“We have some substantial and profitable malls in the emirates where the spend per square foot is amongst the highest in the world,” Nicholas MacLean, managing director of US-based real estate developer CB Richard Ellis, told MEED’s Dubai Mega Projects conference on 3 March.

“But if you look at what is being delivered, we have another 4.2 million square metres of space coming to this market soon. These retail projects do not make sense without a large increase in tourists and other visitors.”