Kathmandu. The impact of Israeli and US attacks on Iran is also being felt in Dubai.
A huge explosion was heard in Dubai on Friday. Many buildings shook and thick clouds of smoke covered the city center. A few days ago, Iran also attacked Dubai. These attacks have created an atmosphere of terror in Dubai, which is known for its luxurious lifestyle.
work-from-home announcement
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Iran has recently threatened to target Dubai’s financial centers. Since then, many banking institutions have taken significant security measures.
US banking giant Citigroup has asked its employees to vacate their offices in Dubai International Financial Centre (DIFC) and Dubai’s Oud Metha. Employees have been instructed to work from home until further notice.
HSBC said it had also temporarily closed all branches in Qatar due to security concerns.
Large impact on real estate
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The Iranian invasion has also had a significant impact on Dubai’s real estate sector. The demand for luxury residential properties in Dubai is high. It has significant Indian investment.
Dubai’s real estate stock has fallen significantly. The DFM Real Estate Index has declined by about 22 percent in the last 5 days.
According to brokerage firm BetterHomes, the number of property enquiries in Dubai has dropped by about 45 percent. Despite the bombings, real estate sales in Dubai remain strong. Since Feb. 28, there have been more than 4,800 transactions worth $4.3 billion.
Significant drop in hotel rents
The attacks in Dubai have also adversely affected the hotel industry. Luxury hotel rents have fallen significantly. Many five-star hotels are now offering significantly lower prices than usual. –Agency
