• Home
  • Contact Us!
  • Privacy Policy

Radio Metta

  • Home
  • Business
  • Education
  • Health
  • Home Deco
  • News
  • Real Estate
  • Technology
  • Contact Us!
  • Privacy Policy
Home» Real Estate»Dubai’s real estate slump catches up with the city’s finance hub

Dubai’s real estate slump catches up with the city’s finance hub

Loknath Das 23 Jul 2019 Real Estate Comments Off on Dubai’s real estate slump catches up with the city’s finance hub 258 Views

Dubai is set to see retail space surge by 42% by the end of 2021, according to property adviser JLL

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 DubaiInternational 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.

The DIFC appears to be reacting to the disappointing showing. About half a dozen executives have left the DIFC Authority, which manages the free zone, in recent months. Chief Real Estate Officer Nabil Alkindi moved on earlier this year, according to people with knowledge of the matter who asked not to be identified because the matter is private.

Pinaki Aich, who was in charge of group strategy and innovation, also departed, the people said. Christopher Payne, DIFC’s chief economic adviser, left in April and Warren Krawchuk, a senior vice president for retail, at the end of 2018, according to their LinkedIn profiles.

“We can confirm as with any evolving organization, individuals have departed to pursue other opportunities either locally or internationally,” Peyman Al Awadhi, the DIFC Authority’s head of marketing, said in a statement, while declining to comment on individuals. The hub has also made some “key appointments within our management team to drive our vision of becoming a next generation financial center.”

Property Slump

Like the rest of the city, the business center has suffered from a prolonged real-estate slump brought on by oversupply and slower economic growth. Dubai is set to see retail space surge by 42% by the end of 2021, according to property adviser JLL.

The hub has also been impacted as global banks retreat to their home markets and has been turning to African and Asian institutions to fill office space. Barclays Plc and Deutsche Bank AG have reduced their presence in recent years.

The authority is offering incentives, including free rent, for shops and restaurants to remain open, according to the people with knowledge of the matter. It’s hosting events such as free yoga classes, comedy nights and a Beatles tribute band.

“We are confident of creating an even more vibrant community, highlighting DIFC as the destination of choice for connoisseurs passionate about art, music, food and fashion,” Al Awadhi said.

In spite of Gate Avenue’s slow start, Dubai has multibillion-dollar plans to add an area almost the size of London’s Canary Wharf to the financial center. Dubbed DIFC 2.0, the plan will add 13 million square feet (1.2 million square meters), with a focus on fintech and innovation. It will also include 6.4 million square feet of office space, as well as homes, shops and hotels.

[“source=livemint”]

catches City's Dubai's estate finance hub Real slump the up With 2019-07-23
Tags catches City's Dubai's estate finance hub Real slump the up With
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : Loknath Das
Previous Article :

Space Spinoffs: The Technology To Reach The Moon Was Put To Use Back On Earth

Next Article :

Reverse Pitch | ‘Startups with pro-society business models perform better in the market’

Related Articles

Our comprehensive list of 135 topics for real estate blogs

Our comprehensive list of 135 topics for real estate blogs

admin 13 May 2025
Why some houses sell more quickly than others

Why some houses sell more quickly than others

admin 07 May 2025
Job Prospects in Real Estate: Is Real Estate a Good Career Path?

Job Prospects in Real Estate: Is Real Estate a Good Career Path?

admin 12 Apr 2025

Latest Post

Cross-skilling: How to maintain government efficiency amidst change
Technology

Cross-skilling: How to maintain government efficiency amidst change

admin 21 May 2025
Our comprehensive list of 135 topics for real estate blogs
Real Estate

Our comprehensive list of 135 topics for real estate blogs

admin 13 May 2025
Why some houses sell more quickly than others
Real Estate

Why some houses sell more quickly than others

admin 07 May 2025
Get AI Ready — What IT Leaders Need to Know and Do
Technology

Get AI Ready — What IT Leaders Need to Know and Do

admin 22 Apr 2025
Job Prospects in Real Estate: Is Real Estate a Good Career Path?
Real Estate

Job Prospects in Real Estate: Is Real Estate a Good Career Path?

admin 12 Apr 2025

Creating Spaces: Decor for Every Room in Your Home

admin 05 Apr 2025
Tips for staying safe online and tracking scams
Technology

Tips for staying safe online and tracking scams

admin 01 Apr 2025
June 2025
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« May    
  • Home
  • Contact Us!
  • Privacy Policy
Copyright 2016, All Rights Reserved
Magazine Blog News WordPress Theme