General Travel News

Global Economic Crisis Impacts Hospitality Sector

Industry experts addressing delegates at the Arabian Hotels Investment Conference 2009 said the hospitality sector has been deeply affected by the global financial crises. They said there are signs of improvement but it is far from over. Deutsche Bank CEO for the Middle East and North Africa, Dr. Henri Azzam  said it “could be deeper and longer than many of us anticipated.”  Deloitte’s Global Managing Partner for Hospitality, Martin Russ, said Sars and the Gulf War look like blips compared to the effects of the global economic downturn.

However, while speaking about regional trends in the real estate market, Global CEO at Jones Lang Lasalle Hotel noted the Middle East is one of the few regions where positive economic growth is forecast for 2009.  The International Monetary Fund forecast 2.5% growth for the Middle East in its April Global Economic Update.

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