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FINANCIAL NEWS
Dubai retail sales to hit USD41.5b in 2014
28 Dec 2014
(MENAFN) Dubai retail sales are expected to reach over USD41.5 billion this year and is expected to achieve a growth by over five percent to approximately USD43.7 billion next year, Emirates 24/7 reported.
The growth in retail sales for this year at USD41.5 billion is compared to the USD39.6 billion registered in retail sales in 2013, which are expected to increase even further in the next seven years to reach USD55.7 billion.
The growth in the retail sector is a very good sign for Dubai’s economy, as the retail and wholesale sector play a very important role in contributing to the economy of the emirate as it represents 29.2 percent of the gross domestic product (GDP) of Dubai.
Dubai, which size of its current retail sector has reached around 2.8 million square meters and it is expected to increase to 3.2 million square meter in the coming two years, was ranked second after London as the city that has the largest collection of international retail brands under one roof, ahead of major cities such as New York, Moscow, Shanghai, Paris and Singapore.
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