RIYADH: According to an industry report, cities in the Gulf Cooperation Council—Dubai leading the pack—are positioned to emerge as the world’s most popular shopping destinations.
This transition is anticipated to greatly increase cities’ gross domestic product and generate a large number of job opportunities. The region’s retail spending is predicted to increase by 37% from 2022 to $300 billion by 2028, demonstrating the significant economic potential of this industry.
Dubai stands out as the only GCC city among the six top global retail destinations, which also include London, Milan, New York, Seoul, and Tokyo, according to the report “Shopping for growth: how to build an urban retail destination” published by Strategy& Middle East, a division of the PwC network.
Dubai is second only to New York City in terms of consumer spending, with a retail spending per capita of about $14,000. Dubai has the highest percentage of workers employed in the retail industry among the six top cities, at about 21%. Furthermore, this industry makes up 24% of the city’s urban GDP.
Major GCC cities are pursuing urban transformation and expansion through mega-projects, diversifying their economies in an effort to achieve growth, according to Ramy Sfeir, a partner at Strategy& and head of the region’s family business, investments, and real estate practices.
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