Dubai: Is luxury going to lead the revival?
Whether in retail or real estate, the UAE’s wealthy are making their presence felt… once again. In recent weeks, they have put their signatures to pick up super-premium cars, signed contracts for plots to build Dh30 million plus “mansions”, or just walked into jewellery showrooms to pick up Dh100,000 plus designer pieces. For others, it’s ordering costliest fragrances in town.
Clearly, these buyers are not into off-the-shelf purchases.
“It’s all about sentiment – there’s this impression gaining ground that the worst of the COVID-19’s impact on the economy has been dealt with,” said a private banker. “Or they feel they have put in enough buffers into their business to absorb the virus’ impact.