The Dubai Chamber of Commerce and Industry has announced the formation of the Retail Business Group today (March 11). The new organisation aims to promote cooperation among retailers in Dubai, serve common interests and promote transparency within the sector.
The announcement was made during a special launch event hosted at Dubai Chamber’s headquarters. The event was attended by Majid Saif Al Ghurair, chairman of Dubai Chamber; Nilesh Ved, chairman of the Retail Business Group and representatives from member companies.
The Retail Business Group is being led by the steering committee that includes Apparel Group, Al Tayer Group, AZADEA, Chalhoub Group, Dubai Duty Free, Giordano, Lals Group, Landmark Group and Seddiqi Holdings.
The Retail Business Group is the 29th sector-specific business group established under the umbrella of Dubai Chamber. By supporting the business group, the Chamber aims to protect the interests of retailers in Dubai, and provide an ideal platform for industry stakeholders to collaborate.
Other objectives of the Retail Business Group include addressing common concerns of members and retailers in the emirate, raising industry standards, sharing best business practices, organising and supporting retail-related events.
In addition, the new group will liaise and coordinate the calendar of sale and promotions with Dubai Tourism, the Dubai Shopping Festival Office and the Department of Economic Development throughout the calendar year.
During the launch event, Al Ghurair, welcomed the establishment of the Retail Business Group and highlighted the important role that business groups play in supporting Dubai’s economic growth and development, adding that Dubai Chamber has facilitated the creation of business groups in the emirate which are categorised on an industry and country level.
Commenting on the formation of the Retail Business Group, Al Ghurair says, “We are confident that the Retail Business Group will achieve great things and further strengthen the Dubai’s position as one of the world’s top shopping destinations.”
“Modern retail has become more and more competitive, and this kind of growth requires different focus for retailers to be able to co-exist and thrive. Our mission is to advance the interests of the retail ecosystem through communications, education and brining in omnichannel strategies,” adds Ved.
The UAE retail sector is projected to expand by nearly 5% over the next few years to reach $71 billion by 2021. The establishment of the Retail Business Group would help Chamber promote the interests of retailers in Dubai, stressed Al Ghurair, adding that the group would create a new platform where industry leaders can foster constructive dialogue and fruitful cooperation.