MIHAS Dubai Drives $510 Million in Sales at Global Halal Expo

The Malaysia International Halal Showcase (MIHAS) marked a historic milestone in 2024 with its first international edition, the MIHAS Dubai Global Halal Expo, held at the Dubai World Trade Centre from November 18 to 20, 2024. This landmark event not only emphasized Malaysia’s global leadership in the halal industry but also highlighted the United Arab Emirates’ (UAE) vital role as a hub for halal trade within the Gulf Cooperation Council (GCC) region. Recording a staggering $510 million in total sales, the expo showcased the immense growth potential of the halal economy and strengthened trade ties between Malaysia and the UAE.

A Record-Breaking Success

The MIHAS Dubai Global Halal Expo brought together over 215 Malaysian companies, presenting a wide array of halal-certified products and services. The event was hailed as a resounding success, achieving total sales of $510 million—a figure that reflects the growing demand for halal products across global markets.

Mohd Mustafa Abdul Aziz, CEO of the Malaysia External Trade Development Corporation (MATRADE), expressed pride in the expo’s accomplishments. “This record-breaking achievement underscores Malaysia’s position as a leader in the halal economy. The MIHAS Dubai Global Halal Expo provided an essential platform for fostering international trade relationships and boosting Malaysia’s global influence in halal industries,” he said.

The UAE has long been a strategic partner for Malaysia in halal trade. From January to October 2024, the UAE accounted for 42% of Malaysia’s total trade with Gulf countries, amounting to $7.98 billion—an 11.3% increase compared to the same period in 2023. This significant growth demonstrates the UAE’s importance as a trading hub for Malaysia and its pivotal role in facilitating global halal trade.

Malaysian exports to the UAE during this period totaled $2.61 billion, marking a 3.0% year-on-year increase. The key sectors driving this growth included:

1. Jewelry: High-quality craftsmanship and innovative designs have positioned Malaysia as a leading supplier to the UAE’s luxury markets.
2. Petroleum Products: Energy resources continue to be a cornerstone of Malaysia’s exports to the UAE.
3. Foods: The growing demand for halal-certified processed foods in the GCC region has driven significant growth in this sector.
4. Machinery: Industrial and technological goods remain essential components of bilateral trade.

MIHAS Dubai

The MIHAS Dubai Global Halal Expo served as a vital platform for advancing the halal economy, which is projected to reach $3.27 trillion by 2028. Halal trade extends beyond food and beverages to include diverse industries such as pharmaceuticals, cosmetics, logistics, and Islamic finance. By bringing together key stakeholders, including government officials, industry leaders, and entrepreneurs, MIHAS Dubai fostered innovation and expanded market opportunities for halal-certified products and services.

Comprehensive Economic Partnership Agreement (CEPA)

The collaboration between Malaysia and the UAE is set to reach new heights with the anticipated signing of the Comprehensive Economic Partnership Agreement (CEPA). Expected to be finalized soon, CEPA aims to enhance trade relations between the two nations by introducing several transformative measures:

• Elimination of Customs Duties: Reduced tariffs on specific Malaysian exports will boost competitiveness in the UAE market.
• Streamlined Supply Chains: Improved logistics and trade facilitation will ensure smoother and more cost-effective operations.
• Increased Investment Opportunities: CEPA will encourage cross-border investments in sectors such as halal manufacturing, renewable energy, and digital technologies.
• Removal of Trade Barriers: Simplified regulations will create easier market access for businesses from both countries.
• Private Sector Collaboration: Closer ties between Malaysian and Emirati businesses will pave the way for sustained growth.

Negotiations for CEPA concluded successfully in October 2024 in Kuala Lumpur, setting the stage for this game-changing agreement. Its implementation is expected to further enhance Malaysia’s position in the GCC market.

Key Industries at MIHAS Dubai

The MIHAS Dubai Global Halal Expo showcased the diversity of the halal economy, featuring exhibitors from a range of industries.

Halal-certified food and beverages remained the cornerstone of the expo. Malaysian companies presented a variety of offerings, from ready-to-eat meals and frozen foods to premium beverages and gourmet delicacies. These products appealed to international buyers seeking high-quality halal-certified options.

The demand for halal-certified cosmetics is on the rise, driven by consumers who prioritize ethical and sustainable products. Exhibitors introduced innovative skincare, haircare, and beauty products that adhered to halal standards, capturing the attention of global buyers.

With a growing market for halal-certified medicines and healthcare solutions, exhibitors showcased products that combined ethical practices with high-quality standards. From nutritional supplements to advanced medical devices, the healthcare sector was a major highlight of the expo.

Malaysia’s expertise in Islamic finance was prominently featured at MIHAS Dubai. Financial institutions presented Shariah-compliant banking, investment, and insurance solutions, demonstrating the country’s leadership in this field. These offerings provided international investors with opportunities to align their financial goals with Islamic principles.

SMEs at MIHAS Dubai

Small and medium-sized enterprises (SMEs) were a key focus of MIHAS Dubai. MATRADE organized matchmaking sessions to connect Malaysian SMEs with international buyers, investors, and distributors. These sessions provided valuable networking opportunities, enabling SMEs to expand their global footprint and secure lucrative deals.

By supporting SMEs, MIHAS Dubai aligned with Malaysia’s broader vision of positioning its halal-certified businesses as global leaders. The success of these enterprises at the expo highlights their potential to drive economic growth and innovation in the halal sector.

The UAE’s strategic location and advanced infrastructure have established it as a leading global hub for halal trade. Positioned at the crossroads of Asia, Europe, and Africa, the UAE offers unparalleled access to international markets. Its commitment to promoting the halal economy is evident through initiatives such as:

1. Halal Certification Standards: Rigorous certification processes ensure the quality and authenticity of halal products.
2. Halal Economic Zones: Dedicated zones for halal manufacturing and logistics streamline operations for businesses.
3. Collaborations with Global Partners: Partnerships with countries like Malaysia enhance the UAE’s influence in the global halal economy.

CEPA: Unlocking New Opportunities

The Comprehensive Economic Partnership Agreement between Malaysia and the UAE is poised to revolutionize bilateral trade. For Malaysian businesses, CEPA will open doors to the GCC market, particularly in industries like halal food production, renewable energy, and digital technologies. For the UAE, the agreement will solidify its position as a global gateway for halal trade and investment.

CEPA’s expected benefits include the elimination of customs duties, the removal of trade barriers, and enhanced collaboration between private sectors. By fostering a supportive regulatory environment, the agreement will create new opportunities for businesses in both nations.

The success of the MIHAS Dubai Global Halal Expo has laid the foundation for future international editions of the event. MATRADE has announced plans to expand MIHAS to other key markets, including Turkey, Indonesia, and Africa, to further promote halal trade on a global scale. By exploring new regions, MIHAS aims to connect more stakeholders, foster innovation, and drive market expansion.

The MIHAS Dubai Global Halal Expo has proven to be a pivotal moment in the evolution of the halal economy. With record-breaking sales of $510 million, the event underscored the immense potential of halal-certified products and services in global markets. The UAE’s role as a strategic partner, combined with the forthcoming CEPA, sets the stage for even greater collaboration and growth.

As Malaysia and the UAE strengthen their economic ties, the future of halal trade looks promising. Events like MIHAS Dubai will continue to drive innovation, facilitate partnerships, and expand opportunities for businesses around the world. By fostering a global halal ecosystem, MIHAS is helping to shape a more inclusive and sustainable economic future.