DinarStandard a Strategy Partner to the event.
Event Presentation by DinarStandard:
New York, NY, United States, May 29, 2014 – Indonesia will host the 1st OIC International Forum on Islamic Tourism on June 2-3, 2014, to develop the growing business potential of this faith-based values driven tourism market. The event is being hosted by The Ministry of Tourism and Creative Economy, Republic of Indonesia.
DinarStandard along with Sofyan Hospitality are serving as Strategic Partners of the event and will also be presenting strategic perspectives on the opportunities and challenges for the OIC economies in developing this tourism segment as a growth opportunity for their economies.
DinarStandard will be represented by Mr. Rushdi Siddiqui, Senior Partner, Global Leader Islamic Economy as well as Mr. Rafi-uddin Shikoh, CEO/ Managing Director. They will be sharing DinarStandard’s research and experience based practical strategy options for OIC market airlines, hotels/resorts and destinations in best positioning and engaging this opportunity. Connectivity with Sharia compliant financing and investments will also be discussed.
DinarStandard estimates global Muslim spending on travel (outbound) to be $137 billion in 2012 (excluding Hajj and Ummrah). This expenditure is expected to grow to $181 billion market by 2018. This market is 12.5 % of global expenditure. OIC markets – stand to benefit tremendously from this opportunity. Comparatively, the collective global Muslim tourism market is larger than the largest tourist source country of United States. The unique needs and consumption sensitivities of these consumers makes this segment significant as a whole.
Regionally, GCC country based tourists (in order: Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain) are the largest in terms of expenditure representing 31% of the total Muslim travel expenditure. This is a significant concentration given the GCC population is approximately 3% of the global Muslim population. The other top regions are MENA (except for GCC) with a 25% share, East/South East Asia with 12% share and then Western Europe with 11%. It may be a surprise that Western Europe based Muslims tourism expenditure was significant $14.7 billion.
DinarStandard will also cover insights from the Global Muslim Lifestyle Tourism Market 2012: Landscape & Consumer Needs Study produced by DinarStandard in partnership with CrescentRating as well as the recent State of the Global Islamic Economy Report produced in coordination with ThomsonReuters.
DinarStandard™ is a growth strategy research and advisory firm empowering organizations for profitable and responsible global impact. DinarStandard specializes in the Halal/Tayyab food, Islamic/Ethical Finance, Halal travel, Islamic NGO’s and OIC member country sectors. Since 2008, DinarStandard has been advising organizations globally on market expansion, business/investment strategy, and innovative marketing strategies. Its clients include global multi-nationals, Islamic financial institutions, Halal market startups and NGOs, served by a team of research & strategy associates from across the USA, as well as from France, Turkey, Malaysia, Indonesia, Saudi Arabia, India, Pakistan, Egypt, Nigeria, and the UAE.
Reem El Shafaki
Senior Associate, DinarStandard™
80 Broad Street, 5th Floor
New York City, NY, USA