The United Arab Emirates is the largest trade partner in the Organisation of Islamic Cooperation (OIC), with a 2014 trade volume of US$121.7 billion (AED 444b) accounting for 15.2 percent of total intra-OIC trade, according to Secretary-General of the Federation of UAE Chamber of Commerce and Industry, Humaid bin Salim. Turkey had the next highest level of trade with US$77.8 billion (or 9.7 percent of total intra-OIC trade) followed by Saudi Arabia, in third place, with US$74.3 billion (9.3 percent).
Meanwhile, the total value of trade between OIC member countries in 2015 increased by 9.44 percent to US$878 billion, compared to US$802.25 billion in 2014. The value of intra-OIC trade, compared with the total trade of member countries, now stands at 19.78 percent (2015).
UAE public and private sector organisations joined other OIC members from around the Muslim world at the organisation’s 15th biennial trade fair in Riyadh, Saudi Arabia from 22 to 26 May. The OIC event also included the second session of the Trade Promotion Organs of OIC Member States, the Investment Promotion Agencies Forum, and the 9th Forum of Business Ladies from member OIC states. The agenda of OIC’s Investment Promotion Agencies Forum included the review of the implementation of the OIC Agreement for Promotion, Protection and Guarantee of Investments.
Sharjah Investment and Development Authority (Shurooq) participated in the five day OIC event to promote investment opportunities in Sharjah as part of the UAE delegation. Sharjah has aligned its development strategy closely with the world’s fast-growing Islamic economy, which has brought Sharjah global recognition in tourism, travel, halal food and finance sectors.
Founded in 1969, the Organisation of Islamic Cooperation has 57 member states with an estimated combined GDP (gross domestic product) of US$15,867 billion. Standard and Poor’s estimates Islamic finance assets in OIC countries at about US$2.1 trillion (2015).
The OIC voted Sharjah as the Capital of Islamic Culture for 2014.
Source: OIC, media