Syria has signed $14 billion worth of investment agreements on Wednesday in a ceremony attended by incumbent President Ahmad Al-Sharaa.

The agreements include a $4 billion deal signed with a consortium led by Qatar’s UCC Holding to redevelop Damascus International Airport and a $2 billion Damascus Metro deal with the UAE’s national investment corporation. 

Other agreements include a $2 billion deal for the Damascus Towers with Italy-based UBAKO, and other real estate projects such as Baramkeh Towers and Baramkeh Mall.  

Talal al-Hilali, Syrian Investment Authority’s direct general said that the meeting is a clear declaration that “Syria is open to investment [and] determined to build a prosperous future,” Syrian state news agency Sana reported. 

"These projects will make a qualitative shift in infrastructure and economic life in Syria” he added.

The airport project will be executed under a build-operate-transfer model in five phases, ultimately reaching a capacity of 31 million passengers annually. The initiative also includes developing the main access road to the airport, and a $250 million financing deal to purchase up to 10 Airbus A320 aircraft for the country's national carrier. 

US Special Envoy to Syria Thomas Barrack, who attended the ceremony, expressed the United States’ desire to strengthen Damascus as a center of trade and prosperity.

“The path to recovery must begin with the fits and starts of building a foundation of security and stability, then followed by government systems and ultimately enterprise and prosperity,” he wrote on social media platform X. 
 

Malaysia will establish a new commission to oversee halal development and foster investment across the sector. 

The entity, which will hold sole dominion over halal development, will serve as a reference and a standards hub for the global halal industry, Malaysia’s state-news agency Bernama said, citing an official document released by the country’s ministry of economy.  

“The market expansion programme for halal products and services to the international level will be strengthened to support the scaling up of small and medium enterprises in the halal industry,” said the 13th Malaysia Plan document. 

The initiative is part of the country’s broader efforts to transform its halal ecosystem and bolster the sector’s contribution to the national growth, 

The role of the halal industrial parks will be reinforced to facilitate the development of high-value halal industry, the document added. 

Malaysian premier Anwar Ibrahim said that the government aims to ramp up the country’s halal export to 80 billion Malaysian ringgits, whilst increasing the sector’s contribution to GDP to 11%. 

The halal industry contributed 149 billion Malaysian ringgits to the national economy last year, making up 7.7% of the GDP. 

Indonesia is moving swiftly to secure land in Mecca to build a dedicated Hajj village that will serve as a residential hub for its pilgrims during Hajj and Umrah, ahead of Saudi Arabia’s legal reform allowing foreign land ownership in the holy city starting January 2026.

Investment minister Rosan Roeslani told reporters at a briefing held at the Presidential Palace in Jakarta that negotiations were ongoing with the Royal Commission for Makkah City to finalize the land acquisition. 

He credited the initiative to high-level diplomatic engagement between Indonesian President Prabowo Subianto and Saudi Crown Prince Mohammed bin Salman, noting that Indonesia would gain full ownership of the land and autonomy to design and build facilities specifically for its pilgrims.

The Hajj village aims to enhance mobility and comfort for Indonesia’s Hajj and Umrah pilgrims, with plots ranging in size from 25 to 85 hectares—some located as close as one kilometer from the Grand Mosque (Masjid al-Haram). 

Rosan assured that the Saudi government would manage any required relocation of current residents, with prices offered to Indonesia covering land clearance. “The price would also include the cost of clearing the land of current occupants.

Indonesia is expected to submit a comprehensive master plan by October 2025, detailing zoning, infrastructure design, and service delivery for the Hajj village. The development will be funded through Indonesia’s sovereign wealth fund, Danantara, chaired by Rosan.

The move marks a significant milestone in Indonesia’s efforts to improve Hajj services for its citizens, who comprise one of the largest groups of pilgrims visiting Mecca annually.

Pakistan has issued its first agri-infrastructure sukuk—valued at Rs 2 billion in a landmark step toward Shariah-compliant, climate-resilient financing for the country’s agriculture sector.

Launched by InfraZamin Pakistan, Sunridge Foods (Pvt) Limited, and BankIslami Pakistan, the sukuk was formally unveiled at the Pakistan Stock Exchange (PSX).

“This Sukuk not only boosts our capacity but also strengthens Pakistan’s food systems through sustainable and inclusive growth,” said Amir Shahzad, chairman and executive director of Sunridge Foods. The proceeds will fund Sunridge’s modernization efforts, including renewable energy projects and the construction of silos and warehouses to expand food storage and reduce emissions.

Structured under a robust governance framework, the instrument carries a 100% principal credit guarantee from InfraZamin Pakistan and holds a long-term AAA rating from VIS Credit Rating Company. Institutional investors led the fully subscribed issuance, signaling growing confidence in innovative Islamic finance products.

InfraZamin CEO Maheen Rahman described the transaction as “a transformative example of how credit guarantees can unlock access to capital markets for critical sectors like agriculture.” 

The funds will support Sunridge’s Balancing, Modernization, and Replacement (BMR) projects, including the installation of 1 MW wind turbines and a 0.5 MW solar power plant at their processing units in Karachi and Lahore.

“This Agri-Infrastructure Sukuk showcases the potential of Shariah-compliant instruments to channel capital toward national priorities,” said Rizwan Ata, CEO of BankIslami, the mandated lead arranger for the issuance.

Other key partners include AKD Securities as Financial Advisor, Al-Hilal Shariah Advisors for compliance oversight, and Pak Brunei Investment Company as Investment Agent and Trustee.

Here's a roundup of key developments across the halal industry ecosystem during July.

Editor's Note: Indonesia is fast-tracking the transformation of its Islamic economy committee into a new agency to boost innovation and cross-sector coordination in the halal and Islamic finance sectors.
 

Regulatory

Indonesia

KNEKS to be rebranded as Islamic Economy Agency
Former Vice President Ma’ruf Amin announced that the Indonesian government plans to transform the National Committee for Islamic Economy and Finance (KNEKS) into a new institution called the Islamic Economy Agency (BES).

At the launch of the 2024–2025 State of Global Islamic Economy (SGIE) Report in Jakarta, Amin confirmed that the rebranding process is being fast-tracked with support from President Prabowo Subianto.

He expressed confidence that the establishment of the BES will foster innovation in policymaking and enhance cross-sectoral coordination for the development of Indonesia’s Islamic economy. (Antara News)

Trade Developments

New Zealand

New Zealand seeks associate membership in ASEAN Halal Council

New Zealand has expressed interest in joining the ASEAN Halal Council as an associate member, marking a commitment to enhance halal cooperation with Malaysia and the Southeast Asian region.

This proposal was discussed during meetings with New Zealand government officials and the Malaysian diaspora in Auckland and Wellington, according to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

He described this development as an opportunity to expand collaboration within the halal ecosystem, not only between Malaysia and New Zealand, but also across the wider region. (The Malaysian Reserve)

Malaysia

Johor escalating efforts to become regional halal hub

Johor is working to establish itself as a regional halal hub through its Johor Halal Development Plan (PKHNJ), forming strategic partnerships with national agencies.

Mohd Fared Mohd Khalid, chairman of the state’s Islamic religious affairs committee, emphasized the government's commitment to setting a benchmark in halal certification, starting with state and federal government facilities.  (The Star)

Indonesia

Halal Indo 2025 Builds a Globally Competitive Halal Industry Ecosystem
Dyandra Promosindo hosted the Halal Indo 2025 Media & Influencer Gathering, themed “From Lifestyle to Global Industry: Indonesia’s Path to Becoming a Halal Hub”, at the Paragon Community Hub.

This event is part of the Halal Indo 2025 exhibition series, scheduled for September 25-28, 2025, at ICE BSD City, Tangerang. The gathering aims to promote a modern, sustainable, and globally recognized halal industry ecosystem. (Halal Focus)

Vietnam

Vietnam eyes opportunities to expand exports to Halal markets
Experts at a seminar held on July 14 in Ho Chi Minh City emphasized the significant export opportunities for Vietnamese businesses in the global Halal market, particularly in sectors like agriculture, food, cosmetics, textiles, and pharmaceuticals.

They noted that meeting Halal requirements would not only help businesses reach Muslim consumers but also tap into the high-end, quality-focused global market. (Halal Focus)

Greece

Greece urged to develop national halal strategy to boost exports to Muslim markets
Christos Kellas, Deputy Rural Development and Food Minister of Greece, emphasized the need for a national halal strategy to boost the export potential of Greece's agri-food sector to Muslim-majority countries.

He pointed out that Greece’s high-quality food products, with their strong local identity and international appeal, could benefit significantly from halal certification, opening doors to key markets such as Saudi Arabia, Indonesia, Malaysia, UAE, and Turkey. (ekathimerini)

UPCOMING EVENTS :

2025:

• July 16-18, Mega Halal Expo, Thailand
• Aug 19-21, Nigeria Halal Expo
• Sept 16-18, GHAS Conference
• Sept 17-20, MIHAS Malaysia 2025
• Sept 24-25, MUIS Halal conference, Singapore
• Nov 6-7, London Halal Forum
• Nov 11-13, BPJPH Halal forum
• Nov 26-29, Halal Expo Turkey
• Dec 2-3, Saudi Halal Expo, Madinah
• Dec 18-19, Thailand Halal Assembly

2026:

• Jan 7-10, Isfahan Halal Expo
• Jan 2026, Makkah Halal Forum

UAE-based food tech company Red Planet has launched a line of halal-certified ready-to-eat meals with a shelf life of **up to 25 years, offering a major innovation in long-term food storage. The meals, which were first presented at the Saudi Food Show 2025 in Riyadh from May 12 to 14, are targeted at military, humanitarian, and disaster relief operations worldwide.

According to representative from the company, advanced freeze-drying technology and oxygen-resistant packaging technology was used to help the meals retain their taste, texture, and nutritional value without refrigeration or preservatives. 

“Our mission was to develop high-quality, culturally appropriate meals that remain safe and nutritious over decades,” a Red Planet spokesperson said. “With growing concerns around food security and climate-related disruptions, the need for durable food solutions has never been greater.”

Each dish undergoes a process that removes over 95% of its moisture before being sealed in multi-layered pouches that block out humidity, oxygen, and light, critical factors in maintaining long-term food integrity. The menu caters to both regional and international palates, featuring meat machboos, balaleet with eggs, chicken biryani, scrambled eggs, and pasta with minced meat.

The innovation has drawn interest from institutional buyers and distributors at the food expo. Red Planet is currently awaiting final regulatory approval in the UAE, after which the meals will be made available in retail outlets across the country.

With climate change, geopolitical instability, and supply chain disruptions straining food systems globally, ultra-long shelf life products like Red Planet’s could reshape the way governments and humanitarian organisations approach food security and emergency preparedness.