Business

Dubai, United Arab Emirates, 14 February 2019: The outlook for Dubais growing e-commerce sector is looking bright as consumers in the emirate continue to turn to digital platforms to access services and products, according to retail leaders and experts speaking on the first day of The Retail Summit 2019 in Dubai.

The inaugural summit is being organised under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in partnership with Dubai Chamber of Commerce and Industry and Meydan One.

The high-level event, taking place February 13th-14th, is gathering more than 900 industry leaders and experts from around the world who are representing some of the worlds 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.

Addressing delegates at the two-day summit, H.E. Hamad Buamim, President and CEO of Dubai Chamber, noted that the summit offered valuable insights into the realities of the global retail sector and a platform to share knowledge and best practices among prominent industry leaders. H.E. Buamim described Dubai as an ideal destination to host the international event, given its reputation as one of the worlds most sought-after shopping destinations, as well the strong presence of international retail brands that are present in the emirate.

Wholesale and retail commerce are primary economic engines for Dubai, contributing to nearly 27% of the emirates GDP, while e-commerce stands out as a sector with massive potential for growth, poised to expand at a CAGR of 12% in the 2018-2023 period to reach AED 9.7 billion in sales volume by 2023, H.E. Buamim added, noting that e-commerce startups are a major source of innovation for Dubai, as they are often the early adopters of disruptive technologies such as blockchain, artificial intelligence and 3D printing.

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