A new report by Majid Al Futtaim has revealed findings that indicates UAE’s retail economy is set to record strongest annual GDP growth in over a decade, despite economic turbulence.
Retail economy has seen expenditure increase of 15 percent from January to September as compared to the same period, last year, according to the report.
The non-retail economy has showed substantial growth of 29 percent from January to September 2022.
Dubai’s real estate market continues to witness record-breaking numbers with transactions leaping to over 60 percent in comparison to the same period in 2021.
E-commerce sales continue to see rapid growth and is projected to increase by 22 percent to reach $6bn.
According to the report, the oil sector saw the biggest growth making it the biggest GDP driver which saw a 13.4 percent increase driven by crude oils. The non-oil economy also demonstrated robust growth with a strong focus on digital and creative industries.
Although inflation remains a rising concern for many consumers, economic data reveals increasing results across all key sectors of the economy.
Alain Bejjani, Chief Executive Officer at Majid Al Futtaim – Holding, said “Another strong quarter for the UAE retail economy showcases notable sector-wide resilience and reinforces the country’s steady march towards a return to sustainable growth. The continuation of forward-thinking government initiatives underpinning this progress is making the UAE highly attractive to international businesses – as are the government’s steps to become a sustainability leader in the MENA region.”
“With all indicators pointing to a strong fourth quarter this year, and the lifting of Covid-19 restrictions, the UAE has put the pandemic-related turbulence firmly in the rear-view. We only need to consider the ongoing opportunity, security, and safety this nation offers to see why the world continues to flock to the region to build their future here,” he added.
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