![]() ![]() ![]() Property prices across the United Arab Emirates have declined by about 27 percent since 2014, and the UAE’s annual growth rate is now below 2 percent. Its breakneck pace of commercial and residential development outstripped demand, and a strong dollar has made everything more expensive. At Dubai’s top-tier “destination” malls, there’s even an aquarium and an indoor ski slope.īut in the five years since oil prices fell from three-digit highs, this metropolis has been hurting. Huge movie theatres, electric vehicle charging stations and health clinics are among the offerings meant to keep consumers inside and spending. The fancier ones boast marble corridors lined with luxury retailers and restaurants. This 1,600-square-mile oasis of commerce has dozens of malls where visitors can shop while keeping cool. DUBAI, United Arab Emirates - A desert city of gleaming skyscrapers and wealthy foreigners accustomed to packed, air-conditioned shopping malls, Dubai has developed an unexpected problem in recent years: empty storefronts. ![]()
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