Dubai shopping spree stalls, retailers tighten belts

[katty]

more: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLK31758020081120?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=22&sp=true

UPDATE 1-Dubai shopping spree stalls, retailers tighten belts

Thu Nov 20, 2008 6:05am EST Oil drops 7 percent to 3-1/2-year low below $50

By Amran Abocar

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.

[YOY]

1. Awww...poor babies.

:sarcasm:

Cry me a river.

[valerief]

2. I always feel SOOOOO sorry for really, really, really, really rich people.

As I lose my job and then my house.

[Skittles]

3. fuck them