Food, Grocery Retail News and Upcoming Events in UAE
Posted: Feb 11, 2021
The UAE’s grocery market is an emerging market for foreign importers. Domestically produced foods represent 25% of food products available at retail stores. Many key retailers in the UAE have partnered with foreign companies to import food products directly. UAE consumers are demanding greater convenience and healthier foods, due to their busier lifestyle and growing awareness of health issues. Therefore, grocery retailers are adapting their services and products to meet these changes in demand. Due to EXPO 2020, the influx of tourists, the real estate boom, and the high migration of expatriates are leading UAE to be one of the most developed retail scenes in the Gulf and a promising retail market for grocery retailers and discounters. Retailing in the United Arab Emirates increases every year by over US billion. Food retailing grows by US billion each year, and Grocery spending rises by US billion every year.
The UAE retail market is growing in the grocery sector, which lays two opportunities for both domestic and international retailers to expand their businesses into and within the UAE. With the growth of real-estate, high-migration of residents to the suburbs, and influx of tourists due to EXPO 2020, the retail market is expected to flourish throughout the coming years. As more residents move into the suburbs, and consumers demand more convenient outlets due to the busier lifestyle, both leading and new grocery retailers are encouraged to open more outlets to meet the rising demand for stores within cities and suburban areas.
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Hotelier, Caterer and Retail Real Estate News in Middle East
As retail business around the globe are managing the effect of the COVID-19, a sound judgment of strength and thoughtfulness invade. A few retail gatherings, world-over, are attempted required security measures, while as yet satisfying client needs. The hospitality sector, a segment of travel and tourism (T&T), is critical to the UAE’s economy, given not only its contribution to GDP, but also to overall employment.Underscoring this figure, the city of Dubai ranked third in the world for international tourism spending in 2019 (approximately AED 102.47 billion). Business travel comprises a large segment of the UAE’s T&T revenue. Meetings, incentives, conferencing and exhibitions (MICE) contributed more than AED 20 billion to the Dubai economy in 2019.19
Dubai’s hospitality market has borne the brunt of event cancellations and restrictions. Occupancy rates were relatively healthy in January and February. However, travel restrictions shrunk average occupancy in May.
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