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Headline : UAE Retail Economy Q4 Report: Consumer Spending Growth 19% in 2022

Read more from the original article on here at www.dubaichronicle.com.



Tags : #uae #retail #economy #q4 #report #consumer #spending #growth #1925 #2022


No. of Paragraph 20

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, today released its ‘State of the UAE Retail Economy’ Q4 report, which revealed that overall consumer spending was up 19% in 2022 compared to the previous year. 

There was a notable 13% growth in spending across the retail economy for the full year including, leisure and entertainment (29%), fashion (25%), hypermarkets and supermarkets (11%) and general retail (9%). This increase was driven by the rise in international visitors to the UAE, which more than doubled to 14 million in 2022, bolstered by major events including FIFA World Cup in neighbouring Qatar. 

Ahmed Galal Ismail, Chief Executive Officer at Majid Al Futtaim – Holding, said: “The UAE’s unwavering ability to triumph in times of economic adversity has led to the highest annual GDP growth since 2006.  Majid Al Futtaim’s latest State of the UAE Economy Report highlights the strength and resilience that underpins the country’s position as a beacon of social and economic prosperity for the MENA region.   Driven by its leaders’ clear vision, progressive policies and a steadfast commitment to the long-term success of the Nation’s people, the United Arab Emirates is well-placed to continue to deliver sustained growth for the long-term.”

The UAE posted its strongest annual GDP growth since 2006, jumping to 7.9%, from 3.9% in 2021. The drivers of this boost were broad-based, across oil and non-oil sectors. As expected, oil remained the main component due to a rise of around 38% in the average oil price, causing the sector to rebound to 11.4% growth, after contracting by 0.7% the previous year.

Read more from the original article on here at www.dubaichronicle.com.


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