GCC retail sales to grow 8pc
Muscat, January 27, 2014
The retail sales in the GCC are projected to grow at an average annual rate of eight per cent during 2011-16 period to RO270 billion ($699.2 billion), said a report.
"Food constitutes 50 per cent of total retail spending, while demand for luxury brands show increasing trend,” Sankar Kailasam, head of Asset Management, Gulf Baader Capital Markets, was quoted as saying in the Times of Oman report.
“Expanding population base and growing urbanisation of the GCC region are attractive for retailers," he said.
The regional population estimated at around 42 million, which includes a sizable expatriate population, is likely to touch 53 million by 2020, said the report.