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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    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

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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

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

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

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      Oman Construction Equipment Industry to 2028

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      $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

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

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

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        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

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

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          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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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            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

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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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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            • Energy
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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

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

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              Jordan’s retail sector gains momentum

              Oxford Business Group

              May 24, 2017
              in Business
              0

              A raft of new retail outlets and mall expansions are boosting supply in Jordan’s retail sector – all part of a significant pipeline of projects seeking to capitalize on the country’s rising spending power and growing population.

              The new openings should create further opportunities for investors in a market where the range of shopping options is broadening, driven by growing popularity of mixed-use developments and in-hotel retail space.

              A broader offering
              In late February, Jordan’s Al Adnani Group signed an agreement with Kuwaiti property developer United Real Estate Company to build a 929-sq-metre health spa at the $300m Abdali Mall in Amman. Dubbed Gaia’s Cocoon and billed as “seven-star”, the women-only spa will offer health and beauty products, alongside therapy services ranging from massage and facials to body toning and weight loss.

              Its completion could draw more people to the 227,000-sq-metre mall, which opened late last year and houses a supermarket, entertainment center, food court, café and a range of mostly mid-tier stores. International brands with outlets among the mall’s 55,000 sq metres of gross leasable area include Tati, Matalan, Zara, Bershka, Massimo Dutti, Pull&Bear, Oysho, Jules, Calzedonia, Punt Roma and PAUL.

              The shopping center is part of the $5bn Abdali development, Amman’s biggest mixed-use project at 2m sq meters of total built-up area, which when completed will include medical and entertainment facilities, alongside residential apartments. About one-fifth of the development –406,000 sq meters – will be devoted to retail.

              A further boost could come from the retail components of hotel developments. In October Abu Dhabi-based developer Eagle Hills said it expected its $200m W Amman hotel to be completed by mid-2017. The project will include 41 luxury units called the Skyline Residences on the top seven of its 37 floors, while also featuring office space and shopping outlets.

              These and other projects reflect steady expansion in Jordan’s retail sector, where available space grew by 7% in 2016 to 158,000 sq meters, according to property consultancy AT Kearney. Retail sales rose 2.5% that year to $14bn, having seen a compound annual growth rate (CAGR) of 4% over the previous three years.

              Key factors for consumer spending
              A trend of increased lending to businesses and consumers also bodes well for the retail industry at large.

              Last year credit extended to the private sector rose 9.7% to reach JD21.2bn ($29.8bn), according to the Central Bank of Jordan (CBJ), well above the CAGR of 5.8% for the 2012-16 period. Further expansion this year looks likely, with bank loans standing at JD21.6bn ($30.4bn) in February, up 10% on the same month a year earlier.

              Despite increased spending, however, high operational costs faced by Jordan’s retail sector have proved a barrier for some industry players.

              Early last year two major firms representing eight international clothing brands said they were considering either restructuring or pulling out of the Jordanian market altogether, citing an 8% sales tax and 2% income tax, Sultan Allan, president of the local Garment Traders Association, told media early last year.

              The chairman of the Amman Chamber of Commerce, Issa Murad, told local media around the same time that several brands had relocated from the capital to other governorates in pursuit of lower rents.

              The government had earlier moved to stem an exodus and encourage consumer spending by slashing the sales tax from 16% to 8% and cutting Customs fees from 30% to 5% on many luxury items, including clothes, bags, watches, shoes, perfume, jewelry, toys and cosmetics.

              Still, other factors that weigh on competitiveness, such as the fact that property tax is levied based on a retail site’s total area rather than on gross leasable area, remain unaddressed.

              Room for growth
              Despite these challenges, Jordan has improved its ranking on international indices, placing 13th out of 30 emerging markets in AT Kearney’s “2016 Global Retail Development Index”, up 12 places on the previous year. This put it ahead of Morocco (14th) and Egypt (30th), but behind Saudi Arabia (8th) and the UAE (7th).

              The ranking was due to Jordan being the least-saturated Middle East market on its index, the consultancy said. This, combined with rapid population growth, “offers an attractive medium-term value proposition for potential entrants”, though it also noted that regional instability could weigh on this.
              Oxford Business Group
              24 May

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