H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, today met with leaders of retail industry who are participating in the “Retail Summit.”
The two-day summit Is being organised by the Dubai Chamber of Commerce and Industry, in cooperation with Meydan One under the patronage of the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.
With more than 80 speakers and 900 participants, the Retail Summit has brought together disruptive brands and legacy retailers to discuss the future of retail in the digital age.
Sheikh Hamdan welcomed the summit’s guests, in the presence of Majid Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry; Hamad Buamim, President of the Chamber, and Obaid Humaid Al Tayer, Chairman of Meydan One.
He also stated that the UAE has adopted a policy of openness to all countries and peoples since its establishment, and its wise leadership aims to build humanitarian, social and cultural relations between the Emirati people and other peoples based on solid foundations, as well as to establish economic, trade and investment relations with countries, institutions and companies that are searching for economic viability, security, stability and laws and legislation that ensure their rights and protect their capital.
The summit, taking place February 13th-14th in Dubai, is gathering many of the world’s most prominent retail leaders to examine challenges and opportunities facing industry players, as well as new trends and technologies that are reshaping the global retail market.
Dubai’s retail sector is projected to record a compound annual growth rate of 5.2% over the 2018-2023 period, supported by strong international visitor spend, robust demand fuelled by a high frequency of mega-sales and shopping festivals, and growing e-commerce activity, according to new analysis conducted by Dubai Chamber of Commerce and Industry.
According to the analysis, Dubai’s retail sector generated an estimated AED 142 billion in sales during 2018, marking a growth rate of 6.8%. Store-based retailing continues to dominate sales, accounting for a market share of 95%, while e-commerce continues to grow rapidly, with 19% y-o-y growth and AED 5.5 billion worth of sales recorded in this segment.
Furthermore, there is an estimated 1.3 million square metres of retail gross leasable area expected to be delivered by 2020, eventually bringing the city’s total stock to 5.1 million square metres. Major projects expected to be delivered in this period include Nakheel Mall on The Palm, Dubai Hills Mall and Deira Islands. The upcoming developments are expected to allow retailers to benefit from favourable lease terms and enable them to lower their overall costs of conducting business in the city.