Dubai mall shops headed for closure

Dubai's mall shops are set for tougher times and even closure if landlords continue to stall on renegotiating high rents, the managing partner of Dubai-based Rivoli Group said on Tuesday.

Ramesh Prabhakar told at a summit in Dubai it would be clearer by the end of the year how retailers react after the traditionally quiet summer months and Islam's holy month of Ramadan, which ends around Sept. 20.

"If we do not talk and come to the table there will be collateral damage," Prabhakar said. "If it remains at this level of business for the rest of the year ... you will see some burnout."