sector focus - Retail

Alpen Capital’s latest retail sector report for the GCC projects the industry to witness growth at a compounded annual growth rate (CAGR) of 4.6% between 2023 – 2028, with UAE and Saudi Arabia leading the region’s growth at CAGRs of 5.4% and 5.1%, respectively. Non-food retail sales are anticipated to grow at a CAGR of 4.3%, while food retail sales are expected to rise at a pace of 5.0% CAGR between 2023 and 2028 in the GCC.

Retail sales in the GCC nations are projected to grow in the range of 1.0% and 5.4% CAGR between 2023 and 2028. Saudi Arabia and the UAE are projected to grow at a CAGR of 5.1% and 5.4% to reach US$ 161.4 billion and US$ 139.1 billion, respectively. Retail sales in Kuwait and Bahrain are projected to witness a CAGR of 3.1% each between 2023 to 2028, whereas Qatar and Oman are expected to grow at a CAGR of 2.2% and 1.0%, respectively. Duty free sales at the airports in the GCC (Dubai, Abu Dhabi, Qatar and Bahrain) are expected to reach US$ 4.7 billion in 2028, growing at a CAGR of 9.3% between 2023 and 2028.