Interview: Prism CEO

‘Retail sector boosts national economy’

By Jamil Khan @ The Gulf Today-Sharjah, Oct 31, 2013

DUBAI: “Dubai is the main hub for the luxurious brands from all over the world and the local retail market of luxury gift items in the UAE shows huge potential for the finest brands from all over the world.” This was stated by Mohammed Abdul Jalil Musabih, CEO of Prism Company while talking to The Gulf Today.
Referring to the importance of regional status by Abu Dhabi and Dubai in hosting and adopting the world’s finest brands, the businessman behind the retailing of a number of luxury brands in the country termed Dubai the heart for luxurious brands.Mr. Jalil
“The retail sector is the main contributor in pushing the economy,” he said, adding, “The UAE’s retail sector will keep its pace of growth in the coming years in accordance to the strategic plan of the state.”
He pointed out that the retail sector has witnessed multiple developments over the past years due to the construction of several shopping centres which are offering attractive offers to lure customers.
The chief executive of Prism group considers that tourism is another major reason of the huge increase that the retail sector in Dubai is witnessing, where the tourists of various nationalities are highly contributing in the large proportion of retail sales in the emirate.
“The shopping centers have made huge offers between 50 per cent to 75 per cent, that raised the volume of sales to these markets by between 20% and 30% particularly in the summer, which is characterized as a season for gifts,” he said.
Musabih mentioned that the latest studies which were done to compare between the retail markets in the Middle East and that in the UAE, particularly Dubai, have shown that Dubai has a competitive advantage in terms of price, referring to the fact that Dubai is functioning as an area of business distribution to the Middle East.
Prism is considered one of the biggest companies in the Gulf. “We have three branches in the UAE including two in Abu Dhabi and one in Dubai, which includes international luxury brands, such as ‘Mont Blanc’, ‘Versace’ ,’Police’, ‘Aigner’ besides many others deal with in different product categories that can be a great gift in all occasions like: pens, watches, perfumes, sunglasses and accessories etc.
End

~ by jamilkhan on October 31, 2013.

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