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Time Business News
2 days ago
- Business
- Time Business News
Legacy of Online Shopping in the Emirates
Souq UAE has become a defining term in the history of e-commerce in the United Arab Emirates. Once the largest online shopping platform in the Arab world, Souq UAE played a critical role in shaping consumer behavior and setting the foundation for digital retail in the region. Though it has since evolved into the name 'Souq UAE' still resonates with millions of online shoppers who experienced the early days of digital convenience and variety. Founded in 2005, was launched as part of the Maktoob Group and quickly evolved into a full-scale e-commerce marketplace. Souq UAE emerged as the localized version catering specifically to the UAE market. The platform gained rapid popularity due to its diverse product categories, user-friendly interface, and features that catered to regional preferences such as Arabic language support, cash on delivery, and competitive prices. What made Souq UAE unique was its deep understanding of the local market. It addressed challenges that traditional global e-commerce platforms often overlooked, such as regional logistics, trust in online transactions, and localized customer service. These factors contributed to Souq UAE becoming a household name and a preferred shopping destination for many. In 2017, was acquired by Amazon for approximately $580 million. This acquisition marked a significant milestone not just for Souq UAE, but for the entire Middle Eastern tech ecosystem. Two years later, in 2019, Souq UAE officially transitioned to While the branding changed, Amazon retained the core structure, logistics, and customer base of Souq UAE, making the transition smooth for users. Despite the rebranding, the term Souq UAE continues to be used by many customers and retailers in the region. It remains one of the top-searched phrases when people look for online shopping platforms in the UAE. This is largely due to brand familiarity and the trust that Souq had built over the years. From a marketing and SEO perspective, 'Souq UAE' still holds significant value. Many businesses and online retailers continue to target the keyword to attract users who associate it with affordable prices, fast delivery, and wide product availability. The legacy of Souq UAE has made it a lasting part of the UAE's digital shopping culture. Additionally, for many residents, especially those who have lived in the UAE for years, the term 'Souq UAE' carries a sense of nostalgia. It represents a time when online shopping was just beginning to take off and was leading the way. While Souq UAE may no longer exist as a standalone brand, its influence on the e-commerce landscape of the UAE is undeniable. It paved the way for digital transformation in retail and introduced millions of consumers to the benefits of online shopping. Today, carries forward the vision, but the name 'Souq UAE' lives on as a powerful symbol of innovation, trust, and convenience in the UAE's retail history. TIME BUSINESS NEWS
Al Etihad
25-05-2025
- Business
- Al Etihad
UAE retail set to reach $162b by 2028, leads GCC in e-commerce: Report
25 May 2025 23:10 KHALED AL KHAWALDEH (ABU DHABI) The UAE's retail market is forecast to reach $162 billion by 2028, growing at an average annual rate of over 5% from $127.2 billion in 2023, according to a new report by Logic Consulting. According to the Middle East-based group, the UAE leads the region in innovation, digitalisation, and sophisticated e-commerce offerings, despite having a smaller market than neighbouring Saudi Arabia. Titled "Revolutionising Retail: Unveiling GCC's Five-Year Transformation", the study positions the UAE as the most digitally advanced retail market in the GCC.E-commerce sales, which reached $3.9 billion in 2020, growing more than 50% year on year, are expected to become increasingly dominant. According to Logic, this is reflected in consumer preference, with 69% of UAE shoppers saying their loyalty increased for brands that allowed them to shop online and return-in-store. "As GCC nations continue to transition away from oil dependency, retail has become a key enabler for fostering domestic consumption, attracting private investment, and catalysing the development of adjacent industries, including logistics, real estate, technology, and tourism," the report said. The report outlines how major UAE-based retailers are leading the charge, using big data and AI to forecast demand, reduce waste, and personalise consumer journeys. Innovations such as click-and-collect, virtual fitting rooms, and loyalty-integrated apps are becoming the includes success stories from the likes of Majid Al Futtaim, Lulu Hypermarkets, and Noon – with many offering expanded services, same-day delivery, and increasingly competitive ways to shop, and receive items on demand. Moreover, the report details the rising appetite for luxury items and notes the UAE's leading role as a luxury hub in the region. According to Logic, approximately 70% of consumers in the GCC report increased spending on luxury items. "The UAE hosts a substantial number of high-net-worth individuals and millennials who drive the demand for luxury goods and immersive shopping experiences. This cohort values exclusivity, personalised services, and innovative retail environments," the report said. "'Phygital' experiences cater to their desire for interactive and seamless shopping journeys. For instance, luxury brands in the region are adopting augmented reality (AR) and virtual reality (VR) to enhance customer engagement and provide unique in-store experiences." Despite rapid changes in the retail landscape, traditional neighbourhood shops – namely the 10,000 or so Baqalas on street corners – remain dominant in the UAE's grocery retail sector. A Kantar Worldpanel study cited by Logic shows that these stores continue to make up 60% of shopper traffic.
Biz Bahrain
25-05-2025
- Business
- Biz Bahrain
GCC retail sector enters bold new era, surging toward $390bln by 2028
The retail industry in the GCC is undergoing a sweeping transformation. Once dominated by traditional models, the sector has now emerged as a key enabler of economic diversification, technological innovation, and consumer-centric growth. A new report by LOGIC Consulting, titled 'Revolutionizing Retail: Unveiling GCC's Five-Year Transformation', highlights how the sector is expanding rapidly, projected to reach over $390 billion by 2028, driven by digital innovation, changing shopper behavior, and strategic government initiatives. Retail is no longer just a transactional space in the region, it is becoming a cornerstone of national development agendas, fostering private investment and energizing adjacent sectors such as logistics, real estate, and tourism. From Convenience to Customization: A New Consumer Reality The report highlights the evolution of consumer expectations across the GCC. Shoppers are now more digitally fluent, time-sensitive, and experience-driven. With 87% of consumers in the region using both online and offline channels to make purchases, the retail experience is no longer linear – it is 'phygital.' Two Segments, One Direction: Food and Non-Food Retail on the Rise The GCC's retail ecosystem is broadly split into two pillars: food and non-food, each showing robust but distinct growth paths. Food retail is expected to grow from $127.2 billion in 2023 to $162 billion by 2028, supported by rising urbanization and shifting dietary preferences. At the same time, non-food retail – including luxury, electronics, and fashion – is surging faster, with a CAGR of 6.2%, expected to hit $243.6 billion within the same period. Saudi Arabia and the UAE continue to lead the region, representing over 75% of all retail sales today – a share set to grow further. Digital Retail Takes Center Stage From AI-enabled platforms to hyper-personalized e-commerce journeys, retailers are reinventing themselves at breakneck speed. The emergence of 'quick commerce'; ultra-fast delivery in under 30 minutes, is reshaping how consumers access everyday essentials. Digital-first players like Noon and are competing head-to-head with legacy giants such as Carrefour and Lulu, who are now embedding AI, live inventory, and omnichannel logistics into their operating models. Retail Reinvented: From Malls to Micro Fulfillment The report outlines how organized retail is expanding, with nearly 4 million square meters of new retail space expected by 2028. Yet the future lies beyond square footage, experiential shopping, augmented reality, and predictive personalization are becoming the norm. 'Retailers in the GCC are no longer just selling products, they are curating journeys and building ecosystems,' added Rabie. 'Success hinges on who can best merge the physical with the digital.' The Rise of Value and Purpose While luxury retail continues to thrive, a powerful countertrend is emerging: value-driven retail. Private labels, cooperative societies, and budget-friendly chains are resonating with a growing middle class and price-sensitive consumers. Simultaneously, ethical and sustainable retail is gaining momentum, with over half of GCC consumers now prioritizing environmentally responsible brands. Strategic Imperatives: What Retailers Must Do Next The report concludes with five strategic calls to action for retailers aiming to thrive in the region's evolving landscape: Define a compelling USP in a saturated, digitally competitive market. Embrace operational transformation through lean processes, data intelligence, and agile supply chains. Navigate market fragmentation with readiness for consolidation and joint ventures. Build strategic partnerships and ecosystems that drive innovation and speed to market. Adapt deeply to local market dynamics, tailoring everything from inventory to customer service. A Sector on the Edge of Global Influence
Arabian Business
21-04-2025
- Business
- Arabian Business
Pistachio spread sales spike across UAE amid sustained ‘Dubai Chocolate' craze
Pistachio-based products have seen a dramatic rise in demand across the United Arab Emirates, driven by the viral 'Dubai Chocolate' social media trend, major retailers told Arabian Business. The phenomenon has transformed the nut butter market, with quick-commerce platform noon Minutes selling thousands of units within hours of launching pistachio products. 'We only launched our pistachio spread two months ago — and it took off instantly,' Saro Djerrahian, GM Commercial at noon Minutes, told Arabian Business. 'Within days, it became one of the most popular products across the platform.' has also reported significant growth in pistachio-related items, with demand peaking in the fourth quarter of 2024 and maintaining strong momentum into early 2025. 'Following the Dubai chocolate trend last year, we witnessed a significant upward trend in customer interest across pistachio-related products on said Rejo Thomas George, GCC Director of Consumables at The 'Dubai Chocolate' trend, which first gained traction in late 2023, was pioneered by Dubai-based entrepreneur Sarah Hamouda with her brand FIX. What began as a pregnancy craving for kunafa and pistachio flavours evolved into what many now call the 'Hermes of Desserts.' In an exclusive interview with Arabian Business last October, Hamouda revealed that her chocolate bars fusing Middle Eastern flavours with unique textures went viral after a TikTok influencer featured them in a video that garnered nearly 100 million views. @mariavehera257 @fixdessertchocolatier WOW, JUST WOW!!! Can't explain how good these are! When a chocolate, a dessert and a piece of art meet this is what you get! 🍫 "Can't Get Knafeh of it," "Mind Your Own Busicoff," and "Crazy Over Caramel." Order on Instagram Chatfood or Deliveroo and let me know what's your FIX? Instagram : fixdessertchocolatier #asmr #foodsounds #dubai #dubaidessert ♬ оригинальный звук – mariavehera257 'I wanted the FIX experience to be different,' Hamouda told Arabian Business at the time. 'I wanted people, from that first bite, to relive moments of their past.' The trend has since sparked numerous offshoots, with social media users creating Dubai Chocolate-inspired recipes including cookies, brownies, drinks, coffees and ice creams featuring the signature kunafa-pistachio combination that made the original viral sensation so popular. noon Minutes responded to growing consumer interest by developing products under its house brand 'The Big Daddy.' 'As the trend gained traction, we were among the first to launch it under noon Minutes' own brand — The Big Daddy — which has since expanded into ice cream, spreads, cakes, and even doughnuts,' Djerrahian said. The retailer has also partnered with several established food brands, including Krispy Kreme, Sugargram and Brod, to create collaborative products. has expanded its selection in response to the trend. 'Our assortment of pistachio-related products has expanded to include a wide selection of pistachio products, from spreads to nuts, chocolate, biscuits, and other confectionery items,' George said. Restaurants across the UAE and beyond have added Dubai Chocolate-inspired desserts to their menus, further cementing the trend's influence on the regional culinary landscape. The phenomenon comes despite unprecedented challenges in the global cocoa market, where prices surpassed $12,500 per metric ton in December 2024, representing a nearly 200 per cent increase since March 2023, according to a recent eToro report. 'While the UAE chocolate sector continues to thrive, manufacturers are under significant pressure to adapt pricing and product strategies in response to rising commodity costs and market fluctuations,' Josh Gilbert, Market Analyst at eToro, said in the report. The UAE chocolate market, valued at $736 million in 2024, has maintained its growth trajectory despite these challenges, with the Dubai chocolate trend emerging as a market highlight that has inspired product innovation across multiple categories. Sales data indicates pistachio spread is rapidly gaining market share against established competitors. 'Pistachio spread is quickly becoming a category disruptor — it's now one of our fastest-growing spreads and is already challenging long-time leaders like chocolate and hazelnut,' according to Djerrahian. Consumer behaviour suggests the product has transcended typical usage patterns. 'The spread has gone beyond breakfast — we've seen customers using it in everything from baking to gifting,' he added. To maintain momentum, noon Minutes has introduced seasonal variations for Ramadan, Halloween, Christmas and Diwali. Their newest product, called 'The Hairy Daddy,' features candy floss filling. The Dubai chocolate phenomenon has gained such momentum that it has led to purchase limits at high-end grocery chains abroad and queues at UAE retailers, the eToro report noted. In response to rising cocoa costs, chocolate brands in the UAE are focusing on premiumisation, flavour innovation, and smaller product formats—a strategy known as 'shrinkflation' where products decrease in size while prices remain stable or increase. Though social media food trends typically have short lifecycles, the pistachio spread boom shows signs of sustainable growth after maintaining its position over the past year. 'The sustained growth from 2024 into 2025 suggests this is more than just a temporary trend – it's becoming an established consumer preference in the UAE,' George said.
Khaleej Times
16-04-2025
- Business
- Khaleej Times
If you want to be an AI leader, don't iterate; innovate
The UAE can stake a claim as a key player in the global technology saga — a known early adopter and committed incubator of tech startups. Now that artificial intelligence has reached the pinnacle of maturity, we have entered not so much a new chapter of the story but a new story. A range of market projections rank the UAE as one of the top regional beneficiaries of AI, in terms of economic value-add. Business stakeholders across the country must now strategize on how they are to take their share of that value. AI allows them to rethink their relationships with employees and customers and to redesign operations to align with an evolving market. The UAE's economy continues to flourish. Energy, construction, petrochemicals, healthcare, manufacturing, finance, tourism, aviation, retail, and more have shown resilience during global economic shocks and now show signs of strong recovery. Each of these sectors can benefit from AI, especially as they reexamine their positions on risk management in the age of ESG. Disruption is all around us, and AI can level the playing field. Enterprise-grade capabilities are now within reach of the UAE's startups and SMEs whose activities have, in the past, contributed more than 60% of non-oil GDP. Startup retailers, for example, can offer the same personalized recommendations as We are witnessing the democratization of innovation. Individualization of service (a must if a business is to satisfy digital-native consumers) has become scalable because of AI, which can make connections in real time between transaction histories and customer profiles to produce actionable insights. This allows the enterprise to empower its employees and delight its customers. Streaming services, for instance, can not only steer watchers to optimum content; they can gather data that helps them curate — and in the case of larger players like Prime and Netflix, create — future content. No displacement, just augmentation The employee experience benefits just as much as the customer experience does. Humdrum tasks like data entry and inventory management are handled by machine intelligence, allowing humans to do what humans do best — plan, solve, and create. Nothing destroys team morale like downsizing. Pragmatic business leaders understand that human customers frequently call for human help, so the ideal strategy is to challenge teams in ways that make them feel valued rather than expendable. Employee satisfaction means customer satisfaction, which yields brand loyalty, ambassadorship, and market longevity. ServiceNow's Chairman and CEO, Bill McDermott, recently said, 'AI is the biggest opportunity of our lifetime,' and that 'AI second-movers and deniers are set to lose immensely.' All the UAE's growth industries are successful because of competition rather than in spite of it. Generative AI — another growth segment that is set to take the country by storm — allows enterprises to run simulations of their innovations at unprecedented scale and speed. Organizations that do not invest in AI would be hard-pressed to keep pace with their AI-embracing competitors. It is important, however, to distinguish between iteration (like automation, which merely improves on a process that already exists) and innovation. AI innovation is augmentation, where humans and machines collaborate to create new net value. It has been more than 40 years since Steve Jobs predicted the permeation of personal computers, but even as he sketched a future of PCs in every home and office, he predicted initial false steps. He compared personal computing to TV, noting that early broadcasts repurposed radio content and that it took time for creators to grasp the full potential of the new medium. Go your own way We would be wise to see AI in a similar light. Automation is like the repurposing of radio scripts for television. Having gone through the pain of digital transformation, we are choosing to preserve the fruits of our investments, automating yesterday's workloads rather than appreciating the potential of AI to reimagine what we do. AI remains the domain of cost-center mechanics who chase incremental boosts to efficiency at the expense of opportunities for exponential boosts to value. Innovation requires curiosity and a willingness to do things differently, which is precisely how the rise of agentic AI can help. Imagine virtual employees, learning and adapting without any supervision from humans. They are orchestrators of complex systems, and each collaborates with others to optimize processes and make strategic calls in real time. Agentic AI changes the game in every industry in almost every way. AI agents can manage supply chains, optimize customer journeys, and spark innovation by delving deep and trawling wide in complex data spaces that no human could manually navigate. AI agents will, of course, begin their story in workflow automation, like written-for-radio scripts on TV. But in time, once decision makers become confident in their use, these agents will be deployed to more complex areas, to mine for insights, or to teach managers. To call AI 'inevitable' is like saying the Internet has great potential. AI is already here. It lives in our phones, provides us with customer service, advises our governments, protects us from fraudsters, and more. The only variable left is how much of the AI value-pie will be taken by each UAE business. The stage is set for an AI arms race, the winners of which will be those who invest early and show others how their industry will operate in the new age of AI. Automation alone will not win the race. And innovation requires that we lean into the AI headwind with curiosity and courage. On safari The UAE is home to many competitive markets. They have endured through a series of economic challenges and their remaining players know what is required to survive and thrive. They know how to turn challenges into opportunities. So don't just react to the rise of AI. Plan your safari into unknown regions. Iterate, then innovate. Rewrite the rules and lead. Delight customers, empower employees, and grow your business.
