United Arab Emirates:
Following a brief ribbon-cutting ceremony by His Excellency Buti Al Ghandi, Second Vice Chairman of Dubai World Trade Center's Board of Directors, the 12th annual Middle East Council of Shopping Centers (MECSC) Convention kicked off today with a demonstration of traditional Arabic song and dance.
The focus of the convention, however, quickly shifted to the future of the retail real estate industry in the region. And that future, delegates and visitors were told, will involve massive growth, more diversification and an increasingly central role in regional economies.
Held at the Dubai International Convention & Exhibition Centre and titled 'Middle East Shopping Centers Come of Age,' the two-day convention was opened by journalist and futurist James Bellini. 'In terms of retail, there is no more exciting place on this planet,' Bellini said, pointing out that a rising per-capita income, a growing demand for high-quality shopping experiences and diverse patterns of consumption pointed to continued expansion for the regional industry. Optimistic projections of the region's retail real estate industry are more than valid, said Majid Saif Al Ghurair, MECSC Chairman and President of BurJuman, during his welcome speech. The region's shopping centers, Al Ghurair said, have become 'case studies, both in terms of design and the services on offer.'
Michael Kercheval, President of the International Council of Shopping Centres, said that the industry will undergo dramatic changes over the coming years. Having entered into a phase of 'Globalization and Diversification,' Kercheval said, shopping centers are being built without regard to borders, and are increasingly driving broad economic growth. 'Shopping centers are key to the fiscal wellbeing of communities and nations,' he said. 'They are the catalyst for true progress in our communities.' |
