Retail sector in Dubai has room for expansion

According to experts at a Dubai Chamber of Commerce and Industry event, Retail demand, driven by tourists, will lead to more malls being built in the country. “The increasing number of tourists to Dubai will definitely create the need to have more shopping malls across the emirates,” said Mohi Al Din Bin Hendi, Chairman of BinHendi Enterprises. Highlighting the significance of this business segment as the main driver to the Dubai economy, the trade contribution to the Gross Domestic Product (GDP) is estimated at one third, retail sector contributes more than 10 per cent to the total GDP of Dubai. According to the Business Monitor International (BMI) study, the per capita retail sale in the UAE is forecasted to grow at 33 per cent during the period 2012-2016. The restaurants and coffee shops recorded strong growth at 22.84 per cent between 2009 to 2012 from 648 to 796. Dubai ranked second globally for retail representation, just behind the British capital London, according to the annual CBRE survey for the year 2012.