The Dubai Chamber of Commerce and Industry has formed a new retail business group, aimed at promoting cooperation and transparency within the sector.
The organisation is the 29th sector-specific business group established under the Dubai Chamber.
The Chamber aims to protect the interests of retailers in Dubai through the group, it said in a statement.
The objectives of the group include addressing common concerns of members and retailers in the emirate, raising industry standards, sharing best business practices, organising and supporting retail-related events.
It will also liaise and coordinate the calendar of sale and promotions with Dubai Tourism, the Dubai Shopping Festival Office and the Department of Economic Development.
The group is being led by a steering committee that includes the Al Tayer Group, Apparel Group, Azadea, Chalhoub Group, Dubai Duty Free, Giordano, Lals Group, Landmark Group, and Seddiqi Holdings.
It is being chaired by Nilesh Ved from Apparel Group.
“Modern retail has become more and more competitive, and this kind of growth requires different focus for retailers to be able to co-exist and thrive,” said Ved.
“Our mission is to advance the interests of the retail ecosystem through communications, education and bringing in omnichannel strategies.”
Majid Saif Al Ghurair, chairman of Dubai Chamber, described retail as one of the main engines of growth fuelling the UAE’s economy.
The country’s retail sector is projected to expand by nearly 5 per cent over the next few years to reach $71bn by 2021, he said.
Consumer spending in the UAE is expected to grow by 4.1 per cent in 2018, according to a recent forecast from Business Monitor International, while the number of tourists visiting the country is projected to grow at an average annual rate of 5.7 per cent over the next four years to reach 24.3 million by 2021.
“We are confident that the retail business group will strengthen Dubai’s position as one of the world’s top shopping destinations,” Al Ghurair added.