Dubai Chamber launches retail business group

Dubai: The Dubai Chamber of Commerce and Industry has launched a Retail Business Group which has become the 25th sector-specific group to operate under the umbrella of the Dubai Chamber.

More than 30 members of the Retail Business Group elected Mohi-Din Bin Hendi as chairman, Khalid Al Tayer as its senior vice-chairman, Adel Al Zarouni second vice-chairman, Christophe Nicaise secretary general and Mansour Hajjar treasurer.

Hamad Bu Amim, Director General of the Chamber, welcomed the new Retail Business Group, saying, "Dubai's retail sector is likely to grow 5.5 per cent this year. The key factors behind the optimistic forecast are attributed to the strong underlying economic growth, increasing household consumption and the inflows of tourists to the emirate.

"With its steady rise, the retail sector has emerged as one of the most important economic sectors associated with the growth of modern Dubai."

According to the CB Richard Ellis (CBRE) global business report 2010, Dubai ranked as the second leading international retail city after London, hosting 55 per cent of major global retailers.

Spending in Dubai's shopping malls in 2009 was an estimated $7.6 billion (Dh27.92 billion), while spending in Saudi Arabia and Abu Dhabi shopping malls stood at $6 billion and $1.9 billion respectively.

Per capita retail space in Dubai is four times higher than that in the US and by the end of the decade, Dubai will have 16 times more sales floor space in malls than the average in European Union countries.

Bin Hendi said: "Dubai is among the nine main shopping destinations of the world including New York, London, Paris, Milan, Singapore, Hong Kong, Tokyo and Shanghai."

Speaking to Gulf News, Al Zarouni said that the group will help to promote the retail sector.

"The Retail Business Group will be the main coordinator between retailers and government. Now retailers' voices would be strong and the government response would be quicker," Al Zarouni said.

He said the sector is facing a lot of problems that need attention.

"The abundance of fake products is among the main obstacles facing retailers.

"This group will be a channel for retailers to organise sales, promotions and participation in festivals and activities across the emirates."

He added that the Retail Business Group will help to develop the retail sector by creating a competitive atmosphere and curbing illegal practices.