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State of the UAE Retail Financial system report key findings:
- On-line retail spending tripled within the first quarter in contrast with the primary three months of 2019
- Accommodations had the very best occupancy charge on the earth for 4 straight weeks in February and March
- The non-oil financial system is predicted to develop by 3.9% this yr, boosted by client spending and rising vacationer numbers
Dubai, United Arab Emirates: Majid Al Futtaim, the main shopping center, communities, retail and leisure pioneer throughout the Center East, Africa and Asia, at the moment launched the newest in a sequence of quarterly studies titled State of the UAE Retail Financial system, uncovering key financial knowledge, traits and insights into customers’ behaviour patterns, spending habits and sentiment within the UAE. The report highlights a 14% bounce in Q1 2022 retail client spending within the UAE in contrast with the identical interval in 2019, indicating that the nation’s post-pandemic financial system continues to get well strongly.
The most recent assortment of information demonstrates that resilience, confidence and stability have returned, together with development that exceeds pre-pandemic numbers. Whereas the financial restoration is on a agency footing, challenges stay; foremost amongst them is inflation. Nevertheless, rising costs have had little influence on client confidence within the financial system, with 89% of respondents to a survey by Majid Al Futtaim’s Happiness Lab expressing optimism. This similar survey revealed that the month of Ramadan is predicted to spice up spending on meals and drinks, with groceries topping the record of anticipated elevated expenditures by households.
Certainly, the non-oil financial system is predicted to develop by 3.9% this yr, because of client spending and rising vacationer numbers, and the broader financial system is forecast to develop by 6.2% in 2022. On-line retail spending tripled within the first quarter in contrast with the primary three months of 2019, led by the meals and beverage and hypermarket/grocery store sectors. On the similar time, e-commerce accounted for 11% of all retail spending within the quarter, up from 5% earlier than the pandemic.
Equally, the UAE’s inns loved robust demand from October to March and improved efficiency on a mean every day charge and income per accessible room, thanks partly to the success of EXPO 2020 Dubai. UAE inns additionally had the very best occupancy charge on the earth for 4 straight weeks in February and March, with 85% occupancy in mid-March.
The analysis additional signifies that the forecasted development in 2022 will likely be supported by the Authorities’s ongoing give attention to pandemic administration and its introduction of a spread of growth-friendly initiatives. The choice to undertake a extra international Monday-to-Friday working week has additional strengthened Dubai’s standing as a monetary hub, and authorities reforms selling enterprise improvement additionally performed a big position in driving private-sector development. This included a brand new legislation allowing full overseas possession of firms boosting overseas direct funding, which elevated to USD 20.7 billion in 2021, up 4% from the earlier yr.
Alain Bejjani, Chief Government Officer at Majid Al Futtaim – Holding, mentioned: “We should take inventory of the large financial restoration underway and acknowledge the transformation skilled during the last 24 months. Whereas the UAE will nonetheless face some headwinds all year long, notably worth pressures and the prospect of rates of interest edging increased, the info reveals the basics are robust.
“The report additionally reveals that industries, sectors and companies have tailored swiftly to new working strategies and have provided new client traits and calls for utilizing ingenuity and innovation. The encouraging indicators we witness from these previous three months will elevate the UAE in the direction of a stronger financial system.”
The primary quarter for the yr noticed most sectors of the retail financial system develop, with retail normal classes, together with meals and beverage, pharmacy and well being, inns, duty-free, electronics and residential furnishings, improve by 19% in contrast with the primary three months of 2019. Moreover, hypermarket and grocery store spending rose by 10% within the first quarter from January-March 2019 and accounted for twenty-four% of retail spending development. And first-quarter vogue gross sales had been up by 15% in contrast with three years earlier, boosted by spending on non-luxury classes and equipment, in addition to on watches and jewelry.
The report additionally indicated the UAE actual property market is poised for enlargement – with the whole worth of property gross sales in Dubai growing to AED 16.4 billion (USD 4.5 billion) in February, up 124% from the identical month in 2021, and greater than 6,300 transactions recorded within the month, growing 70% from a yr earlier.
The total report could be accessed right here: https://maf.am/SOTREPRL
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About Majid Al Futtaim
Based in 1992, Majid Al Futtaim is the main shopping center, communities, retail and leisure pioneer throughout the Center East, Africa and Asia.
A outstanding enterprise success story, Majid Al Futtaim began from one man’s imaginative and prescient to rework the face of procuring, leisure and leisure to ‘create nice moments for everybody, each day’. It has since grown into one of many United Arab Emirates’ most revered and profitable companies spanning 17 worldwide markets, using greater than 41,000 folks, and acquiring the very best credit standing (BBB) amongst privately held corporates within the area.
Majid Al Futtaim owns and operates 29 procuring malls, 13 inns and 4 mixed-use communities, with additional developments underway within the area. The procuring malls portfolio consists of Mall of the Emirates, Mall of Egypt, Mall of Oman, Metropolis Centre malls, My Metropolis Centre neighbourhood centres, and 5 group malls that are in three way partnership with the Authorities of Sharjah. The Firm is the unique franchisee for Carrefour in over 30 markets throughout the Center East, Africa and Asia, working a portfolio of greater than 400 shops together with Metropolis+, the area’s first checkout-free retailer, and a web-based retailer.
Majid Al Futtaim operates greater than 600 VOX Cinemas screens in addition to a portfolio of world-class leisure and leisure experiences throughout the area together with Ski Dubai, Ski Egypt, Dreamscape, Magic Planet, Little Explorers and iFLY Dubai. The Firm is guardian to a Vogue, Residence and Specialty retail enterprise representing worldwide manufacturers corresponding to Abercrombie & Fitch, Hollister, AllSaints, lululemon athletica, Crate & Barrel, LEGO and THAT, a Majid Al Futtaim vogue idea retailer and app. As well as, Majid Al Futtaim operates Enova, a facility and vitality administration firm, by way of a three way partnership operation with Veolia, a worldwide chief in optimised setting useful resource administration.
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