FINANCIAL NEWS

Saudi retail sales may rise $50b by 2014

02 Jun 2010

(MENAFN) A report issued by CB Richard Ellis showed that Saudi Arabia’s retail sector is predicted to grow by $50 billion by 2014 as more international brands look to move into the Kingdom, Reuters reported.

The report said that Saudi Arabia is now attracting 43 percent of all international retail brands surveyed and had overtaken better known retail destinations like Hong Kong, Russia and Japan. The list, published last month, was topped by London and Dubai.

Where Europe has previously dominated the list of top retail cities, Asia and the Middle East now account for almost half of the top 20 most international markets in the new report.

A number of Middle Eastern cities have made significant progress in the global hierarchy, moving sharply up the ranking.

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