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Dubai firm on becoming fashion capital of world
February 15, 2014
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DUBAI: Dubai and luxury are nearly synonymous. The city is home to the world’s tallest tower, massive man-made islands in the shape of palm trees and a fleet of police cars that includes a Ferrari, a Lamborghini and a $2.5 million Bugatti Veyron.

Now, to boost its glamour factor and economy, the city has its eyes set on the multi-billion-dollar-a-year global fashion industry, which is currently dominated by the US, Europe and Japan.

But in the Middle East, Dubai is the powerhouse, raking in almost half of the region’s market share of retail spending.

Dubai’s modern skyscrapers, over-the-top glitz and flair for opulence provide the well-heeled a seemingly endless supply of indulgence and colour.

Real estate services firm CBRE ranks Dubai as the second-most important destination for international retailers, after London. A little more than half of all major international retailers have outlets in Dubai, and a third of all luxury spending in the Middle East happens here, according to consulting firm Bain and Company.

But the city’s officials want more. They want Dubai to evolve into a hub of creativity that attracts the region’s best designers.

Associated Press

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