By Rafiq Vayani
DUBAI: The Dubai Chamber of Commerce and Industry has announced the formation of the Retail Business Group, a new organisation that aims to promote the cooperation among retailers in Dubai, serve common interests and promote transparency within the sector.
The announcement was made during a special launch event hosted at Dubai Chamber’s headquarters. The event was attended by H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, Mr. Nilesh Ved, Chairman of the Retail Business Group, and representatives from member companies.
The organisation is the 29th sector-specific business group established under the umbrella of Dubai Chamber. By supporting the business group, the Chamber aims to protect the interests of retailers in Dubai, and provide an ideal platform for industry stakeholders to collaborate.
Other objectives of the Retail Business Group include addressing common concerns of members and retailers in the emirate, raising industry standards, sharing best business practices, organising and supporting retail-related events.
In addition, the new group will liaise and coordinate the calendar of sale and promotions with Dubai Tourism, the Dubai Shopping Festival Office and the Department of Economic Development throughout the calendar year.
The Retail Business Group is being led by the Steering Committee which is joined by Al Tayer Group, Apparel Group, Azadea, Chalhoub Group, Dubai Duty Free, Giordano, Lals Group, Landmark Group and Seddiqi Holdings.
During the launch event, H.E. Al Ghurair, welcomed the establishment of the Retail Business Group and highlighted the important role that business groups play in supporting Dubai’s economic growth and development, adding that Dubai Chamber has facilitated the creation of business groups in the emirate which are categorised on an industry and country level.
H.E. Al Ghurair described retail as one of the main engines of growth fuelling the UAE’s economy, and revealed that the country’s retail sector is projected to expand by nearly 5% over the next few years to reach $71 billion by 2021.The establishment of the Retail Business Group would help Chamber promote the interests of retailers in Dubai, he said, adding that the group would create a new platform where industry leaders can foster constructive dialogue and fruitful cooperation.
“We are confident that the Retail Business Group will achieve great things and further strengthen the Dubai’s position as one of the world’s top shopping destinations,” H.E. Al Ghurair concluded.
For his part,Mr. Ved said:“Modern retail has become more and more competitive, and this kind of growth requires different focus for retailers to be able to co-exist and thrive. Our mission is to advance the interests of the retail ecosystem through communications, education and brining in Omni-channel strategies.”
Consumer spending in the UAE is expected to grow by 4.1% in 2018, according to recent a forecast from Business Monitor International, while the number of tourists visiting the country is projected to grow at an average annual rate of 5.7% over the next four years to reach 24.3 million by 2021.
A leading chamber of commerce in the Middle East, Dubai Chamber aims to strengthen cooperation between Dubai’s public and private sectors. The Chamber has established 49 country-specific business councils and 29 sector-specific business groups under its umbrella, which reflect the diversity of the emirate’s business community.