(MENAFN- Emirates News Agency (WAM))
DUBAI, 11th March, 2018 (WAM) -- The Dubai Chamber of Commerce and industry has announced the formation of the Retail Business Group, a new organisation that aims to promote cooperation among retailers in Dubai, serve common interests, and improve transparency within the sector.
The announcement was made during a special launch event hosted at the Dubai Chamber's headquarters. It was attended by Majid Saif Al Ghurair, Chairman of the Dubai Chamber, Nilesh Ved, Chairman of the Retail Business Group, and representatives from member companies.
The organisation is the 29th sector-specific business group established under the umbrella of the Dubai Chamber. By supporting the business group, the Chamber aims to protect the interests of retailers in Dubai and provide an ideal platform for industry stakeholders to collaborate.
Other objectives of the Retail Business Group include addressing common concerns of members and retailers in the emirate, raising industry standards, sharing best business practices, as well as organising and supporting retail-related events. The new group will also liaise and coordinate the calendar of sales and promotions with Dubai Tourism, the Dubai Shopping Festival Office and the Department of Economic Development, throughout the calendar year.
The Retail Business Group is being led by the Steering Committee, which is joined by the Al Tayer Group, Apparel Group, Azadea, Chalhoub Group, Dubai Duty Free, Giordano, Lals Group, Landmark Group, and Seddiqi Holdings.
During the launch event, Al Ghurair welcomed the establishment of the Retail Business Group and highlighted the important role that business groups play in supporting Dubai's economic growth and development, adding that the Dubai Chamber has assisted in the creation of business groups in the emirate, which are categorised on an industry and country level.
Al Ghurair described retail as one of the main engines of growth fuelling the UAE's economy, and revealed that the country's retail sector is projected to expand by nearly five percent over the next few years to reach US$71 billion by 2021. The establishment of the Retail Business Group would help the Chamber promote the interests of retailers in Dubai, he said, adding that the group would create a new platform where industry leaders can foster constructive dialogue and fruitful cooperation.
"Modern retail has become more and more competitive, and this kind of growth requires a different focus for retailers to be able to coexist and thrive. Our mission is to advance the interests of the retail ecosystem through communications, education and bringing in Omni-channel strategies," Ved added.
WAM/MOHD AAMIR/Nour Salman
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