Dubai and retailing are synonymous in their growth and evolution. Shopping remains the major attraction for the millions of people visiting Dubai every year and the city features among the most preferred locations for international retailers.

Government led initiatives along with private sector investment in enhancing retail sector competitiveness has enabled the sector to grow steadily and expand Dubai. In value-added terms, the wholesale and retail sector’s contribution to Dubai GDP during the last decade has ranged between 25 and 28%.

Retail space in Dubai is set to surge in the next two years, and along with it will come new facilities and more regional and international brands. Dubai Economy on its part is facilitating innovation investments, improving ease of business and strengthening consumer confidence in buying and selling in Dubai as part of the strategy of the government to develop a competitive soft infrastructure.

In light of the government incentives adopted by Dubai, the retail space in Dubai is expected to increase over the next two years, which will contribute to the presence of many new facilities and major brands at the regional and international level. As part of the emirate’s strategy to develop a competitive infrastructure, Dubai’s economy plays a vital role in facilitating innovative investments, supporting business and enhancing consumer confidence in buying and selling in Dubai.

There definitely lies challenges ahead. Globally, retailing is undergoing a sea change, driven by unprecedented shifts in technology, demographics, and consumer preferences. Retailing has gone experiential and multichannel, driven largely by millennials, social media and an increasing comfort with eCommerce.

Facilitating multi-channel retailing and fostering consumer happiness across all those channels have enabled Dubai Economy to ensure that Dubai remain in the forefront of this changing retail landscape. Simultaneously, we continue to promote public-private collaboration to ensure that the retail sector attracts the necessary capital, talent and support to grow sustainably.

The Retail Business Group is a remarkable initiative capable of being a platform for constructive dialogue and the engine of comprehensive growth in Dubai’s retail sector. We look forward to the initiative achieving its objectives and adding value to the economic and social development in Dubai.