Dubai's Real Estate Slump Catches Up With the City's Finance Hub - Bloomberg:
Walk into the latest expansion of Dubai’s financial district and you’ll see a handful of small art galleries, some upscale men’s tailors and plenty of retail space waiting for takers.
The Dubai International Financial Centre isn’t being spared a slump in the emirate’s retail and property market as it struggles to attract tenants to its 1 billion dirham ($272 million) Gate Avenue expansion -- a marble-lined underground promenade linking the hub’s main district to nearby towers.
When the project was announced in 2016, officials said the kilometer-long passageway would have about 200 shops and restaurants and hoped that 90% of the units would be leased on completion. Three years on and only about two dozen shops have opened since its launch in January. The rest remain boarded up.
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