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'Explosion' in GCC retail growth
The GCC retail real estate market saw a massive 565% growth in available gross leasable area (GLA) in the region since 2000, becoming the fastest growing in the world, according to Colliers International.
The property service consultants' GCC Retail Report stated that the retail market expects to complete more than 16.35 million square metres of GLA by 2010, a major boost from the 2.46 milion square metres it saw at the start of the millennium.
"The next four years will see an explosion of new retail space, which is unlikely to be paralleled by any other region," said Stuart Gissing, regional retail director at Colliers International.
"GCC countries have made massive investments into their retail real estate markets and we are seeing some of the world's most spectacular malls come online, giving the region increased international recognition. Shopping is one of the favourite leisure activities in the Middle East and this significant investment in retail real estate is evidence of this," he said.
The UAE and Saudi Arabia will see the highest increase, contributing 44% and 30% respectively of the GLA by the end of the decade.
Dubai's GLA will increase from 1.37 million square metres in 2006 to 4.25 million square metres, seeing the largest actual GLA increase by the decade's end.
This year alone, the emirate will witness a 26% boost over last year in the amount of available leasable area.
According to Gulf News, Dubai currently boasts 1.3 million square metres of retail space, approximately 500,000 square metres more than Abu Dhabi, Riyadh and Jeddah.
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