The region's top mall developers such as Nakheel, Emaar, the Ilyas and Mustafa Galadari Group and Majid Al Futtaim Investments are all clearly cashing in on the growth of the region's population and tourist arrivals by building more and more malls. However, they are not the only ones profiting from the Gulf's retail boom.
Europe's top hypermarket chains, most notably France's Carrefour and Géant, have also got in on the act. These days it is crucial for a new mall to be anchored by a major supermarket, and the French duo have tied up with some of the biggest retail projects in the Middle East.
Leading the way
With flagship superstores in the UAE and Oman's biggest malls, and more on the way in Bahrain and Qatar, Carrefour is leading the way.
The Paris-based company earns over $1 billion a year from its regional operations, and paved the way for Géant's entry into the market with its 200,000 square foot store in Dubai's Mall of the Emirates.
Despite their success, the French pair now face a real challenge from Saudi Arabia's Savola Group.
The Saudi outfit, which has a huge presence in its homeland, has already secured a deal to anchor the upcoming Dubai Festival City mall, and is rumoured to be looking region-wide for further expansion.
Savola could also face stiff competition from the UAE's LuLu Hypermarket chain, which is also looking to take some of the business away from Carrefour and Géant.
It remains to be seen if the region's hypermarket chains can loosen the stranglehold the European giants have on the region's malls.
However, Savola and LuLu will both hope that their local touch persuades developers to look closer to home for their big-name anchors.
