Monday 17 August 2009

Malls still bustle but spending sprees have ended

When the Dubai Mall opened it was touted as one of the world’s largest shopping centres: equal to the size of 200 football pitches with more steel used in its construction than that in the Eiffel Tower.

It epitomised the extravagance and consumerism that had been one of the most conspicuous characteristics of the wealth generated in the Gulf by years of petrodollar-fuelled boom.

But the mall opened in November just as the full impact of the global economic crisis on the region was emerging. Dubai, the Gulf’s shopping hotspot, became one of the hardest- hit regions from the downturn.

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