Dubai's main banking centre is cutting office rental rates to encourage more business in the glitzy office park. The state-run Dubai International Financial Centre said Sunday the cuts - which could mean discounts of half or more - aim to attract new firms and entice its 780 tenant companies to expand their operations.
The DIFC is at the core of Dubai's efforts to become the Mideast's banking hub. It's had success convincing banks and other financial companies to open offices, often as their regional headquarters.
But a severe property slump and more than $100 billion in debt are dragging on Dubai's economy. Meanwhile, other Gulf states such as Qatar and Bahrain are eager to develop financial industries of their own.
Comments
Comments are closed.