Ornate malls mushroom in Iran to attract elite

Tehran, Iran

THE low rumble of powerful engines reverberated against the high-rises of Zaferanieh, an upmarket neighbourhood, as Porsches and Mercedes lined up to enter the multistorey parking lot of a fancy new shopping mall, the Palladium, the latest addition to Tehran's shopping scene.

Iran may be facing a dangerous economic abyss, with an empty treasury, historically low oil prices and the continuing damage of Western economic sanctions, but one indicator is going through the roof: Developers have broken ground on a record 400 shopping malls across the country, 65 in Tehran alone.