Wholesale and retail commerce are primary economic engines for Dubai, contributing to nearly 27 per cent of the emirate’s GDP, said Hamad Buamim, president and CEO of Dubai Chamber.

Addressing delegates at the on the first day of The Retail Summit 2019 in Dubai, he added that e-commerce stands out as a sector with massive potential for growth for Dubai, poised to expand at a CAGR of 12 per cent in the 2018-2023 period to reach Dh9.7 billion ($2.6 billion) in sales volume by 2023.

The inaugural event, taking place February 13-14 at The Atlantis, is gathering more than 900 industry leaders and experts from around the world who are representing some of world’s most prominent retail brands. A total of 80 global and regional speakers at the summit are sharing their insights and perspectives on key challenges and opportunities facing retailers, as well as their outlook for the future of the global retail sector.

Buamim went on to highlight the competitive advantages that Dubai offers international retailers, such as the emirate’s strategic geographic location, world-class infrastructure, and business-friendly environment. With more than a third of the world’s population only a four-hour flight away, Dubai remains a preferred shopping destination for tourists from the Indian sub-continent, China, Africa, and Europe, he explained.

Majid Saif Al Ghurair, chairman of Dubai Chamber said: “The Retail Summit 2019 presents a prime opportunity to showcase the potential that Dubai’s retail market offers and attract more investment and international brands to the emirate,” adding that such efforts will help further diversify the economy.

“Hosting The Retail Summit 2019 reflects Dubai’s strengthening reputation as a world-class retail hub. By collaborating with our local and international partners at events like The Retail Summit, we can create a conducive environment that caters to the needs and future growth requirements of global retailers.”

Other presentations and panel discussions examined several key trends and factors that are reshaping global retail including growing impact of digital technologies and shifting consumer expectations, the role of advertising and social media as a key ingredient for successful marketing strategies, the rapidly changing shopping culture, and new solutions being adopted by the world’s leading e-commerce players. – TradeArabia News Service