Sunday, February 19, 2017

Dubai 'could lose international shopper's paradise' label

The UAE is becoming increasingly expensive for tourists and shoppers as the US dollar continues to appreciate, meaning Dubai could likely lose its coveted status as an 'international shopper's paradise' if the currency pressure persists, according to leading ratings agency S&P.

The dollar has gained 20 to 25 percent in the past year, and more than 40 percent from its 2011 low. Meanwhile, the British pound has fallen 17 percent against the dollar in the previous 12 months; and the Euro, Chinese Yuan Renminbi and Indian Rupee have declined by 3, 7 and 2 percent, respectively, said S&P Global Ratings in its report "Another Tough Year For UAE Real Estate Market Amid Currency Woes".

Despite a number of new malls opening in Dubai, sales have declined for most retailers in 2016, indicating lower average spending when footfall is stable. Both the Dubai Mall and Mall of the Emirates reported flat footfall in 2016 versus 2015.

The most affected segments include luxury products, electronics, furniture, and jewellery. - TradeArabia News Service

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