Dubai is working on a new index to enhance transparency and competitiveness within the emirate’s retail sector.
Dubai Chamber of Commerce and Industry’s board of directors discussed the initiative at a meeting where members also highlighted the need for businesses to adopt more innovation-focused initiatives to stay competitive and meet the evolving needs of their customers.
No further details were given about the index but the meeting comes just days after Dubai was ranked the most important international shopping destination globally by global property advisor CBRE.
Knocking London off the top spot, Dubai now boasts 62 percent of global retailers present in the emirate.
According to the report, over the next three years, more than 1.5 million sq m of new retail space could be delivered to the Dubai market, adding roughly 50 percent to the existing inventory.
During 2017, Dubai welcomed 59 new retail brands, moving it up one place from last year to second place, when it comes to new market entrants.
Previously, Dubai Chamber of Commerce and Industry has forecast that the value of retail sales in Dubai is expected to reach $43.8 billion by 2021.
The analysis, based on recent data from Euromonitor International, Core Savills Research, Mastercard and New World Wealth, showed that the emirate’s retail market is projected to record average growth of 5.6 percent over the 2018-2021 period.
The meeting, chaired by Dubai Chamber chairman Majid Saif Al Ghurair, also hailed recently announced plans to allow 100 percent foreign investment in the UAE and to issue 10-year visas for foreign investors.
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