DUBAI- According to a regional expert in retail brands, Dubai has entered the third phase of development in retail, shopping and family tourism.
Nazek Al Sabbagh, a renowned UAE businesswoman, says that ‘Mall of the World’ will entice international brands to increase their presence in Dubai due to addition of more retail supply.
Al Sabbagh said that the number of malls in Dubai is among the highest globally compared to any other city.
Dubai is investing in major retail projects that have pushed hotel occupancy levels to among the highest in the world, due to the Emirate’s position as a magnet for international brands.
She added: “Periodically, Dubai astounds the world with new headline-making projects, mainly in tourism, shopping or retail sectors. Following the launch of a ‘city within a city’ project of ‘Mohammed Bin Rashid City’ by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in 2012, HH also launched the ‘Mall of the World’ to become one of the leading retail destinations focused on family tourism and shopping.”
Retail companies operating in the emirate follow a vision which is inspired by the Dubai Government vision to unlock the UAE market’s full growth potential.
“We expect ‘Mall of the World’ to dramatically boost the local retail sector on a Middle East and Africa level, taking into consideration that the local sector is registering four-fold growth annually,” she added.
Al Sabbagh recently participated in ‘Arab Women in Global Economy’ forum in London. The Emirati businesswoman is the founder of Zari O’Breesam retail brand that has gained wide attention in several international events in Milan, London and other cities round the world.
Al Sabbagh expects greater success for local brands on the global scene over the coming few years, based on the ideal business environment provided for the private sector in the UAE as well as the integration of this sector with the needs of a global economy.