UAE Retail Recovery Predicted by End of Year - SolidRumor.com

UAE Retail Recovery Predicted by End of Year

 UAE Retail Recovery Predicted by End of Year

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.

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