Qatar's retail market hits $8bn mark
Doha, July 20, 2014
Qatar’s retail market has hit QR32 billion ($8.9 billion) mark, as a result of growing demand and higher purchasing power of people, said a report.
The sector is expected to grow more than six per cent annually from this year to 2017, said the Peninsula report.
Meanwhile, the country’s non-oil sector is set to register more than 10 per cent growth this year, supported by massive infrastructure investments and sharp increase in the population, it said.
"The current economic boom and huge investments in infrastructure development by government are positively affecting the country's retail market," Abdulaziz Al Emadi, a prominent Qatari businessman was quoted as saying.
The higher public sector spending has accelerated economic activities and doubled people's purchasing capacity, he said.
"With the launch of several mega projects and significant growth in the population (due to influx of foreign workers), Qatar's retail market has become one of the fastest growing in the GCC," he said.
Qatar's retail sector has witnessed a sea change over the last few of decades, with sales of retail outlets having grown exponentially.
"The retail outlets whose daily sales used to remain confined between QR200 ($54) and QR500 about fifty years ago, have now grown to QR100,000, or even more may be in millions of riyals per month," said Al Emadi.
The availability of large number of commercial centres across the country and their easy access are some of the important factors of the retail sector growth, said the report.
The contemporary concept of retail shopping facilities such as malls and hypermarkets are providing all goods and services of daily needs under one roof, it added.