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Retreat of Russian shoppers fails to dent Dubai retailers

By Sagarika Jaisinghani DUBAI (Reuters) – Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year, but visitors from elsewhere look set to make up the numbers at the annual retail bonanza. Every January, Dubai is decked out in lights, banners and roadside ornaments heralding the event. Dubai, one of seven federal states in the United Arab Emirates (UAE), has far smaller oil reserves than the capital Abu Dhabi, and its economy relies heavily on retail, tourism and international trade. The DSF, being held this year from Jan. 1 to Feb. 1, contributes over $1 billion of retail sales to the emirate’s economy and Russian shoppers have always been among the biggest spenders, along with Saudi Arabians and Americans.

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