The Dubai Mall. Shutterstock.
Retail sales in the United Arab Emirates are expected to rebound and grow by 13 percent to reach $58 billion by the end of this year, boosted by the roll out of Covid-19 vaccinations and Expo 2020 Dubai, the Dubai Chamber of Commerce and Industry has predicted.
It also said UAE retail sales are on track to grow 6.6 percent annually to reach $70.5 billion by 2025, with store-based retailing growth forecast at a constant annual growth rate (CAGR) of 5.7 percent, while non-store retailing is forecast to grow at a CAGR of 14.8 percent.
The UAE currently leads the Middle East and North Africa (MENA) region in terms of household spending on e-commerce at $2,554 per household, equivalent to double the global average of $1,156, and four times the MENA region’s average ($629). According to JLL, Dubai saw 110,000 square metres (sqm) of retail gross leasable area completed in 2020, bringing the emirate’s total retail stock to 4.2 million sqm.