The vast Dubai Mall finally opened for business yesterday, but the success of the US$20-billion ($29.6 billion) shopping centre is far from certain amid the global economic crisis.

The mall will be one of the world's largest, with close to 600 retailers, but it will be a tough call for the owners to meet their target of 30 million visitors in the first year.

Said economist Eckart Woertz of the Gulf Research Centre (GRC): "The impact of the financial crisis is being felt everywhere and that includes the United Arab Emirates (UAE), where the appeal of shopping centres could suffer from restrictions imposed by banks on the use of credit cards."

In addition, the purchasing power of the residents of Dubai and Abu Dhabi has dropped in the past few years due to the surging cost of housing, he said.

Dubai Mall has branches of some of the world's best-known retail chains, such as Galeries Lafayette and Bloomingdales, which has never had stores outside the United States.

The mall's launch had been delayed repeatedly. It was initially slated to open by the end of 2006, but the date was postponed to August this year, and then to last Thursday, before being put back to yesterday.

The Dubai project's owner, EmaarMalls, a subsidiary of the Dubai-based giant property developer Emaar, remains optimistic about its prospects.

"Customers demand a different shopping experience from malls, particularly in the Middle East, where malls have become lifestyle and entertainment destinations," said the mall’s general manager, Mr Yousif Al-Ali.

Besides having 1,200 shops when fully operational, the mall also boasts a 250-room luxurious hotel, a 10-million-litre aquarium, an Olympic-sized ice rink, 22 cinema screens, as well as 120 restaurants and cafes.

GRC's Dr Woertz said the current financial crisis could reduce the number of visitors, especially Westerners. "Even if tourists continue to come to the UAE, they will be spending less than before."