UAE, Saudi spur GCC retail sales surge to $297bln

UAE, Saudi spur GCC retail sales surge to $297bln

Powered by a buoyant retail sector in the UAE and Saudi Arabia, retail sales across the GCC will jump 15.7 per cent year-on-year basis to $296.8 billion by the end of 2022, according to Alpen Capital’s latest report.

Further spurring the retail buoyancy is the rebounding business confidence subsequent to the reopening of borders, easing of travel restrictions, and rise in hydrocarbon revenues, Alpen Capital’s said in its latest GCC Retail Industry report.

The GCC is fast becoming a global centre for business, entertainment, and sporting events with a slew of events slated to take place to boost tourist arrivals. Moreover, the rising population, with a high concentration of expatriates and HNWIs, remains one of the primary factors for driving the growth of the GCC retail industry.

Additionally, the recently signed FTAs with India and Israel will not only increase the range of foreign food and non-food products within the domestic retail outlets but also expand the establishment of international brands in the region, said the report that was released at the Middle East Retail Forum.

Going forward, retail sales in the region are set to grow at a compound annual growth rate (CAGR) of 5.7 per cent to $370 billion in 2026 with