Nakheel cancels Trump project on Palm By Bradley Hope (the National)
It now seeks to build a shopping centre there instead as it moves away from the huge, eye-catching projects of the property boom years.
Ali Rashid Lootah, who became the chairman of Nakheel last March as part of its restructuring, said the developer was planning to build a mall on the strategic spot of Nakheel’s best-performing project.
“We have to be realistic about these projects now,” Mr Lootah said yesterday, referring to audacious plans such as the Palm Jebel Ali artificial island and the 1km-tall Nakheel Harbour and Tower. “There is no market demand for them. We will be selective.”
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Dubai shoppers’ taste for Luxury boots sales by Armina Ligaya (the National)
The global economic slowdown has not diminished Dubai shoppers’ appetite for glitz and glamour.
High-end sales at Bloomingdale’s in Dubai has outpaced that of its US counterparts, while Louis Vuitton has doubled the size of its boutique in the emirate.
Matthew Mackenzie, the general manager of the Bloomingdale’s department store in Dubai, said it increased its stock of luxury goods to keep up with demand.
“We’re stocking and investing heavily in luxury brands, and we’re providing a personal shopping service for our customers,” he said.
Louis Vuitton has increased the size of its Mall of the Emirates store to more than 600 square metres.
“What we wanted to provide is a bigger space, because the success is there,” said Valerie Chapoulaud, the French brand’s president of south Europe, who also oversees the Middle East. She expected sales in the region to grow in the “double-digit” range, as it did last year.