Leading players in the retail real estate industry will gather at this year’s Middle East Council of Shopping Centres (MECSC) Convention.

The event will be held on April 21 and 22 at the Dubai International Convention and Exhibition Centre and discuss current trends, the future and explore new opportunities.

The event, now in its 13th year, is a highlight on the industry calendar and will feature several high profile international guest speakers who will address best practices, environmental sustainability, investment and development, said an official spokesman.

According to the 2008 Annual Report from Retail International (the independent London-based shopping centre consultants specialising in the Middle East) by the end of 2009 the retail sector will contribute as much as 50 per cent to Dubai’s Gross Domestic Product.

While economists and finance ministers have voiced concern at double-digit inflation over the past year in some nations of the Gulf region, exacerbated by the weakness of the US dollar to which the GCC currencies are pegged, the outlook for the retail sector is optimistic particularly in terms of Gross Leasable Area and spending.

“At the end of 2007 the Gulf had 7.75 million square metres of Gross Leasable Area of organised retail space, a 2.1 million square metre increase on the previous year.   The industry is expecting a similar, if not larger, increase this year,” said regional director, MECSC, Kim Redman.

The Retail International study on the Middle East's retail developments places Dubai far ahead of the rest of the region and predicts retail spending for the UAE as a whole, to surpass the Dh37 billion-mark ($10.98 billion) by 2009.

“Dubai’s retail spending is forecast to cross Dh27.8 billion by the end of next year. By all accounts this is as a result of the massive retail and commercial developments such as Dubai Festival City, Mall of Arabia, Mall of the Emirates and the Dubai Mall. Dubai’s strategic position as a trading hub also factors,” said Kim Redman.

“Looking further into the future towards 2020 current forecasts predict a completed supply of organised retail footage in excess of 18.5 million square metres across the existing GCC nations,” said Simon Thomson, a widely recognised guru in the retail sector across the Gulf, and principal of Retail International.

This year’s Middle East Council of Shopping Centres convention promises to be bigger and better than ever, with a focus on best practices, environmental sustainability, investment and development.  

The convention comprises  two key components:  Conference and the Trade Exhibition which features the Leasing Fair, Trade Expo and new for 2008, a dedicated Retail Zone, which will showcase existing brands and newcomers side by side, who are seeking to expand their presence in the region. – TradeArabia News Service