Dubai Bankers Club Seeks Turnaround After Membership Dwindles - Bloomberg:
Dubai financial district’s members-only business club is seeking money to turnaround the exclusive meeting spot once-favored by the city’s top dealmakers.
Capital Club Dubai is working with the investment banking arm of Emirates NBD PJSC to raise about 30 million dirhams ($8.2 million) as part of plans that include bringing in a new management team and restructuring debt.
“The funds will be utilized to pay off existing debts, improve and refurbish the club,” according to a statement from Capital Club Dubai. “Every effort shall be made to manage it successfully and profitably, increase revenue and reduce costs.”
Once one of the city’s most exclusive places to do business, the venue isn’t being spared the economic slump that’s weighing on the emirate. Membership -- which costs about $5,500 a year to access meeting rooms, a gym, a fine dining restaurant and a sports bar in the heart of the financial district -- has dropped to about 1,000 from a peak of roughly 1,500 members.
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