The «economy» discusses with «Dubai Retail Group» future growth opportunities
Within a series of meetings held by the Ministry of Economy, with business groups and institutions in the country to learn about the opportunities and aspects of development and review mechanisms for implementing flexible packages and the 33-initiative plan to support economic sectors, in order to achieve the country's future economic goals and directions, Abdullah bin Touq Al-Marri, Minister of Economy, and Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, and Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, held an expanded meeting with the Retail Sector Working Group, which is one of the business groups of the Dubai Chamber, chaired by Osama Ibrahim Seddiqi, Chief Financial Officer of Siddiqui Group, while the meeting was attended by senior traders Hash of group members.
The meeting dealt with discussing the developments of the retail trade sector in the country in light of the regional and global conditions, and the main topics included in the flexible packages and the 33-initiative plan, which would raise the sector’s capabilities and enable it to continue its role in diversifying and developing economic activities in the country, especially since the sector is a major engine. For non-oil GDP growth.
Abdullah bin Touq Al Marri, Minister of Economy, said that the retail and wholesale sector is one of the most active economic sectors in the country, which plays a major role in enhancing the competitiveness of local markets and supporting non-oil GDP, as the sector’s contribution constitutes up to 12.5% of the real GDP, while It amounts to 18% of the non-oil GDP.
He added that the great development witnessed by this sector had a direct impact on improving the business environment and the activity of trade and tourism movement in the country.
He added, "We are proud in the UAE of owning many national brands operating in the retail sector that have succeeded in competing and expanding in regional and international markets.
He reviewed the flexible package and the 33 initiatives within the economic support plan approved by the government, and the desired impact of it, which was keen on giving priority to promoting the growth and advancement of economic sectors that add value to the national economy, and the retail sector is one of the most prominent.
Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises in charge of the tourism file in the country, confirmed that the UAE has succeeded in consolidating its position as a leading destination in the retail trade in the world, in light of the availability of an integrated infrastructure for transport, shipping and logistics services in accordance with the best international standards.
He added that the great development witnessed in this sector has created many opportunities in other sectors and economic activities, specifically in the field of tourism and entrepreneurship, as well as the development of expertise for the management and development of retail chains and outlets, which are currently an important attraction for the public and visitors, and contribute effectively to strengthening the position of the state. As a preferred destination for retailers around the world.
Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that the retail trade in the country, on the traditional and electronic levels, has high growth potentials and mainly contributes to diversifying sources of income and attracting foreign direct investment. He explained that the retail sector accounts for 26% of the total foreign direct investment in the state's markets, which reflects its competitiveness and its ability to attract international brands and then diversify the business environment within the country.
For his part, Osama Ibrahim Seddiqi, Head of Financial Affairs at Siddiqui Holding, and Head of the Dubai Retail Group, reviewed the nature of the group’s work and the initiatives it has implemented to support and enhance the commercial and investment environment in the retail sector in the country, and the importance of the retail sector in stimulating the competitiveness of the business community.
During the meeting, my friend stressed the group’s keenness to raise the level of coordination with the Ministry of Economy and all government agencies at the federal and local levels, in a way that serves the vision and government directions during the next phase and achieves the interests of investors in the retail sector in the country.
Giant Janwani, Vice President of Lals Group in Dubai, Khaled Al Tayer, Chief Retail Officer at Al Tayer Group, Nilesh Vid, CEO of the Retail Business Group, and Lucky Ramchandani, Chief Executive Officer of the Retail Business Group also participated in the meeting.
The business group includes in its membership major companies and institutions such as Apparel Group, Giordano, Chalhoub Group, Al Tayer Group, Lals Group, Azadia, Al Shaya, Dubai Duty Free, Siddiqui Holding, Landmark Group and other groups.