Business | Tourism
Global crisis will deal a heavy blow to Dubai as tourism industry slows
Dubai, Egypt and Jordan will be hit most in the Middle East from the fallout of the global financial crisis which might also create opportunities for the oil-driven region, according to a survey among companies in the region.
- Agencies
- Published: 23:35 November 24, 2008
Kuwait: Dubai, Egypt and Jordan will be hit most in the Middle East from the fallout of the global financial crisis which might also create opportunities for the oil-driven region, according to a survey among companies in the region.
Some 78 per cent of fin-ance chiefs said the Middle East and the Gulf would not see a strong impact of the credit crunch compared to the rest of the world, the study conducted by survey institute Naseba said.
Dubai would take the highest impact hit from slowing global economic growth as its tourism industry, boasting some of the world's most luxurious hotels, would suffer from fewer travellers.
Out of reach
"Dubai is coming out of reach for leisure travellers due to the economic slowdown," the study published on Sunday said.
Egypt, a small oil and gas producer, would have to cope with falling prices for both resources, while in Jordan, investment firms listed were now feeling the pain, it said. But the economic outlook for the Middle East was still good as the region was not fully linked to global markets apart from the oil industry, while oil exports would generate a steady flow of revenues despite falling prices.
"The Middle East is always predicted as the most stable region when compared to others with its high amount of oil exports which is creating a large amount of liquidity in the region," the Paris-listed company said in the study.
Share this article
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
