02/09/2011 | C. Martin
Consumer confidence in the United Arab Emirates has reached a seven-year high, new trade figures show.
According to data from the retail sector, sales in Dubai have gone up 10% so far this year even as the emirate's consumer confidence stood at 95.6, against 73.6 six months ago.
The latest figures are encouraging for global retailers like Limited Brands and American Eagle Outfitters, who are seeking an entry into the Dubai market.
With the uncertainty in the global economic outlook leading to a visible slump in most of the western markets, several US retailers are also planning to tap the potential of Dubai.
Sheeraz Hasan, founder of Millions of Milkshakes, said: "There are more people in the malls here in Dubai than anywhere else in the world, which will open its first branch outside the US this year. We wanted to show the West that Dubai is the place to be."
Copyright Press Association 2011