Known to some visitors as Las Vegas on steroids, Dubai might be facing an economic Armageddon due to the coronavirus crisis if the pandemic continues for extended period.
Due to its climate and the decades of drilled-in extreme consumerism infused in society, malls are a fundamental part of UAE’s culture and economy.
The tiny state only recently relaxed its strict lock-down rules.
Nevertheless, many people are afraid to venture out and mingle in the crowded malls which are the go-to places for entertainment and leisure.
As reported by the Washington based al-monitor.com “complying with the policy announced by the UAE government, Majid Al Futtaim shopping malls will maintain an occupancy ceiling of not more than 30% of the mall’s common and gross leasable areas.”
Given that the entire global economy is literally paralyzed, economic policies adopted by the UAE alone are unlikely to make a significant difference.
These regimes built their economies with minimal to no manufacturing sector and greatly depend on the economic well-being of their NATO patrons who are themselves suffering severe economic hardship.