The UAE retail sector is expected to grow over 33% by 2015, reported Emirates 24/7 quoting a report by Ventures Middle East released in conjunction with The Big 5 building and construction exhibition.
The UAE’s growth is attracting investment into other Gulf Cooperation Council (GCC) countries including Saudi Arabia, Kuwait and Oman, and on a smaller scale towards Qatar and Bahrain, the report revealed, adding that Dubai is the region’s leading retail destination, with the second largest number of global brands after London.
It is worth noting that the Dubai Mall and the Dubai Shopping Festival alone attract nearly 35 million visitors per year.
Moreover, a significant new prospective development for the ever-expanding emirate is the recently announced ‘Mall of the World’ entertainment and hotel district, which is said to include the world’s largest mall, spread across 8 million sq. m. at an estimated cost of $6.8 billion.
Leading shopping mall, retail and leisure developer the Middle East and North Africa, Majid Al Futtaim (MAF) Properties CEO George Kostas says the UAE has earned a reputation as a successful and ever-growing destination for global and luxury retail brands as it attracts wealthy visitors from around the globe.
“We expect an even greater investment in the retail and tourism sector in the lead-up to the Expo 2020,” said Kostas, whose MAF - Properties will expand and refurbish its Mall of the Emirates, including two new hotels, build a new shopping mall in the International Media Production Zone (IMPZ) and a new luxury hotel at City Centre Deira.
MAF currently owns and operates 17 shopping malls across the region.
The UAE’s growth is attracting investment into other Gulf Cooperation Council (GCC) countries including Saudi Arabia, Kuwait and Oman, and on a smaller scale towards Qatar and Bahrain, the report revealed, adding that Dubai is the region’s leading retail destination, with the second largest number of global brands after London.
It is worth noting that the Dubai Mall and the Dubai Shopping Festival alone attract nearly 35 million visitors per year.
Moreover, a significant new prospective development for the ever-expanding emirate is the recently announced ‘Mall of the World’ entertainment and hotel district, which is said to include the world’s largest mall, spread across 8 million sq. m. at an estimated cost of $6.8 billion.
Leading shopping mall, retail and leisure developer the Middle East and North Africa, Majid Al Futtaim (MAF) Properties CEO George Kostas says the UAE has earned a reputation as a successful and ever-growing destination for global and luxury retail brands as it attracts wealthy visitors from around the globe.
“We expect an even greater investment in the retail and tourism sector in the lead-up to the Expo 2020,” said Kostas, whose MAF - Properties will expand and refurbish its Mall of the Emirates, including two new hotels, build a new shopping mall in the International Media Production Zone (IMPZ) and a new luxury hotel at City Centre Deira.
MAF currently owns and operates 17 shopping malls across the region.
Source:
Mubasher
