UAE’s retail market expected to hit $58bn in 2021

UAE’s retail market expected to hit $58bn in 2021

UAE - Mubasher: The UAE's retail market is forecast to recover and record a 13% growth to reach $58 billion by the end of 2021, as shown by a new analysis from the Dubai Chamber of Commerce and Industry.

The recovery and growth in the UAE's retail market are driven by the pent-up consumer demand in the second half (H2) of 2021, the coronavirus (COVID-19) vaccination, and Expo 2020 Dubai, according to a press release on Sunday.

Currently, the UAE tops the Middle East and North Africa region in terms of household spending on e-commerce at $2,554 per household, twice the value of the global average of $1,156.

In 2020, Dubai completed 110,000 square metres of retail gross leasable area (GLA), raising the emirate's total retail stock to 4.2 million sqm, according to JLL, a global real estate services company.

In 2021, Dubai is predicted to witness 761,000 sqm of retail GLA added to the market.