Dubai GDP has grown 3.4% in 2011, thanks to the strong increase in the volume of trade and exports (already 44.3% in the current year). The Manufacturing Sector has grown at 11.7% while Hospitality Sector registered a growth of over 13.9%.The Retail Sector in Dubai is one of the fastest growing sectors and one among the key drivers of Dubai’s economic growth. No wonder, Dubai has been ranked second most targeted city by international retailers and the UAE as the most second international retail market as per the latest survey by CB Richard Ellis (CBRE) in corporation with Dubai Chamber of Commerce & Industry and Majid Al Futtaim Properties.
The report found that the Middle East markets continue to attract an increasing number of international retailers, competing with established global retail centres.
Retail Sector to grow 33% by 2015
Strong economic growth: increasing household consumption: Growing acceptance of modern retailing concepts: Ever increasing affluent expatriate population.
FACTS & FIGURES
HNWI (High net worth individuals) growing over 10% p.a
(over 603,800/6.2% of the total population)
80% of the population are expats
(56% of them receive a disposable income of over $3000 per month)
Retail sales in 2011 – $31.01bn
Forecasted Retail Sales by 2015 – $41.22bn
GDP per capita to rise 18.75 % by 2015
Population to reach 5.5 million soon
UAE average household spending power – $23,000 p.a
Emirati household spending power – $19,500 p.a
Western households spending power – $10,000 p.a
Other Arab households spending power – $19,500 p.a
Asian households spendng power – $10,000 p.a
OTC Pharma sales to grow 40% – to reach 600.672 units
Consumer electronic sector (catering over 2 billion people across Asia MENA) – $4 billion by 2015/26% growth forecast
Retail Apparel Index – $785 (Dubai has already became the hotbed for upscale retailers)
Food Sector – 36.1% growth / 10.52 billion by 2015
Dubai has 385 luxury brands and stores
Dubai has more than 25 big malls with top five luxury malls.