More than six.2mn sq m of retail improvement are anticipated to take up substantial spaces across the GCC nations inside the subsequent 5 years, according to a current report from Alpen Capital, which additional sees the industry to develop as significantly as US$313bn by 2021 and a significant contributor to the region’s non-oil financial improvement.
The industry self-confidence in Oman is hugely attributed to the country’s soaring financial development, projected to rise to two.9 per cent this year from 1.1 per cent in 2017. Among the GCC nations, Oman is observed as the quickest expanding economy with tourism becoming a single of the crucial elements as arrivals are anticipated to boost at a compound annual development price of 13 per cent among 2018 and 2021, according to a report by Colliers International.
Retail space expansion has been going on in current years as significant developers flock the sultanate to set up shops, mainly from pan-GCC retailers and huge-scale malls taking up new spaces in cities such as Muscat, Sohar and Nizwa. CBRE has reported that in 2015, much more than 100,000sq m of facilities have been delivered and numerous much more new developments are coming up in the subsequent couple of years.
Sheikh Raid bin Abdullah al Araimi, vice chairman, Al Raid Group, mentioned, “One can owe the success of Oman’s retail sector to the country’s economic diversification strategy which focuses on retail and tourism as among the key drivers for growth. We are keen to support the country’s move and we have witnessed the government’s efforts in moving towards the sector’s further expansion. Our major projects in the retail sector seek to be innovative are uniquely designed to bring about a combined retail and leisure experience to mall visitors.”
Al Raid Group’s most recent project, the Al Araimi Boulevard (ABLVD) presents a powerful solution providing amidst a expanding quantity of mall developers from across the area getting into the industry. Retail trends show that shoppers are continually evolving and searching for for new avenues of expression which tends to make a closer understanding of the nearby industry a clear benefit. The group’s huge retail and style complicated is cautiously created to seamlessly blend all-natural greeneries and treasure troves into the architectural style.
“The retail race in Oman is on and is attracting the region’s attention as many investments are flowing into the local market. We are confident that innovation is the key that developers should always consider to gain market advantage. Oman’s retail story is still being written and we are keen to make it a continuing success story,” mentioned Araimi.
Information Source: Muscat Daily