Business | Property
DSF sparks tourist influx
As Dubai gets set to welcome about 3.5 million people over the next month, retailers are gearing up for record trading and hotels are reporting sky-high occupancy levels. Yes folks, it's time to shop till you drop with the launch of the 13th Dubai Shopping Festival (DSF).
- By Ryan Mahoney, Special to Gulf News
- Published: 00:04 January 25, 2008
As Dubai gets set to welcome about 3.5 million people over the next month, retailers are gearing up for record trading and hotels are reporting sky-high occupancy levels. Yes folks, it's time to shop till you drop with the launch of the 13th Dubai Shopping Festival (DSF).
For retailers and hotels in particular, this is party time. Undoubtedly this is their busiest time of the year, but the knock-on effect of such a large influx of people has positive implications for nearly all other industry sectors as well.
During last year's festival, Dubai's hotels set a new world record for occupancy levels. For certain, DSF has succeeded in putting Dubai on the map and has grown into a major event, attracting people from across the world. It also says a lot about DSF that we expect another record year at a time when other countries are facing retail sales slumps as a result of declining housing markets and worsening consumer debt.
In a week where we have witnessed the world's richest marathon, the announcement of The Universe, a massive commercial, residential and tourism development in the form of a series of coral islands, and news of the Dream Works Animation theme park, it would appear that Dubai's appetite and enthusiasm to produce an unrivalled visitor destination continues unabated.
With so much going on and so many impressive new projects being announced, suddenly the target of 15 million annual visitors to Dubai by 2010 doesn't seem too optimistic.
Major contributor
Having an annual event such as DSF - with its ability to attract so many people, as well as money into the UAE - is a major contributor to the projected growth. Indeed, Dubai has developed a knack for using such events to establish its name on the global spectrum, with sport also playing a pivotal role.
Events like the Dubai World Cup, the Dubai Desert Classic, Dubai Tennis Championship and last week's Dubai Marathon, all help propel the emirate.
At the marathon, Haile Gebrselassie, the biggest name in marathon history clocked the second fastest time ever. Similarly, stars such as golf's Tiger Woods and tennis' Roger Federer will compete here in February.
The ability to attract such big names is a huge factor in the success and credibility of the events. People follow people and avid sports fans will do whatever it takes to see their heroes in action. As well as putting Dubai in the spotlight, attracting tourism through events provides a good opportunity to showcase the rest of Dubai.
Of course, tourism is now particularly important to Dubai, helping to sustain and develop an economy that can no longer rely on oil. In order to grow, Dubai had to diversify, and with a commitment of $380 billion on leisure projects alone, it's clear that simply becoming a holiday destination isn't enough. The objective is to offer an experience like nowhere else on earth, to offer something for everyone and to make Dubai the place where everyone wants to be, whether as a visitor, or resident.
So getting back to where we started, what does all this mean for real estate? Well, events such as DSF bring investment and people into the city and, therefore, help protect the long-term stability of the market.
Visitor attractions and special events drive the entire tourism industry which creates a market for holiday homes, serviced apartments and short-stay accommodation as well as the commercial and residential properties required to house the businesses and people that service the industry, so in a round about way everyone benefits. Happy shopping!
The writer is managing director of Better Homes.
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