As per the article by Bloomberg dated July 23, 2019, titled Dubai's Real Estate Slump Catches Up With the City's Finance Hub
This is what it states:
About half a dozen executives have left the DIFC Authority
Gate Avenue is struggling to attract tenants as retail suffers
If you walk into the latest expansion of Dubai’s financial district, you will see a handful of small art galleries, some upscale men’s tailors and plenty of retail space waiting for takers.
The Dubai International Financial Centre is suffering the slump in retail & property market as isn’t being spared a slump in the emirate’s retail and property market as it struggles to attract tenants to its 1 billion dirham ($272 million) Gate Avenue expansion -- a marble-lined underground promenade linking the hub’s main district to nearby towers.
When the project was announced in 2016, the officials announced that project would have 200 shops and restaurants with 90% of the units already filled with tenants. However, 3 years on and only about two dozen shops have opened since its launch in January.
The rest remain boarded up.
What's even worse right now is that half a dozen executives have left the DIFC Authority, with the key figures like the Chief Real Estate Officer Nabil Alkindi, Pinaki Aich, who was in charge of group strategy and innovation,
Christopher Payne, DIFC’s chief economic adviser, and Warren Krawchuk, a senior vice president for retail all departing from the project.
This was also reported by
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