Dubai world's next fashion capital: Billions of dollars in planned investments
Posted on 07 August 2015
CBRE ranks Dubai as the 2nd-most important destination for international retailers, after London.
Dubai and luxury are nearly synonymous. The city is home to the world's tallest tower, massive man-made islands in the shape of palm trees and a fleet of police cars that includes a Ferrari, a Lamborghini and a $2.5 million Bugatti Veyron.
Now, to boost its glamour factor and economy, the city has its eyes set on the multi-billion-dollar-a-year global fashion industry, which is currently dominated by the US, Europe and Japan.
But in the Middle East, Dubai is the powerhouse, raking in almost half of the region's market share of retail spending.