From The Report: Abu Dhabi 2016
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Strong expansion in Abu Dhabi’s high-quality retail stock with a focus on added entertainment and food and beverage components has helped to draw crowds, with the emphasis on malls as destinations in themselves increasingly reflected in the proportion of space given over to food and beverage outlets, and the greater variety among concessions. Wholesale and retail trade in the emirate totalled $11.5bn in 2014 when measured at current prices. This represented annual growth of 18.3%, or 8.7% at constant prices, beating average 2.2% growth for the economy overall. Rents are expected to remain stable in the short term; however, the new malls entering in 2018 are likely to have a more marked effect on the sector, with polarisation anticipated. In particular, lower-quality malls are expected to see rents decline. This chapter contains an interview with Yousef Mohammed Rasool Khoory, CEO, Mohammed Rasool Khoory & Sons.