The UAE’s retail sector will rise to a market size of $227 billion by 2033, solidifying its position as one of the fastest growing and most sophisticated consumer economies globally, according to a new strategic assessment by the InterRegional for Strategic Analysis (MIR).
The analysis forecasts the sector will rise from its current size of $145.3bn to $227.1bn by 2033, at a compound annual growth rate (CAGR) of 5.1 per cent. At the same time, artificial intelligence, automation and data-driven customer experiences are transforming the shopping scene, with the country’s smart retail sector projected to increase at an annual rate of 32.2 per cent from around $810 million to $9.74 billion.
The findings show the UAE’s transformation from a regional shopping destination to a worldwide retail powerhouse, driven by robust consumer spending, record tourism inflows, rapid population expansion, increasing disposable incomes and continued investment in world-class retail infrastructure.
The positive prognosis comes as Dubai continues to cement its position among the world’s premier shopping destinations. The emirate has one of the most robust and diversified retail marketplaces in the world, with Dubai Mall’s Fashion Avenue ranking 11th internationally in luxury retail rents, according to the latest study from Cushman & Wakefield.
Also Read:
Germany Orders Global Recall of BMW Vehicles: What Owners Need to Know
