Consumer spending in the United Arab Emirates has picked up in recent months and retail sales will rise at least 5 percent this year, driven mostly by furniture and car sales, according to a major UAE retailer.
Dubai's retail sector, which generates a third of Dubai's gross domestic product, was hit hard when the financial crisis and the emirate's debt woes crimped consumer spending and the number of tourists to the emirate fell.
"We're in upper single digits in retail in the UAE this year, in the range of 5 percent plus, and even further ahead in automotive ... Growth is going to be even better next year," said Robert Willett, group CEO of Al-Futtaim.
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