Real Estate Boom and Bust Leaves Gold Merchants on Edge

Real Estate Boom and Bust Leaves Gold Merchants on Edge

Steve Crisp/Reuters

Many of the retailers in the Gold Souk in Dubai Mall say slack business has saddled them with heavy losses.

By ARMINA LIGAYA

Published: April 21, 2011

DUBAI ? Hundreds of tourists and shoppers gawk and snap photos of the equally numerous fish swimming behind the glass wall of the nearly three-story high aquarium at Dubai Mall, one of the largest shopping centers in the world.

Built by the giant United Arab Emirates property developer Emaar next to the Burj Khalifa, the world?s tallest tower, the mall?s attractions and luxury boutiques have become a beacon for leisure travelers since it opened more than two years ago.

But just a few hundred meters from the fish tank, in the gold souk on the ground floor, a battle has been brewing between Emaar and the more than 200 gold and jewelry retailers there.

While the rest of the Mall is heaving with tourists, many of the retailers in the gold market?s dark and winding lanes say slack business has saddled them with millions of dirhams in losses.

via Real Estate Boom and Bust Leaves Gold Merchants on Edge – NYTimes.com.

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