Construction on retail projects worth billions of dirhams is set to stall in Damascus following the Arab League's imposition of economic sanctions on Syria.
Emaar and Majid Al Futtaim, two of the UAE's biggest retail and leisure developers, both have huge projects under construction that analysts say will have to be put on hold for the foreseeable future.
"The projects will happen. They will still be built and will still be successful," said David Macadam, the head of retail for the Middle East at Jones Lang LaSalle. "But for now, [the developers] will want to create a low profile, carry on with back-office options [and] with planning and design, but not anything else."
Majid Al Futtaim, which operates malls and Carrefour stores in the Middle East, began work in July on a US$1 billion (Dh3.67bn) retail, leisure and commercial complex in Damascus, despite the civil unrest that was already under way. Emaar has partnered with Invest Group Overseas to build The Eighth Gate, a mixed-use development that includes a massive shopping mall.
Both Majid Al Futtaim and Emaar declined to comment.
Mr Macadam said the retail opportunity was "huge" in Syria, but sales were expected to be weak this year. "I suspect retail sales are subdued [at the moment]," he said. "Retailers are probably being fairly cautious in buying stock. Everything just slows."
The unrest has already deterred UAE retailers and entertainment companies from entering Syria. Paris Gallery, the luxury retailer based in Dubai, has scrapped plans to roll out stores, having launched one in Aleppo before the unrest began.
The Grand Cinemas chain, which is active in the UAE, Lebanon and Jordan, said it was assessing plans to launch in Syria.
bflanagan@thenational.ae
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Scream%20VI
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
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A Dog's Journey
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3 out of 5 stars
Jigra
Sarfira
Director: Sudha Kongara Prasad
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Rating: 2/5
COMPANY PROFILE
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THE SPECS
Engine: 1.5-litre
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Power: 110 horsepower
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While you're here
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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
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A cheaper choice
Vanuatu: $130,000
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
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Rating: 3/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Contracted list
Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.
SPECS
Engine: 4-litre V8 twin-turbo
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The specs
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
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SPECS
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South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars