His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, met with leaders and representatives of worldwide retail manufacturers on the sidelines of the fourth version of The Retail Summit (TRS), which commenced in Dubai at the moment at Atlantis, The Palm.
Held beneath the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the distinguished two-day occasion is being attended by greater than 800 trade leaders and high worldwide manufacturers from greater than 50 nations, together with over 80 distinguished audio system.
The assembly mentioned the present international retail panorama, in addition to the newest rising traits in client behaviour and the quite a few aggressive benefits that place Dubai as one of many world’s most beneficial enterprise environments.
Organised in partnership with Dubai Chambers, The Retail Summit is a key international occasion hosted in Dubai that explores the long run dynamics of the retail sector. The occasion focuses on the present traits shaping client preferences and the way trendy applied sciences will be leveraged to reinforce buyer experiences.
His Highness Sheikh Ahmed bin Mohammed stated: “The retail sector is without doubt one of the most vital pillars of Dubai’s thriving and diversified financial system. We’re eager to reinforce the sector’s worth by fostering a aggressive setting that facilitates enterprise progress and consolidates Dubai’s place as a most popular international vacation spot for prestigious and rising manufacturers from world wide.”
His Highness added: “Dubai’s retail sector is residence to the biggest worldwide manufacturers, reaffirming the town’s standing as a world hub for enterprise, the financial system, and retail. Impressed by our management’s imaginative and prescient, we stay dedicated to fostering the sector’s progress and reinforcing Dubai’s position as a world financial powerhouse and enterprise centre.”
His Excellency Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers, stated: “We’re dedicated to enhancing the emirate’s beneficial enterprise setting to drive financial progress and entice worldwide buyers and corporations from numerous sectors to Dubai. The Retail Summit performs a vital position in our efforts to reinforce Dubai’s place inside the international financial system in keeping with Dubai Chambers’ strategic priorities and the targets of the Dubai Financial Agenda, D33.”
Throughout his opening tackle on the occasion, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted that retail gross sales within the UAE skilled a 6% improve in 2023, reaching roughly AED230 billion. Euromonitor knowledge forecasts a compound annual progress charge (CAGR) of three.7% between 2023 and 2028, projecting gross sales to surpass AED275 billion by 2028, he stated.
HE Lootah additionally mentioned the rising position of e-commerce within the UAE’s retail panorama. E-commerce gross sales within the nation are forecast to attain a CAGR of 10% between 2023 and 2028, reaching a price of greater than AED42.1 billion in 2028. He highlighted Dubai Chambers’ assist for the retail trade by its numerous programmes and initiatives and reiterated the chambers’ dedication to enhancing the sector’s international competitiveness.
Gary Thatcher, CEO and Co-Founding father of The Retail Summit, expressed enthusiasm concerning the alternatives the occasion will supply, stating: “The Retail Summit performs an vital position as a catalyst for driving innovation and excellence within the retail trade. Furthermore, with a sturdy agenda and a power-packed line-up of audio system, we’re well-positioned to chart the course for the way forward for retail. It has been a profitable day one, and we’re assured that day two shall be an thrilling day filled with networking and impactful insights.”
The Retail Summit 2024 goals to facilitate impactful discussions and supply actionable insights to assist the retail sector’s progress. The summit’s agenda revolves round eight key pillars together with Synthetic Intelligence, Brick & Mortar, Knowledge, Digital, Macroeconomics, Provide Chain, Sustainability & Ethics, and Expertise.
Day one of many summit featured the participation of trade professionals from main firms resembling JD Sports activities, Attire Group, Amazon MENA, eyewa, Alshaya Group, StockX, MAF Retail, eBay, Neuhaus, AWWG, GMG, Unilever Status, Chalhoub Group, Inglot, Venchi, Vogue Enterprise, and different native and worldwide companies.
A key spotlight from the primary day was an occasion devoted to the contribution of ladies to the retail sector. The Ladies in Retail reception celebrated the achievements of inspirational feminine leaders within the discipline, who mentioned how they overcame challenges, made important achievements, and left their mark within the trade.
The 2-day summit will function greater than 35 thought-provoking periods led by over 80 trade consultants. Members will discover matters starting from omni-channel experiences and cutting-edge digital improvements to evolving client behaviours, range, rising market alternatives, sustainable commerce, and the affect of AI on client engagement. As well as, the summit offers a devoted networking app to facilitate seamless networking alternatives.
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