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Dubai: Dubai's shopping industry is leading the growth of the Middle East retail sector, which is projected to exceed $500 billion by 2010, industry officials said on Tuesday.
Quoting the latest Middle East survey by Retail International, organisers of InRetail said the density of shopping footage in Dubai already makes up more than half of the UAE's total.
The region's retail space currently stands at six million square metres, but this will be expanded by another five million. The sector is said to be the driving force behind the Middle East's "unprecedented economic boom".
"Over the next five years, the GCC will have more than 200 retail developments and accommodate more than 27,000 retailers," said Paula Al Chami, exhibition director of InRetail, a trade show for the Arabian Gulf's retail sector that will be held in Dubai from June 8 to 10.
Eisa Adam Ebrahim, president of Dubai Shopping Malls Group, said Dubai currently has 15 million square feet of retail space.
Considering the amount of retail space being developed, Adam said that in two years, Dubai's shopping area will expand to 20 million square feet, and the number of stores in shopping malls will grow from 3,700 to 5,000.
Gateway
Adam said Dubai has become the gateway to the region, as it serves as the home to leading brands and offers shopping areas that are on a par with international standards.
"The retail industry is also fuelled by the way we do our business here. Our investment climate is encouraging. It is superb and inviting for investors. We have a tax-free business environment and there's a readiness from professional staff to work," Adam told Gulf News.
Besides, he said, Dubai has a host of offerings that encourage people to visit, live and work here.
Manish Bakshi, general manager of BenQ Middle East and Africa, said the retail boom is propelled by the increasing number of tourists, good infrastructure, easy and enjoyable shopping experience and events such as Dubai Summer Surprises and Dubai Shopping Festival.
"The retail boom can also be attributed to the Middle East serving as a connecting point for the Far East and Eastern Europe. The emergence and increase in investments from French, UK, Dutch and other chain retailers in the Gulf countries is also a deciding factor," Bakshi said.
"The emerging markets are also increasing the tourist influx to Dubai. Large numbers of inbound tourists from regions such as the Far East flock to the city throughout the year," Bakshi added.
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