(MENAFN- Khaleej Times)Dubai has won the bid to host the 10th World Retail Congress 2016 in the emirate for the first time in the Middle East.
The move will strengthen the emirates position as an international business and retail destination. Dubai became the first city outside Europe to host the congress after the announcement made during the concluding day of the 9th Congress in Rome where Dubai Chamber of Commerce and Industry-led trade mission participated. Since its inception in 2007 the event has taken place in major European cities including Barcelona Berlin London Paris and Rome. It is attended by thousands of senior retail leaders and industry experts from a large number of countries including the UAE. According to a recent Dubai Chamber report apparel and footwear retail outlets are expected to lead the growth in the retail sector in the medium run and will achieve compound annual growth rate of 6.8 per cent until 2019 while the expectations for the electronics and appliance health and beauty home and garden products expect a compound annual growth rate of three-six per cent during the same period. Highlighting internet retailing as a leading non-store retail channel in terms of growth the reports says that this makes up less than two per cent of total retail sales value a relatively low figure compared to other global markets. As part of its strategy to promote Dubai's business attractiveness to international investors the Dubai delegation at the congress was led by Majid Saif Al Ghurair Chairman and included Hamad Buamim President and CEO Dubai Chamber as well as a number of leading retailers and officials from the emirate. Al Ghurair said: "The opportunity to host this global event will also promote Dubai's status as a global hub for major events conferences and exhibitions which also complements Dubai Chamber's commitment to bringing high profile global events to the emirate to promote its vibrant investment environment to leading international investors" said Al Ghurair. Buamim said: "It is a privilege for Dubai to host the World Retail Congress for the first time in the region. Winning this bid from the World Retail Congress is the fruit of the Chamber's efforts to consolidate Dubai's profile globally as a renowned global retail destination and provide a substantial boost for the MICE industry across the Middle East region as a whole. "We are confident Dubai will add value to the Congress as this landmark event is the biggest convention of the retail industry's leading professionals and will help enhance the competitiveness and potential of Dubai retailers" he said. He further stressed that the retail sector is a key pillar of Dubai's economy contributing about 29 per cent to the emirate's GDP as the expected volume of retail trade was around Dh86 billion in 2014 with expected growth rise of 5.9 per cent during the current year while expecting to maintain the same growth rate for the sector at compound annual growth rate of 6.1 per cent until 2019 indicating positive outlook for the sector's growth in the medium to long term. The president of Dubai Chamber informed that there are many factors that help in the growth of the retail sector in Dubai including the growing economic prosperity steady population growth rising salaries leading to high consumer spending cultural diversity tourism growth continuation of infrastructure development projects and the establishment of more commercial centres which are supporting the retail sector development. -
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