Move comes as UAE's retail sector is projected to grow to become a $71bn market by 2021
The Dubai Chamber of Commerce and Industry has announced the formation of the Retail Business Group, a new organisation that aims to promote the cooperation among retailers in the city.
The organisation is the 29th sector-specific business group established under the umbrella of Dubai Chamber, a statement said.
It added that other objectives of the Retail Business Group include addressing common concerns of members and retailers in the emirate, raising industry standards, sharing best business practices, organising and supporting retail-related events.
The new group will liaise and coordinate the calendar of sale and promotions with Dubai Tourism, the Dubai Shopping Festival Office and the Department of Economic Development throughout the calendar year.
Majid Saif Al Ghurair, chairman of Dubai Chamber, described retail as one of the main engines of growth fuelling the UAE’s economy, and revealed that the country’s retail sector is projected to expand by nearly 5 percent over the next few years to reach $71 billion by 2021.
“We are confident that the Retail Business Group will achieve great things and further strengthen the Dubai’s position as one of the world’s top shopping destinations,” he said.
Nilesh Ved, chairman of the Retail Business Group, said: “Modern retail has become more and more competitive, and this kind of growth requires different focus for retailers to be able to co-exist and thrive. Our mission is to advance the interests of the retail ecosystem through communications, education and brining in Omni-channel strategies.”
Consumer spending in the UAE is expected to grow by 4.1 percent in 2018, according to Business Monitor International, while the number of tourists visiting the country is projected to grow at an average annual rate of 5.7 percent over the next four years to reach 24.3 million by 2021.