DUBAI, 15 March 2007 — The retail real estate market in the GCC countries is the fastest growing in the world, said Colliers International — one of the top three global property service consultants.
More than 16.35 million square meters of Gross Leasable Area (GLA) expected to be completed by 2010. The increase represents a massive 565 percent growth in the available GLA found in the region since 2000, up from 2.46 million m- at the start of the millennium.
According to report, the UAE and Saudi Arabia will see the highest increase, contributing 44 percent and 30 percent respectively of the GLA by the end of the decade. Kuwait will be the third largest provider making up 10 percent of the supply coming online by 2010, with Qatar supplying eight percent, Bahrain seven percent and Oman with one percent.
“The next four years will see an explosion of new retail space, which is unlikely to be paralleled by any other global region. GCC countries have made massive investments into their retail real estate markets and we are seeing some of the world’s most spectacular malls come online, giving the region increased international recognition” said Stuart Gissing, regional retail director, Colliers International.