UAE RETAIL SECTOR POISED TO BE BEST IN GCC

The UAE’s retail economy is predicted to have the fastest growth within the GCC with the sector showing solid signs of recovery as consumer confidence returned with a bang while spending by residents increased by 17 per cent, data from a new study reveals. Regardless of the challenges of the global pandemic, consumer business in the UAE has proved resilient, dropping only by 12 per cent compared to the 22 per cent decline seen by the wider economy, according to the first State of the UAE Retail Economy report released by Majid Al-Futtaim, a leading retail and malls operator. According to the study that uncovers key data, trends while giving insights into consumers’ behaviour patterns, spending habits and sentiment, more than half of UAE residents believe there will be a strong economic rebound from the pandemic. It also finds that digitisation in retail has accelerated, with the UAE leading the most advanced e-commerce market in the Middle East.