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Chi ese tourists pro ed to e o e of the iggest dra s for Du ais hospitalit
market in 2014, with a 25 percent year-on-year growth in Chinese tourists. The
UAE government recognises the tremendous potential the retail and tourism
i dustries hold for the e o o i gro th a d i li e ith Du ais touris isio
for 2020, significant steps have been taken to achieve the target of attracting 20
million annual visitors by 2020. In 2013, the UAE government announced to grant
on arrival visas to 13 additional nationalities from the European Union. Measures
such as these will positively impact the tourism sector and enable the emirate to
attract more business and leisure travellers, thus giving boost to the retail sector
a d further stre gthe i g Du ais o petiti e ad a tage i the glo al are a.
Dubai remains the clear destination of choice for the majority of brands looking to
enter the region for the first time, frequently using the emirate as a stepping
stone to wider regional expansion programes. Whilst 2015 is expected to be more
testing for the tourism sector in view of the falling oil prices and economical and
political uncertainty in some countries, Dubai however has strongly positioned
itself as the premier tourist and leisure destination in the Middle East making it
relatively resilient to market fluctuations.
The current retail stock in Dubai measures around 2.34 million sqm with a retail
supply pipeline of around 675,000 sqm between this year and 2018. This retail
pipeline consists mainly of existing mall expansions, including those of The Dubai
Mall, Mall of the Emirates and Ibn Battuta Mall. These are in addition to the new
malls Nakheel Mall and The Pointe on the Palm Jumeirah-currently under
construction. Additionally, there are key master plans to be developed in the
coming decade, mainly Dubai Creek Harbour and Mall of the World. The malls
envisioned there will be larger than The malls larger than the Dubai Mall, which
ill pote tiall ha ge the e irates retail la ds ape drasti all .
With plenty to do, excellent infrastructure and world-class shopping and hotel
facilities, tourism-driven retail growth in the emirate is set to continue apace!
Erik Volkers
Senior Consultant, Research and Consultancy
CBRE Middle East