Dubai's $35bln retail sector is projected to grow a further 5.6% from 2018, to reach $43.7bln by 2021
Dubai's retail sector will continue to witness a steady growth in 2019, driven by a growing calender of events, increasing investments, and a greater contribution by the small and medium-sized enterprises (SME) sector.
Sami Al Qamzi, director general of the Department of Economic Development (DED), said that the retail sector is a key contributor to Dubai's thriving economy and makes up a considerable volume of the emirate's GDP. He added that the DED, in collaboration with Dubai Tourism, will continue to build on Dubai's already successful position as a favourable shopping destination, and provide fledgling SMEs with the opportunity to grow their companies here within the emirate.
"It is our key priority to enhance greater competitiveness of the retail industry in Dubai, while ensuring a healthy bottom line for all participants to sustain growth. Combining retail with events and promotions has allowed us to streamline various activations across the year, to accelerate the success of Dubai's retail model, whilst allowing us to collectively focus on increasing the GDP contribution of the sector to Dubai," he said.
According to figures released by Dubai Chamber, Dubai's Dh128.45 billion retail sector is projected to grow a further 5.6 per cent from 2018, to reach Dh160.7 billion by 2021. Most recently, the DED, along with the Dubai Festivals and Retail Establishment (DFRE), jointly announced the 2019 Retail Calendar, which will assure Dubai's continued international standing as a must-visit shopping destination.
Featuring even more city-wide events, activations and experiences throughout 2019, the calendar showcases 18 events over 247 days, versus 12 events over 178 days in 2018, greatly amplifying opportunities for retailer involvement across a broader and diversified range of product categories and brand segments. Additionally, aimed at prioritising wider and inclusive sector participation thereby extending the economic benefits of the initiative to a wider base, the 2019 Retail Calendar offers a reduction in fees for all small and medium enterprises to enable dynamic adaptation to the ongoing disruptions impacting retail, whilst retaining competitiveness in the global environment.
"Dubai has been continually growing as a leader in global travel, with the highest average spend per tourist, and is ranked as the fourth most visited city in the world, according to the latest MasterCard surveys. As one of the core pillars of our destination offering, the retail sector is a high priority for Dubai Tourism - in addition to increasing the number of international visitors to the emirate, we are also focused on significantly enhancing the economic value created across all travel related industries to our GDP," said Helal Almarri, director general of the Dubai Department of Tourism and Commerce Marketing (Dubai Tourism).
Ahmed Al Khaja, CEO of DFRE, an agency of Dubai Tourism, noted: "We are constantly looking for ways in which to support and promote the retail sector within Dubai; from large retailers and mega global brands, to the smaller high-potential SME segment. Following detailed analyses and close coordination with our strategic retail partners, we have introduced noteworthy changes to the new Retail Calendar, and are confident in its ability to impact continued positive and sustained sector growth across Dubai."
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