Dubai retail sales are expected to go beyond $41.5 billion this year and likely to grow over 5% to approximately $43.7 billion next year, says Abdul Rahim Al Zarooni, chairman of Dubai-based Al Zarooni Group. Retail sales in 2013 were recorded at around $39.6 billion and are expected to increase to $55.7 billion in the coming seven years, adds Al Zarooni.
Studies indicate that the size of the current retail sector in Dubai is around 30.1 million sqft and it is expected to increase to 34.4 million sqft in the coming two years. In order to cash in on the growing retail industry in the emirate, Al Zarooni Group is planning on building a new shopping mall in Karama and details of the second one will be announced at a later stage.
“But, what I can tell you now is that the second mall will be a distinctive addition to the current portfolio of shopping malls in Dubai and will become one of the popular icons of the city. In addition to the shopping malls, we’re also looking at expanding Mercato to be able to accommodate a growing number of retail shops and shoppers,” he reveals. Al Zarooni Group will also launch six projects in retail, real estate and hospitality sectors.