Retail remains one of the UAE's key economic drivers
Global professional network LinkedIn revealed the UAE’s fastest growing industries over the past 15 years. The report reflects on the changes the country has taken to develop into an international business and commerce hub.
It coincides with LinkedIn reaching the 25-million-member milestone in MENA.
Retail: The value of retail sales in Dubai alone are expected to reach $43.8bn by 2020, according to figures by the Dubai Chamber of Commerce and Industry. The emirate’s retail market is projected to record an average growth of 5.6 percent over the 2018-2021 period.
Hospitality: The travel and tourism sector is expected to contribute $28.5bn to the UAE economy in the next 10 years, with the Expo2020 set to attract 25 million visitors. A key element is Dubai’s shopping appeal, as it has the world’s second-highest density of shopping malls after New York City.
Healthcare: The aesthetics market plays a key role in the UAE’s healthcare industry, as Dubai holds one of the highest ratio of plastic surgeons per capita in the world. The overall sector is expected to grow 60 percent by 20201 to $28m.
F&B: Eating out is a boom business, and it’s expected to grow to $13.2bn this year, according to a new report by KPMG. It showed that 66 percent of respondents eat dinner out at least once a week.
Marketing and advertising: Last year, the UAE topped the GCC for its advertising spend at $410m in Q1, accounting for 46 percent of the region’s total ad expenditure, according to figures by TBWA Worldwide. Digital ad spend has been rising sharply.