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Dubai: Retail City 2008, the three-day industry showcase for investment and development of retail real estate, which starts today at the Dubai International Exhibition Centre, has attracted more than 5,500 retail professionals, organisers of the event said.
Throughout the Middle East the retail sector is currently valued at $100 billion and ranks second only to residential property in the non-oil economy.
The most popular targets for both retail and real estate investment are countries in the new economic region stretching from China across India and the Middle East to Africa, according to industry experts.
It is clear why emerging markets are attracting so much attention. They make up more than half of the world's population, barriers to foreign ownership are dissolving and the top 50 spent a combined total of $1.7 trillion on construction last year.
Subprime issue
"The subprime issue has spread from the US to the real estate markets in the UK and Spain, which are now almost in freefall. This has had an adverse effect on their economies with retail spending in sharp decline," said Retail City Project Manager, Naomi Koningen.
"Therefore property investors and retailers are actively looking for partners and business opportunities that will provide a return in the short to medium term and balance their portfolios in the longer term."
Retail City brings together global retailers, investors, shopping centre developers, franchise networks, shopping centre management, architects and regional authorities to focus on all aspects of the retail development cycle.
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