News & Insights

Dubai has been able to weather the current conflict in Iran, despite the drop off in international visitors, Majid Al Futtaim Asset Management CEO Khalifa Bin Braik told World Retail Congress on Wednesday afternoon.

Malls have largely remained operational despite the conflict and local shoppers have continued to visit shopping centres, supporting retail during a challenging time, he said.

“The good news is that Dubai continues to be a place with some of the most productive shopping centres and stores. The government moved very quickly to stabilise and our malls in Dubai and the UAE stayed open. But what stands out is that Dubai is leading this out from a strong position,” he said.

Despite its reputation as a tourist hotspot, Bin Braik said that the ongoing growth of the Dubai population and wider GCC region had been vital to trading.

“Customers have not disengaged. There has been less browsing but more intentional visits. Dubai has a very strong domestic residential shopper basis of around four million,” he said. “This has allowed us to absorb short term shocks in terms of international visitors.”

He added: “People have written of Dubai in the past. But we have continued bouncing back even stronger and this is no different. Like any crisis, this latest one will end at some point.”