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Realty major <keyword id="438918" type="UNKNOWN" weightage="100" keywordseo="Emaar-India">Emaar India</keyword> will invest Rs 2,000 crore over the next two years to complete all its ongoing 50 projects across the country, a top company official told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>.<br /> <br /> Dubai-based <keyword id="83201" type="CITY" weightage="20" keywordseo="Emaar-Properties">Emaar Properties</keyword> entered the Indian real estate markin 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm <keyword id="44918" type="COMPANY" weightage="20" keywordseo="EMAAR">Emaar</keyword> MGF Land.<br /> <br /> In April 2016, Emaar <keyword id="53077" type="COMPANY" weightage="20" keywordseo="Properties">Properties</keyword> announced its decision to end the 11-year-old JV through demerger. Since then, its Indian venture Emaar India is focusing on execution of ongoing projects, according to PTI.<br /> <br /> "Our focus in on delivery. We are putting in place all components required to complete our ongoing projects. We have increased the number of labourers on sites to over 10,000 from 1,000 a year ago," Emaar India CEO Sanjay <keyword id="35" type="PERSON" weightage="20" keywordseo="Malhotra">Malhotra</keyword> told PTI.<br /> <br /> The company has about 50 ongoing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai comprising about 10,000 housing units.<br /> <br /> "We have got completion certificates for 2,000 apartments since July last year and these units are being handed over to customers. We are targeting to hand over all 10,000 units in the next two years," Malhotra said.<br /> <br /> Asked about investment, he said the company will infuse Rs 1,000 crore each in the current and next financial year on construction.<br /> <br /> Emaar India's CEO said the company has raised Rs 2,500 crore debt in last one year, of which about Rs 1,500 crore was used to replace costlier debt and rest on construction. The company currently has a debt of about Rs 5,000 crore.<br /> <br /> It would be raising more debts for construction purpose but there would be no equity infusion from parent Emaar Properties.<br /> <br /> Emaar India has brought in a new project management team to expedite projects. The uncertainty over the JV delayed execution of projects.<br /> <br /> On unsold stocks, Malhotra said the company does not have much unsold inventories.<br /> <br /> "We will be having unsold stocks of about Rs 600-700 crore, mostly on <keyword id="6385900" type="UNKNOWN" weightage="20" keywordseo="Dwarka-Expressway">Dwarka Expressway</keyword> in Gurgaon," he said.<br /> <br /> In line with market trend, the company has cut price by 10-15 per cent in projects on Dwarka Expressway to clear unsold stocks.<br /> <br /> Asked about new launches, Malhotra said the company could launch one or two projects later this year depending on the market condition.<br /> <br /> Considering the current slow market condition, he said the company "will make what we can sell".<br /> <br /> The demand currently is for apartments of lower ticket size, he said.<br /> <br /> Real estate market, especially housing sector, is facing a multi-year demand slowdown that has led to significant delays in delivery of projects and forced consumers to protest and even file legal cases.<br /> <br /> On the demerger, Malhotra said he expects the process to be completed by the end of this year.<br /> <br /> Emaar Properties had in April last year said it has "agreed to take steps for the reorganisation of Emaar MGF Land by way of scheme of arrangement (demerger)".<br /> <br /> The reorganisation was being done for greater focus on its Indian operations and for the purpose of developing the potential for further growth and expansion of the business, it had said then.<br /> <br /> The projects and land bank have been divided between the two partners. Emaar India has a land bank of 6,000 acres for future developments.<br /><br />

Emaar India to invest Rs 2,000 cr in 2 years to complete projects

<ul class="summary-list"><li><keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> recorded more than 11,000 real-estate transactions in January and February, a record for the city.</li><li>Dubai is seeing a spike in demand from Russian and Ukrainian buyers, agents told Insider.</li></ul><p>Dubai's real-estate market is off to a roaring start to the year.</p><p>The city recorded 11,071 transactions in January and February, the highest it has ever recorded in the first two months of the year, according to a <a href="https://www.cbre.ae/en/research-and-reports/Dubai-Residential-Market-Snapshot-March-2022">CBRE</a> report.</p><p>The record follows a strong 2021: The total value of residential transactions in Dubai last year hit $35 billion — the highest the city has recorded since the global financial crisis — per a report from <a href="https://research.euro.savills.co.uk/uae/uae-2022-report---ar.pdf">Savills</a>.</p><p>Insider spoke to three Dubai-based real-estate agents to get an inside look at what's happening with the market right now.</p><h2>Surging demand for luxury off-plan properties</h2><p>Demand for off-plan properties — projects that have yet to be constructed — has been robust, Thomas Fawcett, the cofounder of Dubai-based luxury real-estate firm <a href="https://www.theproperty.ae/">The Property</a>, told Insider. Projects due to be completed in 2024 and 2025 are selling out in a day, Fawcett said.</p><p>Fawcett said demand has been particularly high for the luxury <keyword id="11916125" type="UNKNOWN" weightage="60" keywordseo="housing" source="Orion">housing</keyword> developments at <a href="https://properties.emaar.com/en/our-communities/emaar-beachfront/">Emaar Beachfront</a>, which has a private beach, and <a href="https://peninsula.select-group.ae/">Peninsula by Select Group</a>, which is by the Dubai Canal.</p><div type="image" title="A row of residential buildings along Dubai's coast" height="5657" width="7542" msid="90413836" hostid="261"></div><p>In March, <a href="https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html" target="_blank" rel="noopener noreferrer">The Financial Action Task Force</a> (FATF), an <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> money-laundering watchdog, put the UAE on its "gray list." In response, the <a href="https://www.mediaoffice.abudhabi/en/economy/uae-continues-progress-and-reconfirms-its-deep-commitment-to-AML-CFT-following-FATF-decision/" target="_blank" rel="noopener noreferrer">UAE's Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism</a> said the country is committed to fighting financial crime and said it "will work closely with the FATF to quickly remedy the areas of improvement identified."</p><p>Despite its designation, Dubai's <keyword id="12135639" type="UNKNOWN" weightage="60" keywordseo="property-market" source="Orion">property market</keyword> remains popular with investors.</p><p>"The massive opportunity for investors is finding a good off-plan project and looking ahead, two to three, four years time, looking at where the market trajectory is going be, and then hopefully making the capital appreciation on these purchases that they are making today," Fawcett said.</p><p>With working from home being the norm, Fawcett has said he's seeing increased interest in larger residences in Dubai. The values of villas in Dubai has risen nearly 22% since the start of the pandemic, per a <a href="https://content.knightfrank.com/research/2408/documents/en/dubais-covid-comeback-2022-8855.pdf">Knight Frank</a> report.</p><p>While Dubai's luxury real-estate market has long been popular with Russian investors, the war in Ukraine has further boosted Russian demand. "We're receiving requests every day from Russia," said Fawcett.</p><p>"It's increased, obviously, with the uncertainty of Russia and what's going on," He added. "People don't know what's going to happen to their money."</p><p>Unlike the West, the UAE has not levied <a href="https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/" target="_blank" rel="noopener noreferrer">sanctions</a> against Russia. While it remains one of the few places in the world where Russian money is welcomed, with the <a href="https://markets.businessinsider.com/news/currencies/russia-rouble-ukraine-putin-attack-market-halt-trading-rout-sanctions-2022-2">tumbling ruble</a> and sanctions kicking in, the difficulty now lies in completing the transaction. </p><p>"They want to buy, but they literally cannot deliver the payment," Fawcett said of Russians looking to make real-estate investments in Dubai.</p><h2>Conflict accelerated Ukrainian buyers' decision to purchase</h2><p>Russia's invasion of Ukraine has also driven up demand from Ukrainians looking to flee the war, <a href="https://www.drivenproperties.com/">Driven Properties</a> partner Khadija Otmani told Insider. These are people, she said, who were already considering making property purchases before the invasion started.</p><p>"They've been thinking about it since a very long time ago. And instead of taking their time, it just accelerated what they were already about to purchase," said Otmani, who primarily deals with properties that are above 5 million euros ($5.49 million), specializing in penthouses and villas.</p><p>Earlier this month, the UAE scrapped and then reinstated a policy granting Ukrainians visa-free entry into the country, <a href="https://www.cnbc.com/2022/03/03/uae-reinstates-visa-on-arrival-for-ukrainians-in-quick-reversal.html">CNBC</a> reported.</p><div type="image" title="Image of skyline" height="3820" width="5094" msid="90413837" hostid="261"></div><p>The pandemic has also been a factor: In July 2020, Dubai became one of the first cities to reopen internationally as many other countries kept their borders closed. The demographics of the city's luxury real-estate investors shifted as confidence in the government's COVID-19 management soared, Otmani told Insider.</p><p>Previously, the bulk of her clients were either local, from Gulf countries like Saudi Arabia and Kuwait, or from India. As the pandemic progressed, Otmani noticed an uptick in demand from clients in Europe and other parts of Asia, including people who had never previously shown interest in Dubai.</p><h2>Completing purchases without setting foot in Dubai </h2><p>Across the globe, the process of <a href="https://www.nytimes.com/2020/11/11/realestate/10virtual-deals.html">buying real estate has gone virtual</a>. This includes not just payments or the signing of contracts, but livestreams of house viewings as well — and Dubai is no exception.</p><p>"A lot of my clients, they're not actually here," said Nate Dania, the founder and CEO of <a href="https://www.planbadvisory.com/">Plan B Advisory,</a> which oversees residency solutions and prime property investments. He has been working in <keyword id="11893295" type="UNKNOWN" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> since 2007.</p><p>"We've seen a big shift in terms of clients who buy remotely, especially for off-plan projects because there's not really anything to see. Maybe sometimes there's a show apartment, but mostly it's sold on concept and paper," he added.</p><p>Such deals can be closed after a Zoom call, a livestream tour of the show apartment if it exists, and little else, Dania told Insider. Developments he's closed virtually include <a href="https://sixsenses.luxury-developments.com/?gclid=CjwKCAjwiuuRBhBvEiwAFXKaNCpYG2Lv1tRD5B11NRS0byJi565nx-y1gyQM_dP4qWP4yAIk0TU8TRoCg9sQAvD_BwE">Six Senses Residences by Select Group</a> and <a href="https://www.oneatpalmjumeirah-omniyat.com/">One Palm by Omniyat</a>, both of which are located on the Palm Jumeirah.</p><div type="image" title="An interior shot of a living room in a high rise apartment." height="500" width="666" msid="90413838" hostid="261"></div><p>"There was a client who's based in Los Angeles, which is pretty far off. And we did everything remotely. So I sent them all the information for the Six Senses Residences and then they really liked it," Dania said.</p><p>"It was about $6 million," he added.</p>

Luxury projects selling out years in advance and a record-setting start to the year: 3 Dubai real-estate agents detail what the market looks like right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Alex Lawrie (Lawrie Cornish)</span></p><p class="caption">A zoom up of the mini scaled model of Dubai.</p></div><p></p></div></div>Emaar, the Dubai developer of the world's tallest skyscraper, is trying to get the people in London to buy properties in the United Arab Emirates' city.</p><p>It is doing that is by transforming the second floor of the world famous department store Harrods in London into a "mini Dubai" to showcase what they can snap up for a surprisingly low price.</p><p>You'd be forgiven to think that the massive marketing suite is aimed at the richest people in London, considering it's located in Harrods, but Emaar is showcasing properties for as little as £184,135, a cost that equates to £260 per square foot.</p><p>It could reel in a lot of fed up Londoners that pay on average £524,000 for a home, <a href="http://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/feb2016">according to the Office for National Statistics</a>, or an average of £2,000 per square foot for Prime Central London properties, says Emaar.</p><p>Business Insider took a a quick look at what Emaar has to offer:</p>

Inside the 'mini Dubai' that someone built in Harrods to get priced-out Londoners to buy property abroad

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>Construction on the tallest skyscraper in the world is underway.&#xa0;</p><p>On October&#xa0;10,&#xa0;Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of Dubai, <a href="http://www.businessinsider.com/dubai-begins-construction-on-the-tower-at-dubai-creek-harbour-2016-10">broke ground</a> on the new building, called the Tower at Dubai Creek Harbour.</p><p>The proposed 3,045-foot building will beat&#xa0;the city's current record-holding skyscraper, the 2717-foot-tall Burj Khalifa, by 328 feet.</p><p>The building is&#xa0;designed by famed Spanish-Swiss architect <a href="http://www.calatrava.com">Santiago Calatrava</a>, who was also behind&#xa0;the <a href="http://www.businessinsider.com/world-trade-center-transportation-hub-is-a-symbolic-mess-2016-3">World Trade Center Transportation Hub</a> in New York and the <a href="http://www.businessinsider.com/inside-rios-museum-of-tomorrow-2016-2016-8">Museum of Tomorrow</a> in Rio de Janeiro. The tower is being&#xa0;built next to the Dubai Creek&#xa0;in Downtown Dubai, a mere six miles away from the Dubai International Airport. It will cost $1 billion to construct.</p><p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><p>Renderings of the building show it as&#xa0;a <a href="https://en.wikipedia.org/wiki/Minaret">minaret-like spire</a>&#xa0;held down by a thick web of cables. <a href="http://inhabitat.com/the-worlds-tallest-tower-just-broke-ground-in-dubai/" target="_blank">According to Inhabitat</a>, the building is part of the Dubai Creek Harbor development, a real estate project led&#xa0;by developer Emaar Properties that is expected&#xa0;to&#xa0;double the size of Dubai's downtown.</p><p>Much like the Burj Khalifa, the new tower will contain&#xa0;a mixture of&#xa0;luxury residences&#xa0;and commercial spaces catering&#xa0;to&#xa0;travelers and businesspeople. The building will also feature garden terraces&#xa0;reminiscent of&#xa0;the Hanging Gardens of Babylon, and observation decks that will encircle the building, giving a 360-degree view of the city's skyline.</p><p>To ensure the building's safety, Emaar Properties commissioned 12&#xa0;wind-engineering tests and seismic studies to make sure the building will be stable under&#xa0;different conditions. Because the building will be&#xa0;the first cable-tethered structure&#xa0;of its height, the wind tests had to be tailored to accommodate the&#xa0;tower's unprecedented size&#xa0;and shape.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>"<span>From the materials selection to the technology used, every aspect of The Tower has been designed and developed according to the strictest international safety standards," Santiago Calatrava&#xa0;<a href="https://www.emaar.com/en/media-centre/detail.aspx?itemId=tcm:130-101324">said in a statement</a>&#xa0;after the ground breaking.</span></p><p><span>Emaar expects the building to be completed in 2020.</span></p><p>You can see video renderings of the tower below.</p><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/eagle-world-record-flight-dubai-burj-khalifa-2015-3">Watch this eagle with a camera take off from the top of the world's tallest building</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N5MGgxdDqkdHszmNPyqcnbDrCNJ8RpYg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Dubai is building the world's tallest skyscraper - here's what it'll look like

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">The Dubai mall has seen over 80 million annual visitors over the last four years, making it the most visited mall in the world.</p></div><p></p></div></div></p><ul class="summary-list"><li>Dubai has the world's second largest mall, a gargantuan complex with 1,200 stores, an aquarium, a virtual reality theme park, an Olympic ice skating rink, and hundreds of restaurants.</li><li>The mall has seen over 80 million annual visitors over the last four years, making it the most visited mall in the world.</li><li>After spending a day wandering through the mall's many amenities, I understand why it is a necessary and appealing place for Dubai's residents, but I still cannot understand why any tourist would visit. </li></ul><p>Dubai doesn't do anything small.</p><p>The  desert city has the world's tallest building, palm tree-shaped artificial islands that fan out along the coast, the world's largest indoor theme park, and, soon, the world's first rotating skyscraper. And of course: Who could forget the malls?</p><p>Dubai has approximately 65 malls in a city of just over 3 million people, with ten more on the way. For some, the malls are <em>the</em> most iconic part of Dubai. And no mall is more iconic than the Dubai Mall.</p><p>Opened 10 years ago this November, <a href="https://thedubaimall.com/">the Dubai Mall</a> is the second largest mall in the world by total land area (it was surpassed in 2013 by the <a href="https://www.dailymail.co.uk/news/article-2360182/Take-look-inside-worlds-biggest-building-Chinese-dome-houses-shopping-centre-Mediterranean-village-water-park--ice-skating-rink-multiple-hotels.html">New Century Global Center in China</a>).</p><p>To call it a mall is an understatement. Aside from more than 1,200 stores, the mall has its own neighborhoods - from a high-fashion district akin to Fifth Avenue to "The Village," an open-air "street"<span>  </span>- hundreds of restaurants, movie theaters, a luxury hotel, an Olympic-size ice skating rink, a virtual reality theme park, and an aquarium.</p><p>Despite talk in the US of a "<a href="https://www.businessinsider.com/america-first-shopping-mall-northgate-reinvention-retail-apocalypse-photos-2017-12">retail apocalypse</a>" shutting down America's malls, no such danger appears to be in sight for Dubai. Emaar, the Dubai Mall's developer, said recently that the property has seen over 80 million annual visitors for the last four years, making it the most visited mall in the world.</p><p>With Dubai climbing the ranks of most visited cities in the world - it's currently fourth with <a href="https://www.businessinsider.com/most-visited-cities-in-the-world-2018-9">16.7 million visitors per year</a> - and The Dubai Mall ranked by U.S. News and World Report as <a href="https://travel.usnews.com/Dubai_United_Arab_Emirates/Things_To_Do/Dubai_Mall_62640/%0A">the No. 1 attraction</a> in the city, that number is only going to climb.</p><p>All of which is to say, as a first-timer to Dubai, I had to visit. Here's what it was like:</p>

Dubai has a $20 billion megacomplex with the world's second largest mall, the world's tallest building, an aquarium, and 1,200 stores. I can't imagine why any tourist would want to visit.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.instagram.com/harrisonxjacobs/">Harrison Jacobs/Business Insider</a></span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>The city of <a href="https://www.businessinsider.com/category/dubai">Dubai</a> in the United Arab Emirates is known for extravagant, newly built landmarks like the Burj Khalifa, the <a href="https://www.businessinsider.com/dubai-palm-jumeirah-artificial-island-2018-12">Palm Jumeirah</a>, and the <a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">Dubai Mall</a>.</strong></li><li><strong>In just over two decades, the city has transformed from a desert backwater port to a thriving metropolis with the third-most skyscrapers in the world.</strong></li><li><strong>By comparing photographs of the city in the 1960s and 1970s to photographs of the city today, it becomes apparent how radically Dubai has changed.</strong></li></ul><p> </p><p>Three decades ago, Dubai was little more than desert.</p><p>Before the discovery of oil in Dubai in 1966, the city was an unremarkable port in the Gulf region. While it had existed as a trading port along important Middle Eastern trade routes since the 1800s, its main industry <a href="http://www.dubai.ae/en/aboutdubai/Pages/DubaiHistory.aspx">was pearling, which dried up after the 1930s</a>.</p><p>Here's what one of the main thoroughfares in Dubai looked like in 1961, prior to the discovery of oil:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Robert Rider-Rider</span></p><p class="caption">This dusty thoroughfare dotted with palm trees is one of the main streets in Dubai in 1961.</p></div><p></p></div></div></p><p>As it did for many Gulf countries, oil changed everything. While Dubai's reserves were nothing compared with those  its neighbor in the United Arab Emirates, Abu Dhabi, Dubai's ruler, Sheikh Rashid bin Saeed Al Maktoum, was determined to turn the city into a trading hub.</p><p>From an early period, the revenue from oil was put toward developing Dubai for a day when it would no longer have that income source to rely upon.</p><p>In the 1960s and 1970s, the Dubai Creek, a saltwater creek that runs through the center of the city, was dredged several times to allow progressively larger ships to pass through and trade. Here's what the creek looked like in 1969:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo</span></p><p class="caption">This general view of Dubai in 1969, one of the Persian Gulf trucial states, shows in the foreground the sleek smuggling dhows which run gold and Swiss watches to India.</p></div><p></p></div></div></p><p>But even as recently as 1979, the city was trudging along. Here's what the Dubai Creek looked like then:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Peter Kemp</span></p><p class="caption">Skyline view of high rise buildings and ships in Dubai, on the Edge of Dubai Creek in the United Arab Emirates in 1979</p></div><p></p></div></div></p><p>By most accounts, things changed in the 1990s and early 2000s. In 1985, the city opened the Middle East's first major "free zone" - a place where foreign companies could operate with almost no taxes or customs and with streamlined bureaucracy - at Jebel Ali.</p><p>Here's what the city looked like from an aerial view in 1987:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP Photo/Greg English</span></p><p class="caption">his is an aerial view of Dubai, United Arab Emirates, showing the Dubai Creek, a serpentine waterway, and the dry docks in the background, Sept. 1987</p></div><p></p></div></div></p><p>Meanwhile, wars in Iraq and Afghanistan pushed up the price of oil, resulting in tons of capital for Gulf states. And general instability <a href="https://nextcity.org/daily/entry/how-dubai-became-dubai">increased the attractiveness of Dubai as a place for investment</a>, according to "A History of Future Cities," by Daniel Brook .</p><p>In the years after 9/11, Dubai's economy kicked into full gear and a development boom began that, aside from a drastic crisis around 2009, never ended.</p><p>In 2007, Morgan Stanley <a href="https://www.khaleejtimes.com/editorials-columns/dubai-s-innovative-model-of-development">estimated the city had 20%</a> of the world's construction cranes. Most of the development was driven by the state-owned Dubai World company and Emaar Properties, a formerly government-owned enterprise that is now publicly traded.</p><p>The development boom has resulted in the world's tallest building, <a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">the second-biggest mall</a>, one of the most luxurious hotels, and more skyscrapers than any city besides New York and Hong Kong. </p><p>Here's what the Creek looked like when I visited last month:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.instagram.com/harrisonxjacobs/">Harrison Jacobs/Business Insider</a></span></p></div><p></p></div></div></p><p>And then downtown:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.instagram.com/harrisonxjacobs/">Harrison Jacobs/Business Insider</a></span></p></div><p></p></div></div></p><p>And along Sheikh Zayed Road, the main highway in Dubai:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.instagram.com/harrisonxjacobs/">Harrison Jacobs/Business Insider</a></span></p></div><p></p></div></div></p><p>The city is far from done developing. Reuters<a href="https://www.reuters.com/article/us-emirates-dubai-future/dubai-recipe-for-economic-success-looks-stale-as-markets-slump-idUSKBN1KC08V"> reported in July</a> that massive government spending for the World Expo in 2020, which Dubai will host, is propping up economic growth in recent years.</p><p>Projects currently under construction include the extravagant Museum of the Future, Gate Avenue, a ground-level, $272 million development that <a href="https://gateavenue.difc.ae/">cuts</a><a href="https://gateavenue.difc.ae/"> through the financial district</a>, and Dubai Creek Harbour.</p><p>The Dubai Creek Harbour complex will include the Dubai Creek Tower, set to be the tallest tower in the world, and Dubai Square, a <a href="https://edition.cnn.com/travel/article/dubai-square-mall-dubai-creek/index.html">$2 billion mega-mall</a> that will be the biggest in the world. </p><ul class="read-more-links"><li><strong>More on Business Insider's visit to Dubai:</strong></li><li><a href="https://www.businessinsider.com/dubai-rapid-development-skyscrapers-expansion-warning-2018-12">A walk through Dubai's supercity of futuristic skyscrapers made me uneasy for any city that mimics its rapid development</a></li><li><a href="https://www.businessinsider.com/dubai-travel-budget-guide-photos-tour-2018-11">I visited outlandishly wealthy Dubai, known as the 'city of gold,' and was surprised by how much fun you can have even without billions</a></li><li><a href="https://www.businessinsider.com/dubai-souks-markets-gold-spices-textiles-2018-12">Dubai's most outrageous open-air market sells only gold and has a $3 million, 141-pound gold ring</a></li><li><a href="https://www.businessinsider.com/dubai-united-arab-emirates-art-middle-east-africa-2018-12">Dubai is already a tourist favorite, and now the city's sights are set on the next milestone: becoming the center of art in the Middle East and Africa</a></li><li><a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">Dubai has a $20 billion megacomplex with the world's 2nd-largest mall, the world's tallest building, an aquarium, and 1,200 stores. I can't imagine why any tourist would visit.</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/avengers-endgame-trailer-breakdown-easter-eggs-hidden-details-2018-12">Hidden meanings in the 'Avengers: Endgame' trailer</a></h3>        <div>                    </div>    </div>

Dramatic photos show how radically Dubai has changed in 50 years

<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>© Red Bull Media House</span></p></div><p></p></div></div>Dubai stocks fell 4.4% Monday, ending their worst week since 2008, as the country's real estate sector comes under fire.</p>
<p>Emaar Properties, a developer and the DFM General Index's largest-weighted-stock, fell 3.7% percent. Arabtec, the United Arab Emirates' largest listed contractor, fell 10% percent, the most allowed in a day.</p>
<p><span>The </span>DFM General Index lost 22% in June, and <span>entered a bear market last week after the shares plunged 20% percent from their peak in May. </span></p>
<p><a href="http://www.businessinsider.com/dubai-real-estate-boom-2014-6">We recently told you</a> how the UAE was until recently the world's hottest property market, with prices up 10% quarter-over-quarter. It appears the reckoning has arrived.</p>
<p><span>"Property and construction stocks are at the forefront of the market, and in a down draft they take a hit," Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, told Bloomberg. "It looks like the correction is not fully done and we are heading lower again."</span></p>
<p><span>Still, a full-on destabilizing crash remains unlikely. </span><span style="line-height: 1.5em;">"There are some noticeable structural differences between where Dubai is today and where it was six years ago," <span>Ali Khalpey, head of equities at Exotix Partners LLP in </span><a href="http://topics.bloomberg.com/london/">London</a>, told Bloomberg. </span><span style="line-height: 1.5em;">Here's what the DFM has looked like over the past 12 months:</span></p>
<p><span><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Bloomberg</span></p></div><p></p></div></div> </span></p>

Dubai Stocks Get Crushed Again

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">The Dubai Mall as seen from the top of the Burj Khalifa, the world's tallest building, which is part of the complex.</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/dubai">Dubai</a> has <a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">65 malls</a> in a city of just over 3 million people, with 10 more under construction, including Dubai Square, a megamall set to be the biggest in the world when it is finished.</li><li>Despite the number of shopping destinations, Dubai residents I spoke to explained that the number of malls is not because the population is so shopping-obsessed, but because the city is unbearably hot for much of the year.</li><li>Because malls are large, open, climate-controlled spaces, they act as de-facto community centers and public squares where Dubai residents can gather, enjoy entertainment, or experience social events.</li></ul><p>If you are the type of person who likes to explore a country's "authentic" culture, traveling to Dubai can be a bit dizzying.</p><p>Everywhere you turn, there is another mall or shopping center. There's the Mall of the Emirates, with its icy indoor ski slopes, the faux-Venetian Mercato Mall, and the ornate Ibn Mattuta Mall, modeled after the travels of the famous Moroccan Berber explorer, to name a few.</p><p><span>In total, Dubai has about 65 malls in a city of just over 3 million people, with 10 more on the way. One of those currently being built is Dubai Square, <a href="https://edition.cnn.com/travel/article/dubai-square-mall-dubai-creek/index.html">set to become the world's largest mall</a> when it's completed.</span></p><p>Which all begs the question: why?</p><p>As if reading my mind as we walked through Deira, the oldest neighborhood in Dubai, Nada Badran, a Jordanian who has lived in Dubai for most of her life, offered an answer.</p><p>"Everyone thinks we're such shopping addicts. But really there are so many malls because we need spaces that are comfortable to be inside. It's so hot in the summers," Badran, who hosts Wander With Nada on CNN Arabic, told Business Insider.</p><p><em><strong>Related:</strong> <a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">Dubai has a $20 billion megacomplex with the world's 2nd-largest mall, the world's tallest building, an aquarium, and 1,200 stores. I can't imagine why any tourist would want to visit.</a></em></p><p>During Dubai's long summer stretching from mid-April through October, temperatures make it unbearable to be outside for more than a few minutes. Temperatures <a href="https://services.dubaiairports.ae/dubaimet/MET/Climate.aspx">are regularly around 105 degrees Fahrenheit</a> (41 degrees Celsius) and have gone as high as 119 degrees Fahrenheit (48 degrees Celsius), with plenty of humidity. </p><p>Malls offer an escape. </p><p><span>"The malls in Dubai play a role more than just a shopping center. The malls are like community centers where entertainment and social events happen," Ali Shamsi, a financial trader an entrepreneur based in Dubai, wrote <a href="https://www.quora.com/Why-is-Dubai-full-of-malls">on Quora</a> in March. "</span><span>Besides, it's too hot to do activities outdoors in summer."</span></p><p>While most of Dubai's malls have shops that would be familiar to any American or European traveler - everything from Bloomingdales to Adidas to Gucci - their orientation is more akin to miniature indoor cities than outright shopping centers.</p><p><span>"[T]he mall is a social space, not just a shopping space," </span><span>Justin Thomas, an associate professor of psychology at Zayed University wrote for <a href="https://www.pressreader.com/uae/the-national-news/20140414/282230893675225">The National</a> in 2014. </span></p><p><span>"The mall is where three generations of the same family take an evening stroll; the mall is where the Abu Dhabi Readers (a book club) meet to discuss works of literature."</span></p><p>The most iconic of Dubai's malls is the simply named <a href="https://www.businessinsider.com/dubai-mall-worlds-second-largest-mall-2018-11">Dubai Mall</a>, a St. Peter's Basilica of capitalism: 1,200 stores, hundreds of restaurants, a movie theater, a luxury hotel, <span> an Olympic-size ice-skating rink, a virtual-reality theme park, and an aquarium all stuffed into one <a href="http://www.cnn.com/2014/03/05/world/meast/an-exclusive-peek-inside-largest-mall/index.html">$20 billion</a> megacomplex ranked as the second-largest in the world. </span></p><p><span>The mall is so big it has its own neighborhoods like Fashion Avenue, designed to mimic Manhattan's Fifth Avenue, and "The Village," an open-air "street" with chic clothing boutiques, cafes, and restaurants.</span><span></span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Dubai Holdings</span></p><p class="caption">A rendering of "The Boulevard" at Dubai Square, currently under construction.</p></div><p></p></div></div></span></p><p><span>The currently under-construction Dubai Square is <a href="https://www.arabianbusiness.com/retail/401410-revealed-dubai-square-project-set-to-dwarf-dubai-mall">set to construct the Middle East's largest Chinatown</a>, a four-lane "boulevard" that mimics a wide city street, a piazza, and an entertainment center for concerts and theater shows.</span></p><p><em><strong>Related:</strong> <a href="https://www.businessinsider.com/emirates-airline-airbus-a380-economy-class-review-new-york-dubai-2018-11">I flew 13 hours nonstop on the world's biggest passenger plane, the $446 million Airbus superjumbo jet, and it's about as good as economy can get</a></em></p><p><span>The heat is not the only story behind Dubai's malls. The city <a href="https://www.thenational.ae/uae/dubai-plans-to-be-world-s-most-popular-tourist-destination-by-2025-1.776970">aims to be the most popular tourist destination</a> in the world by 2025, as it seeks to develop an economy not reliant on oil. It is currently the fourth most-visited city in the world, with <a href="https://www.businessinsider.com/most-visited-cities-in-the-world-2018-9">a projected 16.7 million visitors</a> this year, <a href="https://newsroom.mastercard.com/press-releases/big-cities-big-business-bangkok-london-and-paris-lead-the-way-in-mastercards-2018-global-destination-cities-index/">according to Mastercard's Global Destination Cities Index</a>. </span></p><p><span style="color: #000000;">Of the 15.8 million people who visited Dubai last year, 2.1 million came from India. </span><span style="color: #000000;">And Dubai's fastest-growing tourist market is China, with 764,000 visitors last year.  </span><span style="color: #000000;">The number of Chinese visitors <a href="https://www.arabianbusiness.com/travel-hospitality/401047-chinese-tourists-to-dubai-more-than-double-since-2014">could top 1 million this year</a>. Russian tourists is another growth market for the country.</span></p><p><span style="color: #000000;">What all those cultures have in common  - in addition to many Middle Eastern cultures - is that shopping is viewed as a leisure activity. For many without easy access to luxury goods, traveling halfway across the world to visit a mall or luxury stores <em>is</em> the attraction. Dubai is positioned to capitalize on that.</span></p><p>Emaar Malls, The Dubai Mall's developer, said recently that the property had seen<span> </span><a href="http://www.tellerreport.com/life/--dubai-mall-welcomes-more-than-80-million-visitors-annually-.SJ1w0k637.html">over 80 million visitors annually for the past four years</a>, making it the most-visited mall in the world.</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/smart-palm-tree-charge-phone-free-wi-fi-public-dubai-2017-10">These smart palm trees in Dubai can charge your phone and provide free Wi-Fi</a></h3>        <div>                    </div>    </div>

Dubai has more than 65 malls in a city of 3 million people, and it's not because they're obsessed with shopping

<p class="source">
				<a href="https://www.flickr.com/photos/anthphoto/4867638171">LaChicaPhoto/Flickr</a></p>
			<p class="caption">
				Erbil, Kurdistan at night.</p>
		
		
	

The Islamic State, or ISIS, has been taking down swaths of territory in northern Iraq and Syria in recent weeks. Between taking the city of Mosul, targeting the Yazidis (an ethno-religious minority in Iraq), and battling the Kurdish peshmerga, ISIS has moved increasingly towards Kurdistan, the de facto state of northern Iraq's Kurds.

<p class="p1">
	Amid the chaos, U.S. officials and northern Iraqis have fled to Erbil, the capital of Kurdistan. President Obama <a href="http://www.businessinsider.com/obama-speech-2014-8">authorized military strikes against ISIS should they threaten Erbil</a>.</p>
<p class="p1">
	With a population of 1.5 million, Erbil is the largest city in Kurdistan. It is also one of the oldest continuously inhabited cities in the world, with life in the city dating as far back 6000 BC.</p>
<p class="p1">
	Since the winding down of the Iraq War, Erbil has become a hub for development, leading some to question <a href="http://www.theguardian.com/commentisfree/2010/may/05/kurdistan-next-dubai-iraq">whether it could become the next Dubai.</a></p>
<p class="p1">
	We gathered some photos of the progressive city that ISIS has in its sights.</p>
<h3>
	This is where Erbil is located on the map. It is far north of Baghdad, but just 55 miles from ISIS-controlled Mosul.</h3>

	
		
			
			<p class="source">
				Mariwan Salihi/Flickr</p>
		
		
	

<h3>
	Erbil is very liberal city, compared with the rest of the Middle East. As Kurdistan is both largely secular and religiously diverse, Erbil <a href="http://www.kurdishglobe.net/article/3CE2C8BCDF21143E66E97D4F83E36F0E/-The-Other-Iraq-enjoys-a-bustling-nightlife.html">has a busy nightlife scene, with dozens of bars, liquor stores, clubs, and restaurants</a> opening in the last 10 years. Many consider its busy nightlife scene to be rivaled only by Dubai and Beirut in the Middle East.</h3>

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/denverjeffrey/12458178214/in/set-72157640829011505">Jeffrey Beall/Flickr</a></p> This is Erbil <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">International</keyword> Airport. Though an airport has been located on the site since the 1970s, a brand new one with modern amenities was built in 2010. 
			<p class="source">
				<a href="https://www.flickr.com/photos/denverjeffrey/12458178214/in/set-72157640829011505">Jeffrey Beall/Flickr</a></p>
		
		
	

This is downtown Erbil, the main hub of development in the city. In 2013, Dubai's Emaar Properties announced that <a href="http://www.thenational.ae/business/industry-insights/property/erbil-now-the-place-to-build-new-hope">it was investing $3 billion into downtown Erbil</a>. The proposed investment would go towards building houses, apartments, offices, hotels, and parks.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/denverjeffrey/12457746863/in/set-72157640829011505">Jeffrey Beall/Flickr</a></p>
		
		
	

This is what downtown looks like at night. In the distance are a number of the towers that are currently being built or have just opened in downtown Erbil.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/67895763@N02/6180047445">Mariwan Salihi/Flickr</a></p>
		
		
	

Erbil's major tourist attraction is the Citadel, the historical city center of Erbil. It was been inhabited since the 5000 BC and has been a major cultural center numerous different cultures. It <a href="http://whc.unesco.org/en/list/1437">is a UNESCO Heritage site</a>.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/anthphoto/4468092450">LaChicaPhoto/Flickr</a></p>
		
		
	

This is what it looks like closer up. The Citadel is located on a mound that archaeologists think conceals the remains of ancient cultures. It features a continuous wall with 19th century facades, giving it the look of a fortress.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/denverjeffrey/12457356335">Jeffrey Beall/Flickr</a></p>
		
		
	

This what it looks like inside the Citadel.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/james_gordon_losangeles/7377956534">James Gordon/Flickr</a></p>
		
		
	

There is a wealth of development at the base of the Citadel. Shar Park features numerous fountains, brick arcades, and a clock tower. It also features numerous cafes and teashops.

	
		
			<p class="source">
				<a href="http://en.wikipedia.org/wiki/Erbil#mediaviewer/File:Erbil_city_center.jpg">Diyar Se/Wikimedia Commons</a></p>
		
		
	

The Mudhafaria Minaret is nearly 120 feet tall. It is all that remains of a massive mosque built in the 1100s.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/james_gordon_losangeles/8614276321">James Gordon/Flickr</a></p>
		
		
	

The Quaysari Bazaar in Erbil <a href="http://www.lonelyplanet.com/iraq/erbil/sights/markets-bazaars/qaysari-bazaar">is one of the oldest in the world</a>. It wraps around the entire southern half of the Citadel.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/adam_jones/5624527816">Adam Jones/Flickr</a></p>
		
		
	

The Bazaar is a bustling center of life in Erbil. You can literally find anything there from food to clothes to books and electronics.

	
		
			
			<p class="source">
				<a href="https://www.flickr.com/photos/denverjeffrey/12457273443/in/set-72157640829011505">Jeffrey Beall/Flickr</a></p>
		
		
	

Like other economic hubs in the Middle East, Erbil has recently begun opening mega-malls. The Family Mall Erbil <a href="http://www.familymallarbil.com/">opened in 2010 with over 100 retail stores</a> that carry major Western brands like Zara, DKNY, Rolex, Armani, and Levi's. Family Mall is also located directly next to a new amusement park.

	
		
			
			<p class="source">
				<a href="http://www.familymallarbil.com/">Family Mall Erbil/Facebook</a></p>
		
		
	

The mall is extremely popular. It also features an indoor ice-skating rink and a 14-screen movie theater.

	
		
			
			<p class="source">
				<a href="http://www.familymallarbil.com/">Family Mall Erbil/Facebook</a></p>

14 Beautiful Photos Of Erbil, The Capital Of Iraqi Kurdistan That ISIS Is Targeting

<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source">REUTERS/Ahmed Jadallah</p><p class="caption">Labourers work near the Burj Khalifa, the tallest tower in the world, in Dubai May 9, 2013. </p></div><p></p></div></div></span>LONDON (Reuters) - Three years ago, a trip to the Southern Kenya production facilities of Canadian company Africa Oil attracted only seven potential investors. Two months ago, 60 boarded the flight.</p>
<p>The investor trip, described by sales staff at Citi following a recent client conference, is just one illustration of the swelling interest in the most esoteric frontier markets.</p>
<p>In a world of low yields and paltry growth, the attraction of frontier markets - the lesser developed <keyword id="6359891" type="COMPANY" weightage="60" keywordseo="emerging-markets">emerging markets</keyword> in Africa, Asia, Europe, the Middle East and Latin America - is pretty clear. Juicy returns, often huge natural resources and young populations provide a stark contrast to the ageing economic profile in the West.</p>
<p>"Everyone and his dog seems to know something about (frontier markets) now," Citi wrote.</p>
<p>And yet, like many small, illiquid and often opaque markets, there's a problem. The surge in interest may already be in the price.</p>
<p>Frontier market stocks have outridden a slump in broader emerging markets this year, with help from long-term investors. Stars include Nigeria's Dangote Cement, up 48 percent, and Dubai's Emaar Properties, up 61 percent.</p>
<p>But these countries' restrictively tiny markets and increasingly pricey stocks are starting to dent their appeal.</p>
<p>"My best-performing stock this year has been a Nigerian cement company. Is that likely to be the case next year? I doubt it," Richard Titherington, CIO of emerging equities at JP Morgan Asset Management, told a recent media briefing.</p>
<p>"You need to be careful about being too optimistic about frontier markets," he added, saying he preferred emerging market companies which paid strong dividends, for example.</p>
<p>One critical warning signal has been the crossover in valuations between frontier and emerging markets.</p>
<p>Frontier companies are traditionally seen as cheap because of the perception of the high risks involved in buying them.</p>
<p>But frontier market valuations have become more expensive than emerging markets, at around 13 times earnings, for the first time in nearly two years. (For GRAPHIC, see http://link.reuters.com/maq93v)</p>
<p>Some stock markets may be close to the top of their game, with Dubai and Kenya near five-year highs.</p>
<p>HSBC emerging equity analyst John Lomax last week downgraded Kenya to neutral. "The market has already run up aggressively and...valuations are beginning to look somewhat expensive," he wrote in a client note.</p>
<p>Individual valuations in some cases look alarming.</p>
<p>Nestle Nigeria has a price/earnings ratio of 40 times, and its 12-month forward PE ratio is at 33, well above its peers, according to Reuters Eikon data.</p>
<p>Another concern is that these markets' small size will struggle to attract new money, with investors finding it difficult to enter the markets without influencing prices.</p>
<p>Templeton Emerging Markets Group, which has $3 billion under management in its frontiers strategy, closed its frontiers fund to new investors earlier this year.</p>
<p>Templeton's role is huge in an asset class where many funds total $100 million or less.</p>
<p>The market capitalisation of the closely-watched MSCI frontiers index is only $130 billion, compared with $3.8 trillion for the emerging markets index, or more than $15 trillion for the S&amp;P 500.</p>
<p>"Frontier markets have had a good run, they have outperformed, but at the end of the day it's a considerably smaller universe than emerging markets," said Maria Gratsova, emerging equities strategist at Citi.</p>
<h3>GOOD AND BAD</h3>
<p>The MSCI emerging stock index is in the red for the year on weak earnings growth and fears about a reduction in risk-supporting U.S. monetary stimulus. The MSCI frontiers index, in contrast, has climbed 20 percent, in line with moves in developed stocks.</p>
<p>But the frontiers rally masks wide disparities, in market size and performance, with some countries posting losses.</p>
<p>Bulgaria and the UAE are top-performing markets, and off-index plays Saudi Arabia and Iraq have also soared.</p>
<p>But Lebanon and Jordan - down 0.5 and 0.1 percent respectively, and weaker in dollar terms - have suffered from their proximity to Syria. Away from the index, Mongolia has dropped nearly 20 percent, with investors deterred earlier this year by restrictive foreign investment laws.</p>
<p>The MSCI index of 26 countries contains a mix of markets.</p>
<p>Kuwait has a 23 percent weighting, while energy-producing markets United Arab Emirates and Qatar together make up 30 percent. The bias towards these markets makes benchmarking to the index more difficult, potentially adding investment risk.</p>
<p>"We are never going to have a 50-60 percent weighting in countries in the Gulf region," said Andrew Brudenell, frontier fund manager at HSBC Asset Management, which uses a customized MSCI index to match its investment strategy more closely.</p>
<p>Other indices, such as those compiled by S&amp;P and FTSE, contain different markets or have a wider range of countries.</p>
<p>But the larger number of countries can also lead to smaller size and liquidity in each, analysts say, and the indices all use similar market capitalisation criteria which give heavy weighting to only a few markets.</p>
<p>Frontier investors say, however, that despite the difficulties of investing, their markets are enjoying a well-deserved catch-up after lagging emerging markets in 2009 and 2010, and they are confident of longer-term gains.</p>
<p>Veteran investor Mark Mobius, Templeton Emerging Markets executive chairman, has large holdings in Nigeria and says Africa, for example, holds out a lot of investment hope.</p>
<p>"The number of people who have bank accounts is very, very tiny, the growth prospects are very, very good - the future is Africa."</p>
<p>(Additional reporting by Joel Dimmock; Editing by Peter Graff)</p>

You Searched For "Emaar Properties" and got 10 results

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Amanda Goh

Inside the 'mini Dubai' that someone built in Harrods to get priced-out Londoners to buy property abroad

Lianna Brinded

Dubai is building the world's tallest skyscraper - here's what it'll look like

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Dubai has a $20 billion megacomplex with the world's second largest mall, the world's tallest building, an aquarium, and 1,200 stores. I can't imagine why any tourist would want to visit.

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Dramatic photos show how radically Dubai has changed in 50 years

Harrison Jacobs

Dubai Stocks Get Crushed Again

Rob Wile

Dubai has more than 65 malls in a city of 3 million people, and it's not because they're obsessed with shopping

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