com.sg, the world’s first premium-quality products and halal* e-marketplace, has been formally launched. Serving the B2B and B2C communities, the portal offers halal-certified products as well as premium-quality products that do not require halal certification.

Three months since its July 2016 announcement, Aladdinstreet.com.sg has shortlisted 200 merchants for its site and finalised agreements with close to 60 merchants. About half of these offer halal-friendly or halal-certified products. Owned by Muslims and non-Muslims, the businesses provide food, beverages, vitamins, cosmetics, pharmaceuticals, fashion and other products or services.

Co-founder of the Aladdin Group Dato’** Dr Sheikh Muszaphar Shukor Al Masrie does not see AladdinStreet.com.sg competing against existing marketplaces, instead creating a completely new marketplace that is a milestone for trust in halal goods and services. "When I bought things online I realised I wasn't sure of the quality," he explained. "I worried if they were (genuine)."

Source: Aladdin Group. From left: Dato' Sri Desmond To, Dato' Dr Grace Kong, Zainul Abidin Rasheed, Dato’ Dr Sheikh Muszaphar Shukor Al Masrie, and Dato' Wesley Ong.

“There has been a growing acceptance of the health benefits for halal products even in non-Muslim countries,” says Dr Al Masrie. “But manufacturers and producers of the halal industry can only meet 20% of this demand because there is a lack of reliable marketing platforms. In fact one of the biggest importers of halal products is actually Singapore, and given the country’s good track record in governance and high standards of halal compliance, Aladdinstreet.com.sg will help these SMEs access this market to its fullest potential.”

On the future of Aladdinstreet.com.sg, Singapore's former senior Minister of State, Ministry of Foreign Affairs, Zainul Abidin Rasheed, is optimistic that the e-commerce site will create new brand purpose, values and new avenues for growth, especially now that Singapore is experiencing an economic slowdown.

"Singapore is well-known for its branding as a business and financial centre, both in terms of its integrity and quality standards, and this applies to its halal standards too," says Zainul, who is currently the non-resident Ambassador to Kuwait and the Foreign Minister's Special Envoy to the Middle East.

Imran Musa, Advisor, Aladdin Group and CEO of ARK, a halal competency developer specialist, noted that the halal opportunity is worth an estimated US$3 trillion by 2019. "Halal is not just religious per se, (it is about) how you process the food, the cosmetics, what kind of allergens are in there, these are things that need to be properly examined. It is a guarantee of a good product," he said. "There are 1.8 billion consumers. More than 600 million of them are IT savvy, they shop online, they do a lot of things online. For Hari Raya (Eid), more than 50% of consumers shopped online; that is something that is the way forward for all of us. Singapore is an e-commerce and finance hub. That is why we started with (Singapore)."

Singapore Co-founder & President, Dato’ Dr Grace Kong added that Aladdinstreet.com.sg is not just for Muslims because halal is about making healthier choices for everyone including non-Muslims, and everyone has become more socially conscious of their consumption patterns. Dato’ Kong explains, “They want to know what they eat, wear, what they apply on their face, where it comes from and how the animals were treated. It’s about cruelty free, ethical and sustainable consumption too.”

Dato' Kong added that halal certification has been welcomed in China, where unethical businessmen have been known to pass off counterfeit goods as genuine. She said the company will collaborate with government agencies, trade associations, chambers of commerce and halal certification bodies locally and globally to bring local small and medium sized enterprises (SMEs) into the digital economy. "We are extremely optimistic about the Singapore halal e-marketplace as the response that we have had so far from merchants have far exceeded our initial expectations," she said. 

Imran also noted that halal certification is coming to the fore in Indonesia. He referred to Indonesia's Halal Product Assurance Law, which comes into effect in 2017 and requires all halal products to be certified, while all non-halal products are to be marked 'non-halal'. "If we take a merchant today and their products cannot go into Indonesia we are also liable because we cannot fulfil our (responsibilities) to customers in Indonesia," he said.

Asked about lingerie and sex toys, Imran said that "sensitivity of the community" is important. "In Singapore itself there are a lot of OB markers (Editor's note: out of bound markers mark where products, services or concepts considered socially unacceptable)," he said.  "Aladdin is not just about making money. We have our social responsibility and we have our corporate responsibility as well."

AladdinStreet Singapore is also focused on educating the public that halal does not only refer to food. Halal cosmetics, health and pharmaceuticals are growing markets, and cosmetic giants from Europe and Korea are already manufacturing halal cosmetics for Muslim markets, the Aladdin Group notes.

Dr Al Masrie also shared that Aladdin Group is pushing for a global halal standard. "We're trying to work with religious authorities in each country, and looking to form a halal academy to assist each country to be up to our standard," he said, adding that he hoped to get the support of Muis (the Islamic Religious Council of Singapore) and the Ministry of Trade and Industry of Singapore. "We are putting Singapore on the global halal route."

"Singapore is one amongst 15 countries which have a Muslim population with the highest purchasing power, as revealed by the Economist Intelligence Unit. The nation has been named the friendliest non-Islamic destination for Muslim travellers for 2012-2014, according to the Global Muslim Travel Index. Countries like China and Japan look to Singapore as a benchmark for a successful halal industry without disrupting social and economic culture. So, Singapore is indeed fortunate to have such capabilities and favourable factors. But doing business in Singapore has never been about simply its local market. Plugging into Singapore's business network and infrastructure typically serves as a powerful launch-pad and gateway to the regional and global market," added Ambassador Zainul. 

Various companies have partnered with AladdinStreet Singapore to extend their reach beyond Singapore and hope to increase sales by 40% in the next 12 months. One of AladdinStreet Singapore’s merchants is Singapore-listed Food Empire, a company since 2000, which has been manufacturing halal-certified instant beverages, frozen food and snacks to Muslim majority markets such as Malaysia, Central Asia and the Middle East. All four of its factories in Malaysia are halal certified. Its partnership with AladdinStreet Singapore aims to further expand its halal business into Southeast Asia.

Artistic-Arrivo offers the Atelo Collagen Jelly Mask on AladdinStreet. The halal-certified product has ingredients that penetrate cells to encourage collagen generation, smooth skin and reduce acne, the company said.

Ice's Secret's Pure Radiance Mask has skin brightening properties. It can be used for the eyes and anywhere the skin is duller, and is suitable as foundation. Apply overnight and wash off in the morning. 100% herbal.

ZAC Meat has been supplying halal meats to restaurants and hotels from day one, and recently expanded to supermarket shelves - and AladdinStreet, says ZAC Business Development Manager Selvam S. ZAC's portfolio includes sausages, cold cuts, ready-to-eat products as well as cheeses, dips, and spices.

Two Grayns rice cookers on display. To the bottom left is the strainer which lets sugar-laden water flow through into the container in the foreground, where it can be used for other purposes like watering plants.

Alcurea is distributing the Grayns rice cooker, which strains out the sugar content of rice, reducing its glycaemic load, as part of the cooking process. Zahid Masauood, MD, Alcurea, said that the distributor had been invited to join AladdinStreet as Dr Al Masrie had started off using Grayns and liked it.

Note Cosmetics was established in 2015 after they noticed a lack of halal cosmetics retailers in the market. The company has since seen an increase in sales from non-Muslim customers, who have grown to appreciate their products because they do not contain ingredients derived from animals.

Nadia Nadzirah of Budinadia poses with her creations. She is modelling one of her limited edition shawls, which has a subtle Western-style print.

Budinadia marries modern and vintage fashion to create limited edition clothing. Founder and MD Nadia Nadzirah has abayas, jubahs with kain songket embellishments, as well as shawls which make use of high quality fabric with Western-style prints. Her collection also includes kurta-style tops for men. Asked why she chose to go with Aladdinstreet Nadia said being part of a community of merchants gives her opportunities to learn that would not have been possible going it alone. (Hashtag: #budinadiaofficial)

Tudung Ku Collection was set up in 2012 to address the modern Muslim woman who want easy-to-wear scarves but with a touch of luxury. It has seen a 20% increase in sales over the last four years.

Tea Ideas is a Singapore-based company offering tea wands as a new way to enjoy tea.

Goshen Art Gallery will have art on sale at AladdinStreet.com.sg. Pictured is Wu Xueli's Rhapsody of Colours.

MummyBebe displayed a chair from Taiwan which can be adjusted to grow with the child.

Organic skincare for babies and high quality cotton bedding from Australia is available on AladdinStreet.com.sg from MummyBebe.

Dream Sparkle offers green cleaning services using steam cleaning, which deep-cleans and sanitises surfaces at homes and offices. Stains can be removed easily from carpets, as the company showed in a demonstration. The water used is drink-quality, the company said.

Sports hijabs from Juz Demure.

Juz Demure is selling dri-fit sports hijab after the company saw more Muslim women wanting to pursue an active lifestyle without compromising on modesty. The hijab is designed to fit snugly and securely even with a wide range of movement, and under conditions such as under a motorcycle helmet.

The Camellia dri fit hijab, at an introductory price of S$38, also has reflective lines and a logo at the back for safety during night runs. The company has seen an increase in sales of 20% since it started operations in 2015.

“Finally, a trusted and a convenient one-stop e-commerce site for halal and quality products for me and my family, “ says Singapore football legend Fandi Ahmad. Fandi will be launching his biography on the site in the future.

In terms of its pricing strategy, Aladdinstreet.com.sg does not plan to indulge in discounts and flash sales often seen with e-commerce sites because its priority is quality and integrity, values driven by its business integrity checks and stringent halal compliance requirements. It is also rolling out a halal educational programme for merchants to help them better understand the halal compliance requirements.

Aladdin expects to be a top 10 e-marketplace globally, hosting over 100,000 merchants and more than 3 million unique products in three years. "Our vision is to become No. 1 in halal e-commerce. The market is huge. We are focusing on quality control, what is premium. We are hoping that in a short time we will be as big as Alibaba," said Dr Al Masrie.

"The key difference that sets Aladdinstreet.com.sg apart from other e-commerce platforms is that our merchants and customers will enjoy support and assistance from Aladdinstreet’s network offices located in 30 countries in phase one and another 20 more in phase two - covering a combined total population of approximately 5 billion consumers," said Dato' Kong. 

AladdinStreet Singapore is one of 29 countries that the Group has since entered into joint ventures, including India, Indonesia, Europe, the Middle East, Japan, Korea, Thailand, Iran and the US. The next announcement to come will be on AladdinStreet China, the Aladdin Group executives said. Today, there are more than 20 million Muslims in China where the domestic demand for halal by non-Muslims is also increasing given the recent food scares there. The launch of AladdinStreet Singapore provides a viable and safe option for Chinese Muslims and non-Muslims until AladdinStreet China goes live.

The Aladdin Group is also on the verge of confirming an exclusive and first-ever brand partnership with one of the world's biggest football clubs, which will give consumers and merchants access to 650 million fans in over 200 territories, allow for faster access into China and helping to meet AladdinStreet Singapore’s target of S$50 million in sales within the first year of its launch.

Dato' Sri Desmond To, Co-Founder and President, Aladdin Group, disclosed that the company is also negotiating its own Islamic payment gateways in various countries. The gateways will work like AliPay. In Malaysia, the group is working with Maybank, while in Singapore the partnering bank is UOB.
 
A sum of US$130 million in marketing dollars has been invested in the group for the next three years. Aladdinstreet’s objective is to be the world’s largest premium quality products and halal e-marketplace of choice and to be amongst the top ten most profitable e-commerce platforms in the world in the near future. The bulk of customers on Aladdinstreet.com.sg are aged 18 to 32. The group plans to go for an IPO in two to three years' time.

Interested?

Merchant participation in Aladdinstreet is by invitation only. Listings on Aladdinstreet undergo mandatory halal integrity audits by an in-house team of halal experts before they can be included in the e-marketplace. 

Read the Suroor Asia blog post about Cosmax, the Korean cosmetics company with Indonesian halal certification

Read the Suroor Asia blog post about the halal discussion at the Global Islamic Economy Summit

*In Singapore, agricultural and biochemical products, food and beverage (F&B), pharmaceutical and cosmetics products may be halal-certified. Products in other categories are not covered by the certification process by the Islamic Religious Council of Singapore (Muis), Aladdin executives said. Different halal certification bodies around the world have different rules on what may be certified and what criteria constitute halal.  

**The Dato' Sri honorific in Malaysia is conferred on top performers to a state by the ruler of that state. The title of Dato' is the next level of honorifics conferred on people who have contributed significantly to a state by the ruler of the state. Daro' titles may also be inherited in selected noble families. See this article by Expatgo for more details.

Malaysia's 2017 Budget benefits Islamic finance firms, imams, religious teachers

The 2017 Budget for Malaysia has benefits for Islamic finance, religious teachers, imams as well as caretakers of mosques.

To maintain Malaysia as an international Islamic financial centre, Malaysia Prime Minister and Minister for finance YAB Dato' Sri Mohd Najib Tun Haji Abdul Razak announced as part of the 2017 Budget that the period of income tax exemption to entities carrying out Islamic banking and takaful business through the International Currency Business Unit (ICBU) in foreign currencies as well as stamp duty exemption on instruments of such activities, will be extended to the year of assessment 2020.

The government further recognised the work of imams by increasing their monthly allowance via JAKIM from RM750 to RM850. "This will benefit nearly 15,000 imams throughout the nation," he said.

A one-off payment amounting to RM500 will also be given to nearly 16,000 bilal and siak (Editor's note: the ones who perform the call to prayer and the ones who look after mosques respectively) throughout the nation to appreciate their service in managing mosques.

Kelas Agama Fardu Ain (KAFA, an organisation that conducts religious classes) teachers will see their allowance increased from RM800 to RM900 a month, benefitting nearly 33,000 KAFA teachers, PM Najib added, while tahfiz education (Editor's note: education around memorisation of the Quran) will be coordinated through the National Tahfiz Education Policy to the tune of RM30 million.

PM Najib also took the opportunity to welcome 23,000 Hajj pilgrims home.

Interested?

Read the full Budget speech

MasterCard-CrescentRating research finds safety and tolerance the main criteria for business travel destinations

Source: Report cover.

Muslim business travellers are gaining greater autonomy, according to research released yesterday by MasterCard and CrescentRating.

Launched yesterday at the inaugural Halal in Travel – Asia Summit 2016 which is co-organised by ITB Asia and CrescentRating, the MasterCard-CrescentRating Muslim Business Traveler Insights looks at the behaviour and preferences of Muslim business travellers across the world including Asia Pacific, Africa, Europe and the US.

The main concern of business travellers is “safety and security” of the country they are planning to visit. This is followed by concerns of religious tolerance.

With the majority of Muslims representing growing economies such as Indonesia, Malaysia, Turkey and economies in the Gulf Cooperation Council (GCC), business travel is projected to grow rapidly. The Muslim business traveller market is projected to be worth US$22 billion by 2020, representing 10% of the expected 168 million Muslim travellers in 2020 who will spend over US$220 billion. Asia and Europe are the two leading regions in the world that attract Muslim visitors – accounting for 87% of the entire market.

Source: MasterCard-CrescentRating Muslim Business Traveler Insights. Why Muslims travel. VFR=visiting friends and relatives. Religions (sic) = religious reasons.

Availability of business opportunities, especially in developing countries, attracts a large number of business travellers. This segment has also seen growth contributed by the MICE sector. Most large travel agents in the GCC countries now have a separate division for MICE.

Another key driver for growth in Muslim business travel is the increasing number of Muslim professionals (both males and females) now entering the workforce.

The report is based on an online survey and interviews conducted with 250 frequent Muslim business travellers from countries such as Malaysia, Singapore, US, Qatar, Sri Lanka, India, Australia, and Pakistan.

The study has revealed that the main reasons for business travel was to attend conferences or exhibitions (57%), to meet clients (45%) or potential clients (44%), with an average trip lasting between three to four days.

When planning their trips, 88% of them rely on online research – while only 44% seek advice and information from family and friends – highlighting the importance of strong digital strategies in targeting this segment. More than one in two book their own flights and hotels rather than rely on their company or travel agents.

This is the first-ever detailed report examining the travel trends and attitudes of a sub-segment of the growing Muslim travel market. It aims to provide a greater understanding of how best to market and cater to the needs of Muslim business travellers.

“Muslim business travel is a niche market on its own which is only set to grow bigger. The travel industry can reflect positively on the discoveries on insights and the trends related to business travel, which bodes well for its immediate future. It should also be recognised that improving the experience of this segment from (better) digital strategies, catering for their faith-based needs and personalised digital services, such as superior Wi-Fi connections, can be key to capitalising on this market,” said Fazal Bahardeen, CEO of CrescentRating and HalalTrip.

“The Muslim business travel market is expected to continue to expand over the next couple of years, alongside the growth of emerging economies such as Indonesia and Malaysia. In an effort to cater to this increasingly important segment, businesses and destinations are adapting their products and services to better suit their needs and preferences. Industry players looking to tap into this market for the first time will benefit from the insights gathered from the new Mastercard-CrescentRating Muslim Business Traveler Insights,” said Aisha Islam, VP, Consumer Products, South East Asia, Mastercard.

The research also revealed that 38% percent of Muslim business travellers spent between US$2,000 and US$5,000 per business trip, with 44% spending less than US$2,000.

The availability of prayer facilities (78%), halal dining options (71%) and Wi-Fi (67%) at airports are the top three most important services for business travellers. They also commented that wudu' facilities are often far away from prayer facilities, while Wi-Fi is only available for a limited time - airport features that could be improved.

When booking a flight, the availability of halal food and airfare emerged as the most important considerations for Muslim business travellers.

The majority of respondents (70%) avoid travelling during the Muslim month Ramadhan, unlike Muslim leisure travellers who are increasingly choosing to travel during this month according to an earlier MasterCard and Crescentrating study. However, one in four business travellers (27%) will travel irrespective of whether it is the month of Ramadhan or the school holidays.

MasterCard and CrescentRating also track the Global Muslim Travel Index.

Interested?

Read more about the Muslim Business Traveler Insights report

Read the Suroor Asia blog post about Muslim travel during Ramadhan, the month of fasting

Hashtag: #HalalInTravel

*About Muslim Business Traveler Insights 2016

Respondents were travellers from a wide range of company sizes: from SMEs to large corporations. Of the 250 respondents, 73% were males and 27‰ females. Half (52%) of the travellers were C-level executives or business owners. Eighty percent have been at their current workplace/employer for more than two years. Sixty percent of them made between four and 20 business trips in 2015. Countries of origin included Malaysia, Singapore, US, South Africa, Qatar, Sri Lanka, UK, India, Canada, Australia, Germany, Denmark and Pakistan.

posted from Bloggeroid

Divine Connect wins Innovation 4 Impact Awards with simultaneous translation technology

• Five projects shortlisted for finals out of 250 submissions
• Competition harnesses technology to create innovative solutions that meet Muslim needs

Source: Dubai Chamber. Divine Connect receives the award.

A US company that allows Muslims around the world to hear Friday prayers and announcements from Islam’s holiest sites took first place in the Innovation 4 Impact Awards at the Global Islamic Economy Summit (GIES).

The competition, organised by Dubai Silicon Oasis Authority (DSOA) and Dubai Islamic Economy Development Centre (DIEDC) in partnership with Thomson Reuters, aims to connect global entrepreneurs with the resources needed to create innovative products that redefine the future of the global Islamic and digital economy.

Divine Connect manufactures translation handsets for pilgrims performing Hajj and umrah, as well as for Muslims around wanting to hear the Jumu’ah khutbah (خطبة الجمعة, Friday sermon) from the Masjid Al Haram in Makkah, and Masjid Al Nabawi in Madinah, KSA translated into their own languages. Sermons and announcements, which are delivered in Arabic, are translated in real-time into seven different languages, benefitting over 70% of non-Arabic speakers on Hajj or umrah.

The award was presented to Divine Connect’s President and CTO Mohamed Pazhoor by Dr Jumma Al Matrooshi, Deputy CEO, DSOA, Badr Buhannad, Executive Vice President of Corporate Strategy and ICT at DSOA, and Mustafa Adil, Head of Islamic Finance, Thomson Reuters. Divine Connect received a trophy and a cash prize of US$20,000 in addition to a range of business incubator services worth more than US$10,000, including free office space for a year at the Dubai Technology Center for Entrepreneurship. Divine Connect also receives an opportunity to establish its business in Dubai.

At the launch of the technology in September Mohamed Pazhoor said, “A team of product designers and engineers have worked tirelessly for the last three years on creating this technology to support digital equipment that transmits real-time translations of the spoken Arabic into Urdu, English, Indonesian, French, Turkish, Hausa, and Persian languages, simultaneously.

“We have already done several tests of this technology and are very happy with the results. This is a historic breakthrough and we remain committed to providing excellent service to the 20 million pilgrims who visit Makkah annually.”

At the award ceremony Mohammad Pazhoor said, “We overcame the challenges with sheer dedication. We want to take our project to the global level and welcome investors and partners. We remain committed and have an intention to set up a production and operation centre in Dubai.”

More than 250 applications were submitted from over 40 countries, representing a wide range of sectors including data, social media, e-commerce and many more. Applications were reviewed by a committee of experts comprised of business and industry leaders in the Islamic economy space. The five entrepreneurs in the field of digital Islamic technology and Arabic content who successfully passed the two initial assessment rounds to make it to the finals presented their business ventures towards supporting digital Islamic economy and enhancing Arabic content during GIES 2016.

Nadim Najjar, MD, Thomson Reuters, Middle East and North Africa, said: “The digital economy cluster plays an essential role in sustaining an innovative, competitive and a growing environment in developing economies, and the Innovation 4 Impact competition emerged from our commitment to nurturing the spirit of entrepreneurship in the Islamic digital economy sphere."

DSOA’s Bader Buhannad said: “We would like to congratulate all those who made it to the finals. They are the trendsetters in the Islamic digital economy, and their innovative business solutions are true examples of how we can take the Islamic economy to a new level.”

Ahmad Alshugairi, CEO of ARAM TV and part of the judging panel, said: “The ideas that were presented actually address and fill genuine needs of the people. I was happy to see the diverse range of ideas that again show how important innovation is to tackle challenges around the world.”

Divine Connect is working on adding more languages and aims to provide the service in 35 different languages.

Interested?

Watch the video introducing the translation technology

Apply to be a distributor

Hashtag: #GIES2016

Now is the time to buy Islamic art

• The Louvre Paris will lend its Islamic art expertise to the Abu Dhabi branch

• Art institutions like Maraya Art Center constitute a soft power. This, in the long run, will reflect positively on the country’s economy

• Art from the region remains undervalued because the modern art scene is still developing


Islamic art breaks the negative stereotype associated with the word ‘Islamic’ in the world – particularly, the West, says moderator Ahmed Salim, Founder of 1001 Inventions UK, an international science and cultural heritage organisation that raises awareness of the creative golden age of Muslim civilisation. Moderating a session on Islamic art during Global Islamic Economy Summit (GIES) 2016, he also said that now is the time to invest.


Mai Eldib, Consultant at Sotheby’s Egypt, agreed. She noted that there are two distinct types of Islamic art, sought after by different audiences. The art from the era of the Islamic empire and until the year 1900, attracts mostly Western buyers, whereas post-1900 Arab and Iranian art, not necessarily created by Muslims, sells more in the MENA region.

“When it comes to investing in art, it’s a tricky discussion,” Eldib said, “Art doesn’t yield dividend like bonds or stocks, yet it is now very much coveted as an asset. Art from the region remains undervalued because the modern art scene is still developing. However, events like Art Dubai are placing local and regional artists on the international map. Once an artist surpasses their niche aspect of being an Egyptian, Saudi, Emirati, etc. artist, the value of their art goes up.”

Yannick Lintz, Islamic Art Director at The Louvre Museum in Paris, France said the Louvre had begun with a focus on Islamic art in France in a room with contemporary design and is branching outwards. "..we are always working to develop programmes outside the confines of the museum itself. We now have accords with museums in the Islamic world in places like Cairo, Tehran, and Istanbul. The time is now to create an international network of directors of Islamic arts museums,” he said.

Lintz added that the Louvre, Paris will lend its expertise to the Louvre Abu Dhabi, offering advice on how, where, and when to buy pieces of Islamic art to add to the museum’s current collection of 300 pieces. The larger the local collections grows, she noted, the less the Louvre Abu Dhabi will depend on pieces coming from France.

Giuseppe Moscatello, Art Director at the UAE’s Maraya Art Foundation, explained that art institutions like Maraya Art Center constitute a soft power that will reflect positively on the country’s economy in the long run. “The art scene in the UAE – and the region – is looking at positive growth, seeing as a majority of the population in the Gulf is under the age of 30, and many young artists are emerging. These artists are most often represented by galleries, which is important to further their careers, and the government is supporting our efforts.”

Plantronics launches two new families of headsets for customer service centres

• Lightweight and comfortable
• Noise-cancelling for voice clarity against noisy backgrounds
• Call controls at the fingertips of call centre agents

Source: Plantronics. The EncorePro 725.

Plantronics has announced two new families of headsets to meet the needs of customer service centres. The new EncorePro 500/700 Digital Series and EncorePro 500/700 USB Series are designed for intensive use. They deliver the audio quality, comfort and reliability for which the Plantronics EncorePro family is known, with advanced features for better insights and management.

When managed by Plantronics Manager Pro, a separate software subscription service, they become a part of a fully integrated headset management solution to help reduce costs, improve metrics and provide insights about the health of the centre. This helps to assure that all the tools the customer service representatives (CSRs) need for positive customer interactions are performing optimally.

"Customer expectations are higher than ever, making it all the more critical for contact centres to equip their teams to provide the best experiences possible. At the same time, managers are facing a constant battle to improve efficiency in an environment of high representative turnover and non-traditional customer service centres," said Richard Kenny, Head of Global Contact Centre Marketing at Plantronics.

"Our new EncorePro Series headsets deliver value on both fronts, building on the heritage of one of the world's most successful professional-grade headsets, the SupraPlus, and our deep understanding of today's customer service business needs. When paired with the optional Plantronics Manager Pro, we can help create and measure smiles on both ends of the phone."

Each series includes six models available in over-the-head, over-the-ear and convertible configurations with stereo and monaural audio. The EncorePro 500/700 Digital Series with DA90 USB audio processor and Plantronics Manager Pro combine hardware and software to provide integrated audio and asset management, advanced audio processing, comfort and durability, along with features such as Quick Disconnect (QD), allowing CSRs to readily move away from (and return to) their workspaces without having to take the headset off.

IT departments can also remotely monitor, manage, and maintain audio devices companywide regardless of which computer the CSR plugs into. This eliminates the need for IT managers to run from user to user to make adjustments, fixes, or updates. In large contact centres with thousands of headsets and around-the-clock shifts, this can help alleviate the challenges of managing asset inventory, updating firmware, adjusting settings, ensuring system compatibility and
maintaining regulatory compliance.

Source: Plantronics. The EncorePro 515.

The EncorePro 500/700 USB Series is designed for those who spend a large portion of their day on PC phone calls such as those who work in inside sales, tech support and similar professions. It is engineered for all-day comfort, durability and audio quality while reducing IT complexity. The EncorePro 500/700 USB Series is also fully compatible and certified for Skype for Business and designed for integration with Plantronics Manager Pro.

Key features include:

* Ultra-light and ergonomically designed for long-term use with foam and leatherette ear cushions available

* Noise-cancelling mic reduces background noise and conversations heard by caller, ensuring clearer conversations and helping to comply with confidentiality regulatory requirements

* Advanced audio processing: Superior noise and echo cancellation


Interested?

The Plantronics EncorePro 500/700 Digital Series will be available at authorised Plantronics resellers starting at a manufacturers' suggested retail price (MSRP) of S$175, with the accompanying DA90 USB audio processor starting at a MSRP of S$159. The Plantronics EncorePro 500/700 USB Series will be available at authorised Plantronics resellers starting at a MSRP of S$235.

DCIBF and DIEDC release report on Islamic banking

Source: Hamdan Bin Mohammed Smart University. The second annual report on the Islamic economy was released on the sidelines of the 3rd Global Islamic Economic Summit in Dubai, UAE. Several GCC countries, including UAE, make it to top 20 most efficient Islamic banks.

• Kuwait and KSA banks lead 131 global institutions
• Malaysia the only country outside GCC to make it to top 20

The Dubai Center for Islamic Banking and Finance (DCIBF), a joint initiative of Hamdan Bin Mohammed Smart University (HBMSU) and the Dubai Islamic Economy Development Centre, formally released its second annual report on the Islamic economy during the opening day of the third Global Islamic Economy Summit (GIES) in Dubai, the region’s premier forum on the Islamic economy.

The statistics-backed report, Islamic Banking: Growth, Efficiency and Stability, focuses on the efficiency of 131 Islamic banks operating globally and other various key facets of Islamic banking. Islamic banking and finance have been gaining momentum on a global scale, and have been offering profitable opportunities for institutions and individual investors of all sizes. They now represent an important system offering viable innovative alternative models for investment and growth to the conventional financial system, which is under significant strain owing to the recent financial crisis.

Out of the total Islamic institutions studied, DCIBF’s report reveals that an Islamic bank from Kuwait is the world’s most efficient. The Kuwait Finance House (KFH) received the highest efficiency score among all banks mentioned in the report, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of the most cost-efficient Islamic bank in the world. The top 20 most efficient Islamic banks come from seven countries, including the UAE, Qatar, Malaysia, and Bahrain in addition to Kuwait and Saudi Arabia. Outside the GCC region, only Malaysia made it to the top 20 list.

DCIBF plays a pivotal role in the preparation and development of in-depth studies covering developed global Islamic banking sector efficiency—used as a reference and base for the Islamic Retail Banking Awards, which held its inaugural edition in 2015. The research conducted by the Center has also led the DCIBF to being awarded with the Islamic Banking R & D Award in 2015, which was given in recognition of the efforts made to assess the performance of Islamic retail banks.

In business, efficiency refers to how much needs to be spent in order to maximise output. According to the report, as financial markets become more integrated and decentralised, it has become imperative to measure the efficiency of banking institutions. More than 400 Islamic banks and financial institutions are now operating in over 60 countries from different regions, including Europe, the Americas, South Asia, the Far East, Africa, and Australia. The report points out that the growth and competitiveness of Islamic banking are being driven by numerous factors such as size, brand, ability to enter new markets, microfinance, combating poverty, strategic alliances, and the development of Islamic finance as an integral part of the global halal economy.

Dr Mansoor Al Awar, HBMSU Chancellor, said: “The efficiency analysis of Islamic banks used in this report is the first of its kind in that it is specifically designed for Islamic banks and that it has direct relevance to the global Islamic financial services industry. The innovative, pragmatic methodology utilised for the report combines the best academic methods with some basic tools that other practitioners can benefit from. The report is full of substantial statistics and reliable references to back its findings and recommendations. We are confident that the results will positively impact the entire global Islamic economy in such a way that more essential reforms will be implemented to further improve their competitiveness in the global stage.”

Dubai is well placed to promote rigorous research in Islamic banking and finance. The Dubai Government has seen a real potential for expanding its economic base and wants Islamic economics to play a significant part in the wider economic system. Dr Al Awar added that the report is part of DCIBF’s commitment to the initiative launched by HH Sheikh Mohammed bin Rashid Al Maktoum, UAE VP and PM, and Ruler of Dubai, to make Dubai the capital of Islamic economy.

"It also represents another significant contribution to the realisation of (the) Dubai Strategic Plan’s goal of promoting knowledge-driven and sustainable economic development in the emirate by providing rigorous scientific research that addresses key issues in Islamic economy and finance. Rest assured that as it gleans more experience and has more resources to capitalise on, the centre will continue to conduct and facilitate research, and will advance the concepts and the applications of research in Islamic banking and finance,” he said.

Besides the global ranking, the report, which comprises four chapters, also studied the current state of the global Islamic financial services industry which was valued at US$2 trillion at the start of 2015. Although it is expected that Islamic banking will continue to grow globally, the report warns that it may face challenges especially in countries that heavily rely on oil and other commodity prices. In this regard, diversification of the industry and further expansion is essential for its sustainable growth, the report states.

The report suggests that while the industry remains on a growth trajectory, concentration of Islamic banking assets in few markets, mainly the GCC and the wider MENA region, may pose a threat to the stability of Islamic banking. A detailed literature review on Islamic banks was also done to look into Islamic banks’ developments as well as their profitability over the past few decades. The study addresses pressing challenges facing the Islamic banking and finance sector at a time when many factors have tremendous impact on the industry such as oil price fluctuations.

The research team was led by Project Director Professor Nabil Baydoun, with Professor Humayon Dar and Rizwan Malik serving as Chief Editor and Research Assistant, respectively.

Hashtag: #GIES2016

Modest fashion is worth over US$230 billion globally

Estimated to be worth over US$230 billion worldwide, the modest fashion industry grew out of Islamic traditional wear, and has since been reimagined by designers and influencers from Muslim as well as non-Muslim cultures across the globe.
“Modest fashion is easily the fastest-growing trend in the global fashion industry, and in recent years, world-renowned fashion labels such as D&G, DKNY, H&M, Zara and many more have awoken to the opportunities that exist in this space. This has been further bolstered by the rise of social media and the emergence of several global fashion influencers from traditional Islamic markets such as the GCC. Today, we are seeing a confluence of these – labels are looking to work with Middle Eastern and Islamic fashion influencers, and more and more customers are looking to Influencers and brands to fulfil their need for fashion trends and designer labels, but within the Islamic context,” said Ritu Upadhyay, Middle East Correspondent of Women’s Wear Daily, who moderated a panel on the topic at Global Islamic Economy Summit 2016.

Panelist Soha Taha, a modest fashion influencer from Egypt and the UAE with over 187,000 followers on Instagram, recently started her own fashion label and online store to fulfil customer demands globally. She says that this was a natural move considering the unique requirements of the modest fashion consumer.

“The need for modest fashion among Muslim women gave rise to an all-new industry, and social media became the platform through which I could share my take on the latest trends and instantly communicate with those who valued my opinion. Followers became buyers, and today I receive orders from and deliver to more than 75 countries around the world,” said Soha.

Turkey-based global modest fashion e-commerce store Modanisa.com gets more than 9 million visitors a month, and carries more than 45 designers and 300 brands. Kerim Ture, Founder of Modanisa.com said: “This sector has been seeing a strong upward trend since we began in 2011, and we have even created the Istanbul Modest Fashion Week as a response to this trend. Even with the groundswell, we believe that this is a largely untapped sector, and we are currently serving only 4% of the addressable market. Whether it is fashion in daily wear or for special occasions, the modest fashion consumer looks to us and to influencers to bring them options, and we also play a key role in creating awareness around specific culturally unique trends that may not be seen elsewhere.”

Social mMedia platforms have emerged as the communications media of choice, as influencers and brands are able to engage with the consumer in real-time. This has also created a community of like-minded individuals. During instances such as the recent ‘burkini ban’ debate in France, this community saw strong support from Muslims and non-Muslims around the world, and both Soha and Ture reported increased sales in response to this sociopolitical issue.

Instagram and Snapchat were touted as the best platforms to engage with the modest fashion enthusiast community, and video content sees the most engagement when it comes to proactive content sharing from brands and sellers. This content includes designers and influencers sharing thoughts on designs, fabric, and patterns, as well as ‘how to’ videos to demonstrate the correct wearing of scarves and gowns to young girls or non-Muslim consumers.

“An influencer in this niche area needs to find their authentic voice and style, and not be afraid to change or experiment. Modest fashion need not come from only modest designers, but can actually be created by understanding the core concepts and mixing-and-matching from anywhere,” said Soha.

Modanisa.com is looking to brick-and-mortar as the next stage of their evolution. “We have built our community of more than 2 million followers on Facebook and 25 million views on YouTube, and are now looking at reaching our customers through a chain of retail stores. We have begun in Turkey, and will be bringing these stores across the region in the near-term,” said Karim.

Interested?

Modanisa tracks the latest fashion trends on its YouTube channel (Turkish). At the time of writing the channel had nearly 46,000 subscribers.

Hashtag: #GIES2016

Bye Felicia #HijabFlip

A photo posted by Soha MT سهى (@sohamt) on Oct 27, 2016 at 12:40pm PDT

Fintech and traditional bank partnerships are a win-win

• Remittances identified as key sector for fintech companies
• Dubai praised for embracing Blockchain and other technology

Fears of an imminent disruption to traditional banking from the financial technology sector are overblown, with a collaborative approach being the most likely way forward, according to experts at the Global Islamic Economy Forum (GIES) being held in Dubai, UAE.

Zubair Ahmed, Head of IT & Business Innovation at Emirates Islamic Bank, said: “The good things about fintech companies are speed and customer focus, yet the cons are they are not widely regulated. Increasingly, the relationship between banks and fintech is being seen as a much more complementary and collaborative one than competitive.”

He added that opportunities exist for fintech in innovations such as digital currencies and Blockchain. “The fintech revolution cannot be done by a single bank, but a single bank can create a new norm,” he said. “The good thing is that here in the UAE, we have a great body of federation banks which gives input to UAE Central Bank and has such discussions. Dubai government’s vision of using Blockchain I think will really help the ecosystem and third parties.”

Abdul Haseeb Basit, CFO of the UK’s Innovate Finance, agreed that a collaborative approach is most likely. “The challenge for startups is regulation. Fintech realises that regulation is where banks have an advantage, while (banks) also have the ability to access a wide customer base. Banks already have that scale so it makes sense for fintechs to partner with them rather than market on their own.”

He also agreed with Zubair that Dubai’s focus on Blockchain could be a game-changer. “Dubai’s government aspirations to be a Blockchain government are huge. Having a system where you can track and log all transactions is a great step forward. In most cases using applications which already exist actually makes financial transactions and processes cheaper and faster."

Basit identified remittances as the next big thing. “I think (remittances are) where we could see the next unicorns* in fintech,” he said. “Companies who specialise in this can come here and capture market share.”

Abdulla Al Najran, Deputy CEO, Boubyan Bank, Kuwait, said banks should view fintechs favourably. “Banks must work with fintechs as they have ideas that the older generation will not come up with. We are also working with the regulator and bringing new ideas to the table," he said.

“Non-traditional customers are choosing to go with shari'ah-compliant products and Islamic banks because of the transparency and now the technology. Technology and fintech can help Islamic banks broaden their customer base.”

David Martinez de Lecea, Specialist Consultant, FinTech, Roland Berger in the UAE said: “Regulation is the biggest challenge. We have an invested in products that are better than others but it takes six to eight months to roll them out. We are developing great solutions for customers that lower cost and improve access but the regulatory side is still looking at models that were developed two years ago. This process needs to move faster.”

He added that Dubai is successfully positioning itself at the nexus of finance and technology. “The most groundbreaking things we are going to see in the next years are artificial intelligence technology, future accelerators and initiatives launched in Dubai – very exciting things are happening here and it’s going to become the next global capital of the Islamic world,” he said.

Hashtag: #GIES2016

*A unicorn is a startup which does not yet have a track record but nevertheless is valued at US$1 billion or more.