Substitute Al-Othman leads Al-Qadsiah to a crucial victory against Al-Khaleej    Ronaldo's double powers Al-Nassr to a 2-0 victory over Damac    Minister Al-Samaani inaugurates technical office to enhance judicial quality in Qassim    Riyadh Metro ticket prices starts at SR4    Saudi Arabia's R&D expenditure hits SR22.61 billion in 2023    Saudi Arabia, Comoros strengthen economic ties with new MoU    Saudi Arabia retains its seat on OPCW Executive Council    Saudi Transport Authority cracks down on foreign trucks violating rules    Saudi Arabia receives extradited citizen wanted for corruption crimes from Russia    Ukraine fights to keep the lights on as Russia hammers power plants    Indian airlines hit by nearly 1,000 hoax bomb threats    Sweden asks China to cooperate over severed cables    Childcare worker who abused more than 60 girls jailed for life    K-Pop group NewJeans split from agency in mistreatment row    Defending the Truth: Saudi Arabia and the 2034 World Cup    Culture minister visits Diriyah Art Futures    GCC Preparatory Ministerial Meeting discusses developments in Gaza and Lebanon    Al Taawoun seals AFC Champions League Two knockout spot with 2-1 win over Al Khaldiya    Best-selling novelist Barbara Taylor Bradford dies    Adele doesn't know when she'll perform again after tearful Vegas goodbye    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE retail sales forecast to hit $58 billion in 2021: Analysis
Published in The Saudi Gazette on 25 - 03 - 2021

Retail sales in the UAE are expected to rebound and grow by 13% to reach $58 billion by the end of 2021, supported by pent up consumer demand in the second half of the year, COVID-19 vaccination efforts and Expo 2020 Dubai, new analysis from Dubai Chamber of Commerce and Industry has projected.
The analysis, based on recent data from Euromonitor, predicted that UAE retail sales are forecast to maintain 6.6% annual growth in the medium term to reach $70.5 billion by 2025, with store-based retailing growth forecast at a CAGR of 5.7%, while non-store retailing is forecast to grow at a CAGR of 14.8%.
Progress related to the UAE's vaccination campaigns is expected to boost demand in the second half of this year and attract consumers and tourists back to traditional stores. Expo 2020 Dubai, scheduled to kick off in Dubai this October, is expected to be a major catalyst for the recovery of the retail sector, in addition to the support and incentives provided by governments to business sectors at the federal and local levels.
The UAE currently leads the Middle East and North Africa region in terms of household spending on e-commerce at $2,554 per household, which is twice the value of the global average of $1,156, and four times the value of the average in the MENA region ($629).
According to JLL, Dubai saw 110,000 square meters (sqm) of retail gross leasable area (GLA) completed in 2020, which brings the emirate's total retail stock to 4.2 million sqm.
Meanwhile, Abu Dhabi retail space stock remained unchanged at 2.8 million sqm. During 2021, Dubai is expected to see 761,000 sqm of retail GLA added to the market, while 293,000 of new retail GLA is expected in Abu Dhabi by the end of the year.
As new retail space in the UAE continues to come online in the short term, the market has become more favorable to tenants, due to expected lower rents and more available options, a trend which should support the recovery of retail businesses.
The analysis added that the COVID-led digital shift has created new growth opportunities for regional expansion for traditional retail and e-commerce companies based in the UAE, especially in markets with large populations, such as Saudi Arabia, Egypt, Algeria and Morocco. — SG


Clic here to read the story from its source.