Photo used for illustrative purpose.
Inayat-ur-Rahman, Business Editor
The Gulf Cooperation Council’s (GCC) retail market is projected to more than double from $24 billion in 2020 to reach $50 billion by 2025.
According to Dubai Chamber’s latest forecast E-commerce sales in Dubai are forecasted to jump 23 per cent to reach $27 billion in 2022, driven by the COVID-led digital shift and changing consumer demands, which are levelling the playing field.
The forecast, based on new market analysis, reflects a major opportunity for retailers in the Middle East and around the world to transform their business models, accelerate digital transformation and find new ways to innovate and connect with their customers.
Latesh Radhakishen, Head of Retail Operations at REDTAG told Gulf Today that UAE’s retail market is on solid growth trajectory and is marching ahead bucking the global trends.
He mentioned that there is a huge potential in the UAE market and they are planning to launch its specialised, new outlet in City Centre Deira during Eid Al Adha holidays, to expand its dominant market presence in the UAE and make a foray into the nation's premium shopping experience.
“The new, upcoming store at City Centre Deira is part of our "masstige" brand experience that not only combines the best of both premium and value fashion, but does so in a bigger, better and bolder way. It is REDTAG's way of giving back to our loyal customer base in the UAE, where we have become a household name for all fashion and homeware needs," Radhakishen added.
The upcoming full-concept store, located near West Court on the ground floor of City Centre Deira, will exemplify the brand's commitment to accessibility across segments.
Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Dubai was a pioneer in launching initiatives to overcome challenges faced by individuals and businesses, which had a significant positive impact on minimising the economic impact of the pandemic."
Although economic recovery remains uneven due to new virus strains, disparities in vaccine rollouts between nations and distinctive market forces, the growth outlook for 2022 is expected to be positive, characterised by effective fiscal management, increased digitalisation, and risk mitigation.
The UAE has added another feather to its cap by ranking first in the Arab World and 25th globally in the Global Competitiveness Report, 2019, released by the World Economic Forum, Davos.
Sheikh Mohammed Bin Saud Al Qasimi, Chairman of the Sharjah Finance Department, said: "The general budget for this year is the largest in the history of the emirate. The budget of the emirate has adopted many strategic and financial objectives and priorities,..."
In its report on the economic impact of cities, the council said that Dubai surpassed Doha and London, with tourists spending $16.8 billion and $16.1 billion, respectively, in the two cities.
The representatives of the thirteen members of the Opec led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their course agreed in October of a production cut of two million barrels per day until the end of 2023.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation,