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RITIKA SHARMA / EMIRATES BUSINESS
The heightened competition in the sector is motivating retailers in the UAE to grow further. Backed by researches that say Emirates retail market will be valued at US$53.7 billion in 2016, up 7 percent over 2015, major players are expanding their businesses after posting good profits in the last quarter of 2015.
Waqas Hassan, Managing Director of Research Konnection, a Dubai-based market research firm, told Emirates Business, “UAE’s retail sector has seen stable growth against the backdrop of sustained tourists’ arrivals and other factors. The case has been particularly true for Dubai where Emaar Malls Group that owns Dubai Mall (the largest shopping mall in the world) posted AED435 million profit for the fourth quarter of 2015, up by 5.5 percent compared to 2014.â€