Middle East has emerged as a key market for retailers across the world. The region is witnessing rapid transformation in retail industry, driven by changing market dynamics and rapid economic transformation. Over a period of time, the retail culture across the Middle East has evolved from traditional outlets to large shopping malls, hypermarkets, supermarkets and organized chains. The changing consumer demographics in countries like Saudi Arabia and UAE, presence of large expatriate population, rising purchasing power and abundance of petro dollar has attracted various premium and luxury brands to the region.
In 2003, the Middle East retail industry was valued at around US$ 200 Billion and by the end of 2008, this value swelled more than US$ 400 Billion. We anticipate that there will be a marginal effect of the 2008 financial crisis on the retail market in the Middle East, and it will see a growth of around 14% during 2009-2013. Strong economic fundamentals and well protected banking system will shield the region from the aftermath of the financial crisis. Although the declining oil prices may be a cause for concern for most of the oil exporting countries, it will be short-lived as improving economic conditions and increasing fuel consumption will drive the oil prices upwards.
Our report “Middle East Retail Sector Forecast to 2013” identifies Saudi Arabia and UAE as the most potential and dynamic retail market across the region. These two markets have continued dominating the retail industry landscape for more than a decade and will continue to do the same in the coming years. The presence of large expatriate population and majority of the region’s retail investment in these countries have helped to maintain the growth momentum.
The report is an outcome of an extensive research and rational analysis on the retail sector of the Middle East. Middle Eastern countries examined in this report include the GCC nations such as United Arab Emirates (UAE), Saudi Arabia, Kuwait, and Oman besides Turkey, Egypt, Jordan, Israel, and Iran.
The report will help vendors, customers, consultants and industry analysts to get in depth understanding of the past and current scenario of the retail industry of the region. The report also identifies future growth areas and has been derived by interacting with various industry veterans and developers. The information analyzed in the report is based on data available in research papers, journals and industry associations. The forecasts made in the report are based on the information available and our proprietary statistical models.
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