Dubai retail sales set to reach Dh160bn in 2015

Dubai retail sales are expected to reach  over  Dh152 billion ($41.5 billion) this year and likely to grow over five per cent to approximately Dh160 billion ($43.7 billion) next year, said Abdul Rahim Al Zarooni, Chairman of the Al Zarooni Group – one of the major sponsors of Dubai Shopping Festival.

Retail sales in 2013 were recorded at around Dh145 billion ($39.6 billion) and are expected to increase to Dh204 billion ($55.7 billion) in the coming 7 years, Al Zarooni said.

Retail and the wholesale sector play a very important role in contributing to the economy of the emirate as it represents 29.2 percent of the gross domestic product (GDP) of Dubai, according to the 2013 statistics.

Undoubtedly, he said Dubai has achieved a strong position in terms of its retail sector and has become a prominent shopping destination on the world map. In 2014, Dubai was ranked only second after London as a city that has the largest collection of international retail brands under one roof, ahead of major cities such as New York, Moscow, Shanghai, Paris and Singapore.

Studies show that the size of the current retail sector in Dubai is around 2.8 million square meters and it is expected to increase to 3.2 million square meter in the coming two years, he added.

In order to cash in on the growing retail industry in the emirate, Al Zarooni Group is planning on building a new shopping mall in Karama and details of the second one will be announced at a later stage. But, what I can tell you now, is that the second mall will be a distinctive addition to the current portfolio of shopping malls in Dubai and will become one of the popular icons of the city.

In addition to the shopping malls, the company is currently looking at expanding Mercato to be able to accommodate a growing number of retail shops and shoppers.

Al Zarooni Group, he said, will soon launch six projects in retail, real estate and hospitality sectors.
 

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