Driving the retail momentum
Growth is supported by robust economic conditions, consumer confidence and innovative banking solutions
The retail sector is critical to the economic diversification efforts across the GCC.
As tourists flock to the UAE’s malls and Saudi Arabia expands its consumer-driven economy, the sector remains a key economic driver.
Further adding to the sector’s growth is the region’s expanding population, the rising income levels of its residents and the rapid adoption of digital strategies.
Data from the advisory firm Alpen Capital forecasts that the retail sector in the region will grow at an annual rate of 4.6% between 2023 and 2028, led by the UAE and Saudi Arabia markets.
The growth will be predominantly driven by omnichannel retail, digital technologies and experiential shopping, despite the concerns posed by geopolitical challenges and rising operational costs.
But as the sector continues to make strides, retailers must navigate a dynamic market where adaptability and innovation will be key to sustaining success.
