Saturday, 4 September 2010

Recalibration, not reconstruction, is what DIFC needs

"I used to meet friends and sources on occasion at the Testa Rossa cafe in the marble-tiled underground of the Dubai International Financial Centre (DIFC). It was a good little joint: the sandwiches were decent, the coffee excellent and the atmosphere noticeably less frenetic than at the Caribou Coffee across the way.

As DIFC regulars have noticed in the past couple of months, though, many places like Testa Rossa have ceased doing business, their windows and doors replaced by white placards promising a “new concept coming soon”.

While the public areas of the financial free zone still feel well-populated, new business registrations at the DIFC are at an all-time low since its founding in 2004. Only 70 or so have incorporated this year, compared with 255 in 2008."

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