GCC retail boom sees GLA growth skyrocket

by ArabianBusiness.com staff writer Saturday, 24 March 2007

The GCC's retail real estate market is the fastest growing in the world, according to a report from property services consultancy, Colliers International.

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The report states that more than 16.35 million m2 of gross leasable area (GLA) is expected to be completed by 2010. This represents an increase of 565% in available GLA found in the region since 2000, which then stood at 2.46 million m2.
Within the GCC, the UAE and Saudi Arabia will see the highest GLA increase, with Dubai witnessing the largest actual increase from 1.37 million m2 in 2006 to 4.25 million m2 by the end of the decade.

The increase in Dubai will be largely driven by the emirate's new shopping malls, including Mall of Arabia, which comprises 418,060m2 of GLA.

"The next four years will see an explosion of new retail space, which is unlikely to be paralleled by any global region," said Stuart Gissing, regional retail director, 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."

The GLA in Abu Dhabi is set to increase from 574,000m2 at the end of 2006 to 1.4 million m2 by 2010, representing a total rise of 145%, while Bahrain is expected to see a 216% increase with shopping centre space in Manama increasing to 600,000m2.



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