In Dubai, the Middle East Council of Shopping Centres wants mall owners to reduce rental levels as soon as possible. “The percentage rent model is better suited to the U.A.E. softer economy, where rent is linked directly to turnover”, said a spokesperson. According to the Chamber of Commerce and Industry, “the U.A.E.’s mall owners should reduce rents and costs this year to compensate against the slowing retail spending. As the U.S. Dollar, to which the Dirham is pegged, has made the U.A.E....
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