Future growth Led by Surging Disposable Income and trade encouraging policies of the Government
Online PR News – 05-January-2013 – Delhi, India – New Delhi: 28/12/2012- UAE is one of the major textile markets of the world which includes fibres, fabrics, cloth, apparels, outerwear and several others. The presence of economy to luxury brands in the market has made the country one of the prominent destinations of clothing and textile business in the world. UAE has become the business center for the Middle East. The industry has also been aided by the favorable policies and initiatives by the government in terms of infrastructure development, tax exemptions and transparency in paper work.
The textile output and revenue of the UAE textile industry has witnessed fluctuations throughout the review period. The global economic slowdown affected the revenues as well as the cost of production and the credit lending institutions in UAE. The revenue of the textile market of UAE was recorded at USD 8 billion in 2006 and grew at CAGR of 10.0% during 2006-2011. Intense competition from the textile manufacturing countries in South East Asia such as China, India and Thailand has led to the erosion of textile production facilities in the UAE and textile traders now operate on a trade centric business model focusing on re-exports of textile articles. The retail sector is the second largest sector in the oil-rich GCC region of which apparel is a major contributor and is considered to be the most preferred means of promoting diversification and sustained economic development in the region. This phenomenon is realized by the advent of innumerable high-end fashion brands and retailers in the country who are prospectively setting up shop in UAE to cater to the high spending and brand conscious citizens of UAE.
“High demand for textile re-exports from countries such as Iran, mechanization of the textile production process, infrastructural support from the government, growing disposable income, rising immigrant population and inbound tourist traffic from South-East Asia will drive the UAE apparel and textile industry in the coming years.”According to the Research Analyst, Ken research.
According to the research report “The UAE Apparel and Textile Industry Outlook 2016 - Focus on Re-Exports and Emerging High-End Retail Sector” by Ken Research, the UAE apparel retail market would grow at a substantial CAGR rate thus reaching close to USD 8 billion by 2016 due to the major push from the rising disposable income which will strengthen the spending power of the Emirati people. The UAE textile industry will remain the forerunner in the MENA region for textile re-exports growing at a substantial CAGR to USD 24 billion in 2016.
The report provides detailed overview on the apparel and textile market in the UAE. This report helps the reader to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, textile traders, apparel specialist retailers and other stakeholders to align their market centric strategies according to ongoing and expected trends in years to come.
For more information on the industry research report please refer to the below mentioned link: