Dubai wins bid to host 10th World Retail Congress

Dubai has won the bid to host the 10th World Retail Congress 2016, adding another feather to its cap of achievements as an international business and retail destination.

The announcement came during the concluding day of the 9th Congress in Rome where Dubai Chamber of Commerce and Industry-led trade mission participated.

As part of its strategy to promote Dubai's business attractiveness to international investors, the Dubai delegation was led by Majid Saif Al Ghurair, Chairman, and included Hamad Buamim, President and CEO, Dubai Chamber, as well as a number of leading retailers and officials from the emirate.

Majid Saif Al Ghurair said: "The opportunity to host this global event will also promote Dubai's status as a global hub for major events, conferences and exhibitions, which also complements Dubai Chamber's commitment to bringing high profile global events to the emirate to promote its vibrant investment environment to leading international investors.”

Hamad Buamim said Dubai will add value to the Congress as this landmark event is the biggest convention of the retail industry's leading professionals and will help enhance the competitiveness and potential of Dubai retailers.

He further stressed that the retail sector is a key pillar of Dubai's economy, contributing about 29 per cent to the emirate's GDP as the expected volume of retail trade was around Dh86 billion in 2014, with expected growth rise of 5.9 per cent during the current year while expecting to maintain the same growth rate for the sector at compound annual growth rate of 6.1 per cent until 2019, indicating positive outlook for the sector's growth in the medium to long term.

The President and CEO of Dubai Chamber informed that there are many factors that help in the growth of the retail sector in Dubai including the growing economic prosperity, steady population growth, rising salaries leading to high consumer spending, cultural diversity, tourism growth, continuation of infrastructure development projects, and the establishment of more commercial centres which are supporting the retail sector development.

Since its inception in 2007, the World Retail Congress has taken place in major European cities including Barcelona, Berlin, London, Paris and Rome.
Source: Emirates 24│7