October 10th, 2016 by Own A Space
The retail market of Dubai is going to go beyond $52 million by the end of year 2020 in sales by an average annual growth of more than 8%. Dubai’s GDP comprising of retail and wholesale trade of around 29% is on the path to boost its business to Dh 140 billion by 2021. This is decided by the director general of economic development department, Sami Al Qamzi. According to him, a key growth driver of the sector would be Dubai Strategic Plan and the World Expo 2020.
Picture Courtesy: www.khaleejtimes.com
The retail and wholesale sector has 70 malls and hundreds of other outlets which cater to the domestic market which involves more than 4 million residents and 15 million visitors on an annual basis. The imports, exports and re-export activities of Dubai have an approximated market of 3 billion people. Dubai has emerged and has occupied a crucial knot in regional and global value chain because of its location, investments in creating a world class infrastructure and an effective yet efficient regulatory administration. In order to deepen and widen the emirate’s participation in global value chains, further developments are required.
Based on the recent analysis data of Dubai Chamber of Commerce & Industry, retail market of Dubai surpassing $52 billion in sales mark by 2021 is not in line with DED’s figures. The sales for the year 2015 reached $35.4 billion and are ready to see 7.7% of expansion in 2016.
Picture Courtesy: www.ntradeshows.com
The Dubai Economy Talks of 2016 brought together the leading experts from around the world to highlight on the current trends forming the global trade as well as investment flows and their consequences for Dubai and UAE. Dubai also has a role in financial, business, transport and telecommunication services. “In the future, the emirate is looking to strengthen and widen the participation in global value chain and has recently acknowledged new strategy for industries which aims to turn Dubai into a hub of knowledge based innovative and sustainable industries across various sectors like pharmaceuticals, aerospace, medical equipment , fabricated metals, maritime, aluminum and FMCG.
Trade across borders are highly structured around global value chains which comprises of intermediary trades, capital movements and ideas, service demands to co ordinate the wide spread production & distribution of goods and services.
A firm buys the input and investment goods & services which contribute to the process of production in a GVC. These are becoming more influential in determining the future trade and FDI patterns as well as opportunities for growth.
Picture Courtesy: ezestate.com
The Dubai Economy talks stands 2nd in the annual series started by DED, hosted in partnership with UN’s conference for trade and development. Two key drivers of growth and increased productivity -GVC and international/regional trade and investment agreements & relationship between them are sought in this to update business leaders. On the 20th anniversary of UAE joining WTO, one day forum was held at Armani Hotel Dubai thus providing opportunity for business representatives to exchange ideas related to international trade treaties and policies for long term with experts for stronger returns.
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