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Mon 15 Jun 2009 06:25 AM

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Mideast retail market predicted to grow 14% to 2013

Research says Saudi Arabia and UAE will lead way in aftermath of global crisis.

Mideast retail market predicted to grow 14% to 2013
RETAIL GROWTH: New research predicts the Middle East retail sector will grow by 14 percent to 2013. (Getty Images)

The Middle East retail market is predicted to grow by 14 percent over the next four years, according to a new report by global market research company RNCOS.

The analysts added that Saudi Arabia and the UAE were likely to lead the growth in the region in its report called Middle East Retail Sector Forecast to 2013.

The report says that the Middle East retail industry had doubled in value to $400 billion by the end of 2008, compared to 2003.

"We anticipate that there will be a marginal effect of the 2008 financial crisis on the retail market in the Middle East, and it will see a growth of around 14 percent during 2009-2013," the report added.

"Strong economic fundamentals and well protected banking system will shield the region from the aftermath of the financial crisis."

Although the declining oil prices may be a cause for concern for most of the oil exporting countries, it will be short-lived as improving economic conditions and increasing fuel consumption will drive the oil prices upwards.

The report identifies Saudi Arabia and the UAE as the "most potential and dynamic retail market" across the region and predicts they will dominate the retail industry landscape in the coming years.

The report, which is an outcome of an extensive research and analysis on the retail sector of the Middle East, examined retail markets including the UAE, Saudi Arabia, Kuwait, and Oman besides Turkey, Egypt, Jordan, Israel, and Iran.

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don in dubai 10 years ago

i'm beggining to not liking to get on your website because of headlines and articles like these. how is this newsworthy? how are anything analysts who predict the future, newsworthy? here is a recommended strategy, rather than publish mind numbing idiotic headlines about the future, why not publish what analysists think went wrong with the market vis a vis, dubai's relationship with the region and international community. at least that way, if there are any people in power who browse your site, they could possibly learn something. this site is turning into an online tabloid version. and just in case, you don't know, there are at least 4 other business portals that people can use and this site is ranked last in quailty.

fan of don 10 years ago

well said done. how about some lessons learned and questions remaining analysis?