Dubai Shopping Spree Slows Down

By way of oil revenues, foreign investment, and tourism, Dubai has transformed from an ancient pearling village into a thriving metropolis — not to mention, tax-free shopping capital. That may be changing, with retail business down 20 percent in the last week, Reuters reports. While the Gulf has not been as heavily hit by the credit crisis as Europe and the United States, some big Dubai retailers, accustomed to robust spending in the city, are seeing a drop in sales as international customers turn wary of the global financial crisis. Read the full story at reuters.com.