Middle East retail market to touch $500 billion in 2010 – CMD, Raymond

27 Feb '09

1 min read

Mr Gautam Singhania, Chairman and Managing Director of Raymond Ltd, also the largest integrated manufacturer of worsted fabric in the world with over 60 percent market share in India, was on a three day visit to the Middle East countries. During which he visited Saudi Arabia, UAE and Oman.

Raymond has opened a retail store 13 years back in Saudi Arabia to which Mr Singhania, commented by saying that, “We then believed in Saudi Arabia and continue to do so”. He was very optimistic of the potential of the retail business in the Middle East.

He optimistically said, “The Middle East retail sector is expected touch US $500 billion by 2010, of which, the Gulf Cooperation Council (GCC) countries will account for 60 percent of it”. The basic purpose of the visit is to explore business opportunities, he said.

He added by saying that, “Shopping is one of the most favourite leisure activities in the region, where malls are not mere shopping venues, but also serve as entertainment destinations and with the presence of a large number of expatriates, the region offered unparalleled business prospects”.

Fibre2fashion News Desk - India

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