Gulf mall operators rein in expansion as retailers reel from COVID-19 - Reuters

Gulf mall operators rein in expansion as retailers reel from COVID-19 - Reuters:

Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals. 

Majid Al Futtaim (MAF), the Middle East’s biggest mall-operator, told Reuters it had delayed the launch of its fifth and largest centre in Oman, the 145,000 square-metre (1.5 million sq-ft) Mall of Oman, because retailers did not have the cash at hand to fit out stores.

In Dubai, Emaar Malls (EMAA.DU) halted construction on two projects, according to two sources familiar with the plans. They are a mall near the site of the Expo 2020 world fair, which has been delayed by a year to next October, and a 185,000 square-metre mall in the Dubai Hills residential area, the people said.

Emaar Malls, owner and operator of the world’s largest shopping centre, Dubai Mall, did not respond to a request for comment.