Dubai – Decypha: E-commerce and non-store retail business in the UAE is anticipated to grow by double-digits in the medium term, Dubai Chamber announced in a recent report.
The retail sector in the UAE is estimated to grow from $56.6 billion by the end of 2016 to $71 billion by 2021. Shaping 11% of UAE’s GDP alone, the retail sector combined with the wholesale sector represents 29% of the GDP, the report said, adding that mall visitors in the UAE grow by 5.8% year-on-year.
In terms e-commerce retail, the sector is expected to amplify from $20 million in 2017 to $200 million in 2030 in the Middle East and North Africa region, Deputy Chairman of the Arab Federation for E-Commerce, Ali Al Khouri, told Arabian Business.
Credit card transactions hiked by 5% year on year (YoY) in the Dubai Shopping Festival 2016, while the visitors of Emaar and Al Futtaim Properties malls will keep surging.
Around 717,000 square metres of retail space will be added to the Dubai market, and other 467,000 square metres to be completed in Abu Dhabi by 2018, according to the report.
“However, demand for retail space is projected to see a moderate increase in the medium term, which may potentially lead to market saturation,” said CEO of Dubai Chamber, Hamad Buamim.
By Decypha Editorial Team
