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13/07/2017 - 16:13hs

Gulf retail sector to present sustained growth

A report by investment bank Alpen Capital brings a forecast of a 4.6% average growth per year, with revenues to reach USD 313 billion in 2021.

São Paulo – The retail sector of the Gulf Cooperation Council (GCC) will reach revenues of USD 313.2 billion in 2021. The GCC member countries are Saudi Arabia, Bahrain, United Arab Emirates, Oman, Kuwait and Qatar. The information is part of a report by investment bank Alpen Capital and was made available this Thursday (13) by the website of the Dubai-based magazine Arabian Business,

According to the bank, 2017 growth will be slow, but should recover well in 2018 and reach sustainable expansion until 2021, driven by the increase in population, foreign tourists and per capita income.

From 2016 to 2021, Alpen Capital expects sales of non-food products to increase by 5.3% per year. This growth, says the report, will be led by the consumption of young people and expats, groups that seek innovation and fashionable products.

Meanwhile, retail food sales should grow 3.5% per year, driven to a wider base of consumers and an increase in demand for healthy products.

Overall, the average retail growth forecast is 4.6%. The bank expects Saudi Arabia and Bahrain to register the fastest growth in retail sales.

“A favorable demography, high per capita income and an active tourism industry have attracted renowned international retail brands to the GCC. Changing consumer preferences and proliferation of digital devices are further reforming the region’s retail landscape,” says the report.

*Translated by Sérgio Kakitani

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