The company is behind local, mid-market concepts such as Mr Miyagi’s, Stars N Bars and The Scene.
Speaking to Arabian Business, Bin Jabr said customers are no longer able or willing to pay large sums of money for a night out.
“Fine dining is definitely struggling. We have the numbers of a lot of the fine dining restaurants in Dubai. They’re all struggling. I wouldn’t venture there because the spending is going down. People who used to spend AED800 a head are now spending half of that, so revenues are drastically down. And in fine dining, the overhead costs are way too high, so their margins are being hit hard,” he said.
He added that while consumers are spending less partially due to the city’s high cost of living, there continues to be demand for mid-market concepts.
(Source: Arabianbusiness.com YouTube channel)