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Vast growth opportunities for the retail industry in the Middle East markets
Expo 2020 to boost retail sales in the region
2 March, 2014 – Following the publication of Deloitte’s Global Powers of Retail 2014 report that ranked the 250 largest retailers in the world, and portrayed the Middle East as a key market with vast retail industry growth opportunities, Antoine De Riedmatten, Deloitte’s global Industry Leader in Consumer Business, visited the UAE to meet with clients and other major players in the sector. The Deloitte report ranked the UAE-based EMKE Group that operates the Lulu chain of hypermarkets as one of the top 250 largest retailers in the world.
“It comes as no surprise that the 2014 Global Powers of Retailing report ranks the United Arab Emirates-based EMKE Group, as one of the fastest growing retailers in the world over a five year period given the buoyancy of this market,” said De Riedmatten. “Last year, we saw many of the retailers, operating in developed economies where growth had slowed; seek growth opportunities in more buoyant emerging markets such as the Middle East.”
“News of Dubai being chosen to host the 2020 World Expo will undoubtedly provide an added boost to economic confidence in the region – not to mention an influx of visitors to boost retail sales,” he added during his visit to Dubai this week.
“We welcome the Deloitte global industry leader in consumer business to the UAE and we are pleased that he has had the opportunity to visit some of our key clients and other major players in the industry such as the MAF Group to discuss market opportunities and challenges. Deloitte has designated the Middle East as one of the priority markets in terms of consumer business internationally and we are working closely with Antoine to further enhance our retail consultancy capabilities in the region,” said Anis Sadek, Dubai managing partner at Deloitte.
“There is no doubt that Expo 2020 will have a significant impact on Dubai and act as a catalyst, further energizing the hospitality, leisure, retail and consumer businesses here,” added Sadek.
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About Deloitte & Touche (M.E.)
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence since 1926.
Deloitte is among the region’s leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with more than 3,000 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has received numerous awards in the last few years which include Best Employer in the Middle East, best consulting firm, and the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).