Research indicates that the retail sector, worth $10.3 billion at present, will steadily rise to $11.3 billion by 2023

Retail sales across four Gulf countries are projected to increase by more than US$24 billion over the next five years, with Oman’s retail industry expected to rise 9.3 per cent during that period, according to global research firm Euromonitor International.

Research from the company indicates that Oman’s retail industry is worth $10.3 billion and is forecast to steadily rise to $11.3 billion by 2023. While store-based retail is expected to continue to dominate, with it currently accounting for $10 billion

of the overall market in Oman, non-store retail, including online shopping, is expected to grow by 68 per cent from 2018 to 2023.

Euromonitor’s latest report reveals that Kuwait, Oman, Saudi Arabia and the United Arab Emirates (UAE) are all set to capitalise on the rise in consumerism thanks to favourable demographics, a rise in population and a strong growth trajectory in tourism and per capita

income. The value of non-store retailing is also forecast to increase across the other three Gulf markets surveyed between 2018 and 2023, with Saudi Arabia expected to account for the biggest growth of 93.5 per cent, followed by the UAE (78 per cent) and Kuwait (48 per cent).

Commenting on the forecasts, Fahad Kazim, Vice President of Meydan Malls, said, “As the Euromonitor

report suggests, the retail sector is bound to grow in the coming years despite the recent slowdown. The long-term outlook of the sector remains strong and is expected to welcome a steady growth through to 2023.”

“A strong contributor to the growth of the sector is proactive initiatives taken by the government in streamlining the retail infrastructure and strengthening