For many residents, tourists and developers, retail remains a core part of Dubai’s identity. The sector contributes just over one-quarter of the emirate’s GDP, and is set to...
UAE: Dubai Retail
Although Dubai has traversed some challenging economic territory over recent years the economic stimulus of Expo 2020 preparation and more stable oil prices have eased this strain in 2019, and business sentiment has improved accordingly. With the long-anticipated expo event set to take place in 2020, attention has started to focus on the important question of sustaining the current economic momentum over the medium term.
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Although Dubai has traversed some challenging economic territory over recent years the economic stimulus of Expo 2020 preparation and more stable oil prices have eased this strain in 2019, and business sentiment has improved accordingly. With the long-anticipated expo event set to take place in 2020, attention has started to focus on the important question of sustaining the current economic momentum over the medium term.
There are few destinations more closely identified with retail than Dubai. Indeed, its duty-free and low-tax shopping is one of the hallmarks of the emirate. Dubai is home to some of the world’s largest malls, most diverse retail outlets and most value-added shopping experiences, with everything from giant aquariums to ski-slopes adorning its air-conditioned retail spaces. Various substantial...
Near-term sentiment is on the rise among Dubai’s business leaders, with the IMF forecasting a healthy GDP growth rate of 4.2% in 2019 for the emirate. While not as exposed as some of its regional neighbours to the effects of fluctuating commodities prices in recent times, Dubai nevertheless stands to benefit from the knock-on effects of higher prices over the last year.
Dubai is one of the world’s leading shopping capitals, and the retail and wholesale sector is the biggest single contributor to the economy. Local iconic malls are constantly reinventing themselves, searching for new brands and experiences to attract global consumers to spend on fly-and-buy excursions. The relationship between retail, real estate, air transport and tourism is key to the...
Dubai saw steady GDP growth of 2.8% in 2017 and this is expected to reach 3.2% in 2018, with an increased drive towards consolidating its position as a knowledge-based economy. The emirate is among the most diversified in the region, thanks to factors such as a highly attractive business environment that has brought in large amounts of foreign investment.
The retail industry has played a key role in the rapid development of Dubai over the past four decades and remains a firm pillar underpinning economic growth. The interplay between retail, real estate, air transport and tourism is fundamental to Dubai’s value proposition for consumers and investors. The city has established itself as the Middle East’s shopping capital, but the same developers...