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UAE, Saudi Arabia make up 75% of GCC food retail sector: study
- United Arab Emirates: Monday, March 04 - 2013 at 06:32
According to a report by global management consultancy firm AT Kearney, GCC spending in the food retail sector is estimated to reach $106bn in the next five years, Saudi Gazette has reported. "GCC food retailing is set for growth and offers a $23bn opportunity for the regional retail industry to leverage, but it will require players to move first, move fast and make the right move," said Dr Martin Fabel, partner AT Kearney. Currently, the UAE and Saudi Arabia combined make up about 75% of the total food retail market in the GCC, the report said. The value of food consumption in the UAE is expected to have reached Dhs28.2bn in 2012, and is forecast to hit Dhs6bn in 2013, according to Hamad Buamim, director general, Dubai Chamber of Commerce and Industry.
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