Like any commercial city in a crisis Dubai is becoming more and more competitive in the drive to exit its long recession. The cost of doing business is coming down. Dubai International Financial Centre this week belatedly slashed its rental rates by up to 50 per cent. The cost of housing for staff is also tumbling.
Many salaries are also being cut for 2011 as firms take advantage of the lower cost of housing and the fact that the market for employment after being laid off remains weak. At the same time local hotels are having to slash the cost of restaurants, bars and nightclubs to keep the punters from staying at home.
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