Dubai Retail Sales Forecast To Exceed $43 Billion By 2021, New Analysis ShowsSource: www.export-egypt.com 5/3/2018, Location: Middle East |
|
|
|
|
|
The value of retail sales in Dubai is expected to reach $43.8 billion by 2021, while the emirate’s retail market is projected to record average growth of 5.6 percent over the 2018-2021 period, new analysis conducted by the Dubai Chamber of Commerce and Industry has revealed.
Key factors expected to fuel retail sector growth include the rising number of tourists and high occupancy levels at major retail centres and shopping malls, in addition to high per capital income, strong international brand presence and a consumer base that likes to spend on retail, food and beverage and leisure activities. With more than 60 shopping centres and major international brands, Dubai has the second-highest density of shopping malls in the world ranking only behind New York, thanks to its high visitor to resident ratio. This can be attributed to the fact that European markets have a stronger high street market, in addition to a much higher population base. Dubai ranks highest among global retail hubs in terms of international visitors spend according to the MasterCard Global Destination Cities Index. In 2017, total international visitor spend in Dubai amounted to $28 billion, a figure which is 77 percent higher than London. Compared with other global retail destinations, Dubai offers the most competitive prime rents, with an average cost of approximately $8,400 per square meter as of Q3-2017. This value proposition positions Dubai favourably amongst luxury and fashion retailers. The analysis revealed that Dubai retail market size grew to $35 billion in 2017, accounting for around 67 percent share of the UAE’s total retail market size. Major retail centres and shopping malls were close to full occupancy over the 2016-2017 period. Meanwhile, Dubai accounted for around 49 percent of all shopping malls in the UAE, followed by Abu Dhabi with 36 percent . Dubai remains an attractive destination for international brands, thanks to several economic indicators and key factors such as its strong presence of brands, rising per capita income, economic growth prospects and a consumer base with a desire to spend on merchandise, products, leisure, attractions and food and beverages. In addition, Dubai’s development of new strategies is expected to contribute to sustaining market momentum as retailers introduce new experiences to local and overseas shoppers, while e-commerce activity is expected to increase in the medium term |
|
|
Financials and Investment News in United Arab Emirates >> |
 |
|||||
|
Egypt >> 11/25/2024 - Prime Minister Moustafa Madbouli witnessed activities of session entitled "Investment in Industry.. Opportunities for Integration and Growth" as part ...
|
Egypt >> 11/25/2024 - Prime Minister Mostafa Madbouly emphasized the government’s commitment to increasing the industrial sector’s contribution to the GDP from the current ...
|
|
Egypt >> 11/25/2024 - Deputy Prime Minister for Industrial Development Minister of Industry and Transport Kamel el Wazir asserted the Egyptian government is paying a greate...
|
Egypt >> 11/23/2024 - The Financial Regulatory Authority (FRA) Board of Directors, under Mohamed Farid, issued decision no. 267 of 2024 amending the Board of Director's dec...
|
|
Egypt >> 11/23/2024 - Minister of Planning, Economic Development and International Cooperation Rania el Mashat asserted Egypt’s appreciation to the depth of joint ties with...
|
Egypt >> 11/23/2024 - EgyptAir participated in Incentives, Business Travel & Meetings (IBTM) show in Barcelona in coordination with the Egyptian Tourism Authority within th...
|
| United Arab Emirates Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | |
