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Groundwork laid for growth

High penetration rates for smartphones and tablets in Dubai, along with greater use of credit and debit cards, have laid the foundation for rapid expansion of online retail, according to a new report issued by Dubai Chamber.

Medium-term growth for internet retailing is forecast to increase at a compound annual growth rate (CAGR) of up to 34%.

Dubai’s wider retail industry, meanwhile, is projected to expand by 7.7% this year, before growing at a CAGR of 8.1% from 2017 through to 2020. This should see sector turnover rise from an estimated $35.4bn in 2015 to more than $52bn by the end of the decade, according to Dubai Chamber.

For its part, the broader MENA e-commerce market has the potential to expand at low double-digit rates through to 2020, roughly half the rate forecast for Dubai, according to German business intelligence firm yStats.com.

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Read more here: http://www.oxfordbusinessgroup.com/news/dubai%E2%80%99s-shift-digital-retail