PHOTO
11 July 2017
The retail sector in the Gulf Cooperation Council (GCC) region is projected to recover by next year and grow by 4.6 percent in the coming years, a report by Alpen Capital consultancy firm said.
The retail sector, like many other industries in the Gulf Arab region, was affected by the economic slowdown that followed the sharp drop in the oil prices that started in mid-2014.
It has also seen challenges from the region’s surge in popularity of online retail platforms over the past 10 years.
Alpen Capital said retail sales in the region are expected to start recovering by next year after growing at a slow pace in 2017, following a drop in 2016.
It forecast the sector to grow from $250.5 billion in 2016 to $313.2 billion in 2021. Its research found retail sales in the GCC are projected to grow in the range of 3.3 to 5 percent during the same period of time.
“Saudi Arabia and Bahrain are expected to register the fastest growth, driven mainly by increase in tourism activity and per capita income,” Alpen Capital said in a report sent to Zawya by email.
In attempts to boost growth, many UAE companies continued to offer discounted selling prices for the third consecutive month in a row in June, a recent survey by Emirates NBD, Dubai’s largest bank, showed.
Further reading:
© Express 2017
The retail sector in the Gulf Cooperation Council (GCC) region is projected to recover by next year and grow by 4.6 percent in the coming years, a report by Alpen Capital consultancy firm said.
The retail sector, like many other industries in the Gulf Arab region, was affected by the economic slowdown that followed the sharp drop in the oil prices that started in mid-2014.
It has also seen challenges from the region’s surge in popularity of online retail platforms over the past 10 years.
Alpen Capital said retail sales in the region are expected to start recovering by next year after growing at a slow pace in 2017, following a drop in 2016.
It forecast the sector to grow from $250.5 billion in 2016 to $313.2 billion in 2021. Its research found retail sales in the GCC are projected to grow in the range of 3.3 to 5 percent during the same period of time.
“Saudi Arabia and Bahrain are expected to register the fastest growth, driven mainly by increase in tourism activity and per capita income,” Alpen Capital said in a report sent to Zawya by email.
In attempts to boost growth, many UAE companies continued to offer discounted selling prices for the third consecutive month in a row in June, a recent survey by Emirates NBD, Dubai’s largest bank, showed.
Further reading:
- Digital risk rising in GCC retail sector
- Alpen Capital publishes its latest research on the GCC retail sector
- Demand and Optimism: UAE sees growth in the private sector, despite lower exports
© Express 2017
