DUBAI: Retail sales in the UAE are expected to grow by 13 percent to reach $58 billion by the end of 2021, according to a report by the Dubai Chamber of Commerce and Industry.
The rebound is expected to come from pent up consumer demand in the second half of this year, as well as vaccination efforts and the upcoming Dubai Expo, the analysis said, which was based on Euromonitor data.
It is expected to further grow in the following years – maintaining a 6.6 percent annual growth in the medium term to reach $70.5 billion by 2025.
The UAE has been accelerating efforts to revive economic activity in the country, including doubling down on mass inoculation against the COVID-19 pandemic.
The report said Expo 2020 Dubai, which is set to happen in October this year, will be a “major catalyst” for the recovery of the city’s retail sector.
Gross leasable area continues to grow across Dubai and Abu Dhabi.
E-commerce has seen incredible growth in the region, the report noted, with the UAE recording the highest average household spending at $2,554 across Middle East and North Africa.