Saks Fifth Avenue confirmed it is closing its full-line store in Dubai.

"Our licensing arrangement for this location expires in the fall and we will be closing the store on Aug. 31," the retailer said.

Bur Juman Centre was a sought-after location when the retailer opened the Saks unit in the port city in 2005.

Saks said there were no plans at the moment to open a new location in Dubai. A 15,000-square-foot men's store that opened in 2008 at the Walk at the Jumeirah Beach Residences was shuttered in 2010, prior to the acquisition of Saks Fifth Avenueby Hudson's Bay Co., the retailer's current owner.

Saks' decision comes as the UAE economy is slowing. Three years ago, the retail market grew by double digits. However, the heated pace that foreign brands entering the market came to expect is flattening out. The upcoming closure of the Dubai store isn't the first time the retailer has shuttered a unit in the Middle East. Saks in 2012 closed a licensed store in Riyadh, Saudi Arabia after more than a decade.