Archive for November, 2019

Dubai Is Building Too Many Malls

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(Bloomberg) — A desert city of gleaming skyscrapers and wealthy foreigners accustomed to packed, air-conditioned shopping malls, Dubai has developed an unexpected problem in recent years: empty storefronts. This 1,600-square-mile oasis of commerce has dozens of malls where visitors can shop while keeping cool. The fancier ones boast marble corridors lined with luxury retailers and[…]

Dubai’s Mall-Building Binge | News & Analysis

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DUBAI, United Arab Emirates — A desert city of gleaming skyscrapers and wealthy foreigners accustomed to packed, air-conditioned shopping malls, Dubai has developed an unexpected problem in recent years: empty storefronts. This 1,600-square-mile oasis of commerce has dozens of malls where visitors can shop while keeping cool. The fancier ones boast marble corridors lined with[…]

Bank jobs go as HSBC and Emirates NBD reduce costs

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CHONGQING: The 2,000 residents of Muhe, whose village was moved to higher ground a decade ago to escape the rising Yangtze river, have tried to make the most of their remaining land by planting orchards of oranges and persimmons along its banks. With just 110 hectares on the edge of Asia’s longest river, Muhe lost[…]

Emaar Development records Dh2b plus profit in Dubai

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Emaar Development recorded slight dips in nine-month net profit and revenues — at Dh2.07 billion and Dh9.62 billion — from a year ago. Image Credit: Gulf News Archive Dubai: Emaar Development recorded slight dips in nine-month net profit and revenues — at Dh2.07 billion and Dh9.62 billion — from a year ago. The corresponding numbers[…]

DAMAC’s third quarter profit plunges 78%

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DUBAI (Reuters) – DAMAC Properties, owner of the only Trump-branded golf club in the Middle East, reported on Wednesday a 78% drop in third quarter profit amid an extended slowdown in Dubai’s property sector. A supply glut has slowed the market for most of the decade, apart from a brief pickup more than five years[…]

Damac sees drastic profit, revenue fall

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The Damac stand at a recent Property show in Dubai. Damac Properties recorded a sharp decline (46 per cent) in nine-month revenues to Dh2.8 billion from Dh5.2 billion. Image Credit: Gulf News Archives Dubai: Damac Properties recorded a sharp decline (46 per cent) in nine-month revenues to Dh2.8 billion from Dh5.2 billion. Net profit was[…]

Dubai’s tourism growth boosting holiday homes – News

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The continued growth of Dubai’s tourism industry has encouraged investors and homeowners to capitalise on the abundance of opportunities in the holiday homes market, leading to an exponential growth in short-term rental units in the emirate and adding to the broad range of accommodation options that are available for tourists. Dubai’s Department of Tourism and[…]