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FINANCIAL NEWS
Dubai’s retail sector expected to grow significantly
18 Aug 2010
(MENAFN) A study conducted by Dubai Chamber of Commerce and Industry (DCCI) said that the emirate’s retail sector has shown high growth on account of high per capita income levels and the concept of modern retailing, Emirates Business 24/7 reported.
The report said that the retail sector will get a further boost with the opening of more shopping malls in the UAE as the biggest mall under construction in the world – Mall of Arabia, with 929,000 square metres of leasable space is expected to open this year. In addition, at least six shopping malls are scheduled to open in Abu Dhabi by 2012 which will add to the buoyancy and robust growth of the retail sector, the report added.
The UAE’s shopping mall growth is expected to continue significantly in 2010, according to Dubai-based Middle East Council of Shopping Centres. Some observers have expected that increasing consumer confidence in the months ahead which will lead to a pick-up in consumption levels, will see the value of retail sales rise by 3.6 percent in 2010. The wholesale retail trade sector which has been growing at an impressive average annual rate of 18.5 percent since 1995-2009, is expected to continue to grow in the short-term.
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