State of the UAE Retail Economy

UAE Marches toward Sustainable Growth

Nov 9, 2022

Another strong quarter for the UAE retail economy showcases an extraordinary sector-wide resilience and reinforces the country’s steady march toward a return to sustainable growth.

The UAE economy, which made a strong rebound from the pandemic-driven slowdown in 2021, has picked up pace this year. It is set to expand by 5.4% in 2022, according to the UAE Central Bank.

Despite inflation concerns, consumer spending in the UAE jumped 20% annually in the first nine months of this year, with the Arab world’s second-biggest economy set to expand at its fastest pace in over a decade. Retail spending grew by 15% annually in the nine months, while non-retail expenditures rose 29% over the same period. Spending also increased by 12%, driven by solid growth in the fashion, watches, and jewelry segments.

The country, which has instituted company and market reforms and introduced several long-term visa options for professionals and investors, removed nearly all Covid-19 restrictions on Monday. The move is expected to boost its retail economy further, drive tourism, and speed up the country’s property sector recovery.

Expectations are for the economy to expand by 7% in 2022, setting up the country’s fastest annual expansion since 2011, when output grew by 6.9%.Business activity in the UAE’s economy continued to improve in October in many areas, as the data are shown in the travel and tourism sector, UAE property market, and volume of transactions.

Source: Majid Al Futtaim ‘State of the UAE Retail Economy’

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GLOSSARY

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Data Processing Terms of Business for Suppliers

DATA PROCESSING TERMS

In order that you as a service provider and data processor (referred to as “Processor” or “you” or “your”) may provide or continue to provide certain services (the “Services”) to us, the Business and data controller (referred to as “the Business” or “we”, “us” or “our”), you have agreed that these data processing terms (“Terms”) shall apply (notwithstanding any other terms and conditions applicable to the delivery of the Services to the contrary) in order to address the compliance obligations imposed upon the Business and its Clients pursuant to the Data Protection Law. These Terms shall constitute a separate agreement or they may be incorporated by reference in the relevant Services agreement, as the case may be.

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NOW IT IS HEREBY AGREED as follows:

SCHEDULE: Security measures

Processor shall put in place the following measures, as applicable.

Minimum technical measures

Firewalls which are properly configured and using the latest software;
user access control management;
unique passwords of sufficient complexity and regular expiry on all devices;
secure configuration on all devices;
regular software updates, if appropriate, by using patch management software;
timely decommissioning and secure wiping (that renders data unrecoverable) of old software and hardware;
real-time protection anti-virus, anti-malware and anti-spyware software;
https;
encryption of all portable devices ensuring appropriate protection of the key;
encryption of personal data in transit by using suitable encryption solutions;
multi-factor authentication for remote access;
WPA-TKIP secured WiFi access;
delinquent web filtering and other appropriate internet access restrictions;
intrusion detection and prevention systems;
appropriate and proportionate monitoring of personnel; and
data backup and disaster recovery measures and procedures.

Minimal organisational measures

Vet all personnel including staff, contractors, vendors and suppliers (including Subprocessors) on continuous basis;
non-disclosure agreements used with all personnel;
regular training of all personnel on confidentiality, data processing obligations, identification of Security Breaches and risks;
apply principle of least authority, including a restricted or strictly controlled transit of data and material outside of office;
physical security on premises including reception or front desk, security passes, clean desk policy, storage of documents in secure cabinets, secure disposal of materials, CCTV, etc.;
apply appropriate policies including Information Security Policy, Data Protection Policy, BYOD, Acceptable Use Policy; limited and monitored personal use of work resources, as appropriate.