– Bahrain’s retail sector grew by an average of 13% in gross leasable area last year –
The Economic Development Board (EDB) and Moda Mall co-hosted the Middle East Council of Shopping Centres (MECSC) networking monthly event on the 3rd of April at the mall. The networking event brought together retail industry professionals to facilitate retail business development, experience and knowledge sharing and networking.
The EDB’s participation comes in line with its strategic plan of promoting the retail sector to further attract investment and create jobs in the Kingdom. Mr Jerad Bachar, Executive Director – Investment Development of Tourism, Real Estate, Education and Healthcare at the EDB, said: ‘‘The retail sector is a vital part of Bahrain’s tourism offering. The diverse mix of traditional, modern, and online retail experiences in the Kingdom continue to evolve. In coordination with other stakeholders, we aim to continue to increase demand across retail, dining, and entertainment through the diversification of products and services. Last year, Bahrain’s retail gross leasable area grew by 13% and has tripled over the past 10 years. Bahrain also witnessed a growth in tourism arrivals in 2017 reaching 11.4 million visitors, and partial credit to this increase is given to our retail experiences.
‘‘Participating in this networking events is important for the development of our dynamic retail industry. We at the EDB are committed to work with the industry stakeholders on ongoing development in both hard and soft infrastructure to unleash further growth and diversification across the sector.’’
Bahrain World Trade Center and MODA Mall’s managing agent, Cushman & Wakefield Bahrain, Kelvin Crutchlow, Director & General Manager said, “We are delighted to partner with the Bahrain EDB to host this landmark industry event that coincides with Bahrain’s increased shopping tourism growth. Events as these are an important platform that attracts participation from all major stakeholders coming together to pave the way for new opportunities and future growth in the retail sector.”
The Middle East Council of Shopping Centres networking event was held in collaboration with Bahrain’s luxury shopping destination Moda Mall as the main sponsor, EDB as a platinum sponsor and Mall of Dilmunia as a gold sponsor. The event was attended by government officials and representatives from the retail industry across the GCC.
Tourism, including retail, is a fast-growing sector and a key strategic focus for the EDB and the government. Through a host of current tourism infrastructure projects that are worth more than US $13 billion, as well as new public and private sector initiatives, the retail industry will continue to expand and attract further investment.
Notes to editors:
About The Bahrain Economic Development Board (“EDB”)
The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.
The EDB works with the government and both current and prospective investors to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.
The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.
For more information on the Bahrain EDB visit www.bahrainedb.com.