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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Top 10 listed companies in the Middle East

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Staycations to stimulate Qatar’s hospitality sector

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
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            • Business
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            • Digital
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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            • CES 2017
            • Election Results
            • eSports
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Dubai’s shift to digital retail

              Oxford Business Group

              May 25, 2016
              in Business, IT & Telecom
              0

              Online shopping is expected to drive retail growth in Dubai in the coming years, though migration toward e-payment remains a stumbling block for some consumers.

              Digital retail is expected to account for 21.5% of global sales by 2018, according to data from the Centre of Retail Research, with Dubai on course to post some of the strongest e-commerce growth in the region.

              This was one of the key messages at the 10th World Retail Congress, which took place in the emirate from April 12 to 14.

              Industry leaders highlighted the need for adaptability and flexibility as online retail grows, while advising against adopting a purely on- or offline approach to customer engagement.

              Cultivating the broader customer experience and tapping into lifestyle trends were also suggested as possible routes to success, which could help conventional retailers maintain market share.

              Groundwork laid for growth
              High penetration rates for smartphones and tablets in Dubai, along with greater use of credit and debit cards, have laid the foundation for rapid expansion of online retail, according to a new report issued by Dubai Chamber.

              Medium-term growth for internet retailing is forecast to increase at a compound annual growth rate (CAGR) of up to 34%.

              Dubai’s wider retail industry, meanwhile, is projected to expand by 7.7% this year, before growing at a CAGR of 8.1% from 2017 through to 2020. This should see sector turnover rise from an estimated $35.4bn in 2015 to more than $52bn by the end of the decade, according to Dubai Chamber.

              For its part, the broader MENA e-commerce market has the potential to expand at low double-digit rates through to 2020, roughly half the rate forecast for Dubai, according to German business intelligence firm yStats.com.

              Success story
              The emirate’s online retail prospects are strengthened by the presence of the region’s largest e-commerce platform, Souq.com.

              The Dubai-based firm completed a funding round of over Dh1bn ($272m) in late February, to be channeled into technology, scaling marketplace operations, launching new product categories and recruitment, Ronaldo Mouchawar, CEO and co-founder of Souq.com, told media.

              While online retailing in Dubai will see its market share increase considerably in the coming years, the Dubai Chamber report noted the segment will likely still account for a relatively small share of total sales.

              The retail sector cannot afford to ignore e-commerce as an avenue for development, Nisreen Shocair, president of Virgin Megastore, MENA, told OBG.

              “E-commerce is the largest threat and the biggest opportunity,” she said. “When we look at absolute numbers across the Middle East, online sales are still not significant compared to physical retail, but the double-digit growth is there. As retailers continue to chase growth, the online channel will be one to take a lot more seriously.”

              Steady progress
              Smart Dubai, the emirate-wide drive to increase the range of services available online, has supported e-commerce growth, while also helping to familiarize citizens with electronic services and instil trust in online payment systems.

              However, migration to e-payment has proved to be a slow process in Dubai, with cash and cheques still the preferred method of payment for many consumers.

              Other obstacles include a move by over-the-counter retailers to develop shopping into a broader experience by building in added social and entertainment attractions, according to Ashish Panjabi, COO of electronics retailer, Jacky’s Group of Companies.

              “While e-commerce is definitely growing in Dubai, its penetration is still behind markets in the West,” he told OBG.

              Online shopping currently accounts for less than 2% of Dubai’s total retail sales by value, according to Dubai Chamber, significantly lower than in US and European markets, where the figure is between 17% and 20%.

              Panjabi added that the gap in e-commerce penetration could be explained in part by the late-night opening hours in Dubai’s malls and the fact that community shopping centers are easily reachable for customers.

              “The situation is different in some other cities, where people need to drive a long way to reach a shopping mall,” he said.

              Best of both worlds
              Aarti Jagtiani, director of the Dubai-based Landmark Group, believes retailers should move away from viewing industry growth as brick-and-mortar versus e-commerce, and instead aim to reach their customers via both channels.

              “It’s about looking at the challenge more holistically and putting the customer in the front,” he told local media in April. “Both online infrastructure and store expansion must grow together, so I don’t think it can be split up, and we should have one strategy across both.”

              For its part, Souq.com has sought to bridge the gap between the traditional and the digital by accepting cash on delivery, which is preferred by many consumers in the region.
              Oxford Business Group
              25 May
               

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