Our Other Territories
Although Egypt is currently facing economic and political pressures, a recent AT Kearney report reveals the retail market is set to grow by a compound annual growth rate of 10% over the next year. As the region begins to move away from traditional retail, discount retailers and grocery supermarkets are due to be the two major growth areas within Egypt’s retail landscape which will provide stability and new opportunities for investors looking to enter the region. Furthermore it looks as though Egypt will still continue to offer more traditional retail concepts as it has been reported UAE based developer Majid Al Futtaim has revealed plans for a $509 million city centre project set to open in early 2019 which is to house over 300 international brands. With a rapidly growing population that is due to reach 100 million by 2020, an expected rise in retail spend together with interest from international investors, Egypt is showing signs of major growth against odds.
As Iran emerges out from years of economic sanctions the country is now making way for international brands to enter the market with investors predicting to see a retail boom. A vast 300 retail properties are currently under construction including a 2.7 million square foot mega mall in the capital, Tehran. Furthermore it has recently been announced that one of the largest retail groups in the Middle East, Abu Issa Holding, is looking to expand its operations into Iran in 2017. With Iran still being in its introductory stages it is uncertain how quickly the retail market will grow, however, Carter Murray holds extensive experience in working with brands looking to enter emerging markets and are therefore well equipped to provide the best advice and solutions.
Retail groups are rapidly investing and expanding in Saudi Arabia due to the country’s size and recent boost in infrastructure. In Q3 this year we saw Saudi adjusting its policies to allow international investors 100% ownership of their retail operations in a bid to entice more brands to expand their operations into the market. In addition, a recent study published by AT Kearny ranked Saudi Arabia 8th just behind the UAE in the 2016 Global Retail Development Index revealing market attractiveness and strong economic performance. Although, Saudi Arabia’s cultural differences mean it is not the ideal location for many, Carter Murray is experienced in identifying those suitable for living and working in the country.
Qatar’s retail sector is transforming rapidly and is expected to be worth $284.5 billion by 2018. Qatar is now paving the way for investors to enter the region through its drastic retail expansions with one million square metres of retail space to be created over the next few years. The region is not only enticing investors but also investing themselves. In Q1 of this year we saw Qatari organisations acquire two global luxury players, Balmain and Corneliani, alongside investing into UK giant BHS, these bold moves illustrate Qatar’s growing retail presence on a truly global scale. Furthermore a series of infrastructure projects ahead of the 2022 Fifa World Cup, including Doha airport and Metro expansion, will make Qatar’s capital more accessible – thereby boosting retail opportunities further.