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Dubai shopping spree stalls, retailers tighten belts

by Phantom Ace ( 14 Comments › )
Filed under Economy, Middle East at November 20th, 2008 - 11:06 am

I’m glad this is happening. I hope the price of oil continues its collapse and these Jihadi jerks go broke. This will cripple the Jihad, without money they have no means of getting weapons or carrying out attacks

Dubai shopping spree stalls, retailers tighten belts

DUBAI, Nov 20 (Reuters) – Some big Dubai retailers, accustomed to giddy spending in the Gulf Arab tax-free haven, are grappling with a drop in sales as consumers worry about the impact of the global financial crisis on their wallets.

The Gulf has not been as heavily hit by the credit crisis as Europe and the United States, but the contagion has led to stock market routs, tight lending conditions and a range of government and central bank attempts to mitigate its impact.

In the United Arab Emirates, home to the glitzy financial hub of Dubai where shopping is virtually a national sport, a frisson of fear has seeped into consumers’ minds.

“Business is 20 percent down in the last week in retail,” Mohi-din Bin Hendi, president of Bin Hendi Enterprises, told Reuters.

This is great! Less money for the Jihad! They can always go back to selling Camels and Carpets, at least that’s harmless!

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