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FinancialNews
17-11-22
Alpen Capital estimates GCC retail sector to reach 15.7 percent growth this year
(MENAFN) Retailers in the Gulf Cooperation Council county are issuing increased incomes because of inflation increases and consumers higher expenditure on supplies, as shown by investment banking advisory company Alpen Capital.
A report from the Dubai-based firm estimates that the GCC’s total retail sector is ready to record 15.7 percent expansion on a yearly basis, hitting income of USD296.8 billion last year — with the time span covering the FIFA World Cup 2022 in Qatar causing a 36 percent annual expansion.
Alpen Capital also anticipates to witness a compound yearly expansion level of 5.7 percent to amount to USD370 billion within the next 4 years (2026).
Qatar is going to witness the biggest expansion in the area throughout this year, with its sales anticipated to amount to USD18.5 billion, on the other hand, expansion is anticipated to normalize at a CAGR of 3.5 percent following the World Cup.
“The industry was severely hit by the restrictions imposed during the pandemic; however, retailers were responsive to the changing demands and innovated to sail through difficult times,” according to Sameena Ahmad, managing director of corporate affairs at Alpen Capital.
She also mentioned that “As the retail industry continues to recover, there is an urgent need for retailers to upscale their digital presence to stay relevant as well as compete with regional and international players.”
MENAFN17112022000045014228ID1105196426
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