Retail demand will dictate growth, says Bin Sulayem

His comments come on the back of queries about high consumer inflation and the need for more retail developments in the UAE. He also echoed the recent comments made by HH Sheikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, stating that the perception of Dubai's burgeoning economy as a bubble was false and that the market would experience corrections dictated by supply and demand rather than direct government intervention.

'Look at exhibitions such as Retail City. It shows that the retail industry remains a growing, and vibrant business in the region. There are still many opportunities for growth and we continue to attract new ideas where users and agents continue to meet and develop business.

'For example,' he continued, 'At Nakheel, we are looking at another 60,000 to 70,000 units to be developed. What we are planning are cities within cities, which will be served with their own infrastructures including retail and transport solutions; that's very important as we know that transport is an issue and getting from place to place is currently difficult. But our plans mean that each 'city' will develop its own transport solutions which will minimize the inconvenience for road users.'

Bin Sulayem cites the USA as the inspiration for many of the current developments in the UAE. 'They have the attitude, which is exciting and customer focused. You look at cities such as Las Vegas or Los Angeles and see what a huge part retail plays in the lives of people, as centres for entrainment as well as shopping. They are very dynamic and those ideas have inspired us.'

Retail City International Exhibition Director, Franck Dailles commented: 'We are inspired by Mr Bin Sulayem's comments on the future of retail in the UAE. The support of the Government has allowed retail developments to flourish, and Retail City is the perfect showcase for this exciting environment.'

Dubai is currently the regional hub for retail therapy, witnessing over 630,000 square meters of retail development in 2004 and will represent over one third of the GCC's retail development. According to Retail International, cash tills will ring to the tune of US$ 3,500 per square metre by 2009. Already aiming to be one of the most densely shopped cities on the planet, Dubai is perfectly paced to host this event and should be used as the benchmark to judge all other Middle Eastern cities.

Middle East retail developments rank as the second largest growth sector after the residential real estate sector. With 4.5 million square feet of retail floor space already completed and a further 2.5 million square feet of gross leasable space (GLA) area still under construction, the retail sector is estimated to be worth US$ 30 billion per annum in the GCC countries alone.

Featuring along side the exhibition will be the Retail City Conference, offering an ideal platform for all retail professionals to discus the latest retail investment strategies and provide insight in to planning techniques.