Mubasher: Kuwait acquires 8% of the total sales of the retail market across the GCC area or nearly $24 billion each year, Al Anba Newspaper said, according to a recent report by Ardent Advisory & Accounting.
Ardent Advisory expected the volume of the retail segment in the Gulf countries to reach $290 billion in 2018.
The 15% growth in the GCC retail segment during the past two years is attributed to the higher number of shopping malls in the region, endorsing the retail market in the Gulf, Ardent Advisory said.
In the past two years, the retail market posted a growth from $253 billion in 2016 to an estimate of $290 billion in 2018.
New projects have contributed in raising the volume of the retail sector in the GCC, including Dubai’s Mall of the World, Abu Dhabi’s Al Maryah Central, Riyadh’s Mall of Saudi, and major events like Expo 2020 Dubai; these factors back the tourism sector in the region.
Ardent Advisory noted that the retail sector forms a big part of nearly 9.1% of the gross domestic product (GDP), backed by the residents’ high income as well as the existing world trademarks in all segments.
Across the GCC, Qatar topped the list of the attracting shopping malls with 100%, followed by the UAE and Kuwait with 97.6% and 81%, respectively.
