Dubai Tourism News Page 84
Dubai World may have to sell prized assets
Dubai World may be forced to sell off domestic and overseas assets such as P&O and the QE2 as it attempts to restructure its $60bn debt burden. The beleaguered company has strongly denied it may have to sell off some of its prized assets but comments from Dubai’s finance chief indicate that it may have no choice.
Dubai hoteliers slash room rates
Hotels in Dubai are slashing rates in a bid to boost occupancy levels following news of the Dubai World debt default. Some five-star hotels are offering rooms for well below £100 a night, and four-star for less than £30 per night. Meanwhile Dubai stocks have levelled off after last week’s dramatic volatility.
Markets rally as Dubai World talks begin
Stock markets across the world continued their climbs today as negotiations began between Dubai World and its lenders over $26bn (£15bn) of debts. The FTSE 100 index of leading shares was up 79 points at 5269, a rise of 1.52%. Markets in Paris and Frankfurt rose by more than 2% each.
Dubai government abandons Dubai World
The Government of Dubai has said it will not bail-out its subsidiary Dubai World, sparking fears that creditors to the hugely-indebted conglomerate could lose billions.
Abu Dhabi wards off Dubai meltdown
Global stock markets have breathed a sigh of relief after Abu Dhabi stepped in to prevent the financial collapse of its neighbour Dubai. The Central Bank of United Arab Emirates, based in Abu Dhabi, said it will support banks in the region to prevent a Lehman Brothers-style meltdown.
Brad Pitt and Beckhams caught in new Dubai debt crisis
Brad Pitt and David Beckham are thought to be among those caught up in Dubai’s latest credit squeeze, as developer Nakheel has asked creditors for a six-month “standstill” on debt repayments totalling US$59 billion. The Dubai government has also called in accountants Deloitte to advise on restructuring the business, stoking fears that Nakheel will be unable to continue with the Palm Jumeirah, leaving one of Dubai’s landmark developments a construction site.
Middle East tourism recovering
The number of tourists to the Middle East will more than double by 2020, according to a report by the UN World Tourism Organisation. The growth rate in the region will be almost double the world average taking the number of tourists arriving in the region to 136 million by 2020, up from 54 million last year.
Middle East showing signs of recovery
The Middle East is well placed to bounce back from the current economic crisis, according to research from global travel management company HRG. HRG believes that the region’s large number of international flight connections and investments in both infrastructure and hotels means the market is in a good position to bounce back from the downturn.
Dubai’s Q2 visitor figures increase despite the global economic downturn
Dubai has announced a year-on-year increase in visitor figures for Q2 2009, reaffirming its position as one of the world’s leading tourism destinations
Nakheel confirms QE2 in Cape Town for World Cup
Nakheel, the owner of the QE2, has confirmed the cruise liner will be moved to Cape Town in South Africa to become a hotel in time for the Fifa 2010 World Cup.
Dubai air traffic defies downturn
Despite a sharp downturn in travel and tourism in the emirate, Dubai Airports has registered a year-on-year growth of 10.3 percent in passenger traffic for the month of June.
Cape Town poised to berth QE2 floating hotel
South Africa has confirmed it is considering a proposal from Dubai to permanently berth the Queen Elizabeth 2 liner at the Victoria and Albert Waterfront in Cape Town, and convert it into a luxury floating hotel.