Dubai’s Silent Fur Market Signals Winter Without Russians - Bloomberg:
"Russian-speaking clerks sit idle in the dozens of shops that line Dubai’s Deira fur market, waiting for someone to come in and look at the racks stuffed with mink, sable and ermine coats. This was supposed to be the busiest time of the year.
“We knew the storm was coming, but we didn’t realize how strong it would be,” said George, a shopkeeper who says sales have dropped by about 70 percent this year. The store hasn’t sold any coats at the top price of $100,000 after several were bought in 2013, he said, asking that his last name not be used to avoid helping his competitors.
The Russians aren’t coming and that means pain for the retail, tourism and real estate markets that underpin Dubai’s foreigner-driven economy. Russia’s economic turmoil means Dubai is losing one of its biggest sources of customers at a time when events such as the falling oil price and mortgage-lending restrictions are already putting pressure on those markets."
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