Some of the United Kingdom’s most high-profile travel and tourism brands could be purchased by wealthy Middle Eastern businessman, predicts the WTM Global Trends Report.
The report, in association with Euromonitor International, predicts Middle Eastern businesses are among the frontrunners for some of the UK industry’s most well known brands, including the Savoy, Grosvenor House, Claridge’s, the Berkeley and the Connaught, which are all known to be on the market.
The UK economy was among the hardest hit following the global recession due to its reliance on the financial markets, this, alongside Sterling’s depreciation against the US Dollar, makes the UK attractive for Middle East investors.
The 2009 Finance Act provides Middle Eastern organisations relief from Stamp Duty and Capital Gains Tax and has led to an increase in investment in the UK from the Middle East, most famously the Qatari Royal Family’s purchase of Harrods.
This influence will spread to the travel industry with tourists from the Middle East representing a significant opportunity for the UK because they have proved to be more resilient in recession. Statistics from CapGemini reveal there are more than 400,000 millionaires in the Middle East with a combined wealth of £950 billion.
Last year Middle East visitors spent £810 million in the UK according to tax-free shopping services specialist Global Blue and the company anticipates a significant increase this year.
The UK Border Agency is expanding its Visa Application Centres in Abu Dhabi, Dubai, Riyadh and Jeddah to cope with increased demand from the luxury segment.
World Travel Market Chairman Fiona Jeffery said: “Some of the UK’s most iconic travel and tourism brands, particularly the top end hotels, could soon be owned by Middle Eastern companies.”
“This investment and the increase in tourism from the region will undoubtedly fuel a much needed boost for the UK travel and tourism industry as it looks to recover from the recent global financial problems.”
Euromonitor International Head of Global Travel and Tourism Research Caroline Bremner said: “The UK is ripe for investment from the Middle East with attractive property prices and the value of the pound. We anticipate visitors from Saudi Arabia and the United Arab Emirates to the UK to increase significantly in the next four years.”
This church is one of the landmarks of Munich. It has a late Gothic nave from the 15th century and its interior is decorated with works of art spanning over five centuries. Frauenplatz 1 Tel: (089) 290 0820 ...
With towers rising up to 25m, the Holy Cross is a an excellent example of fine architecture in a Roman Catholic Church. It was completed in 1929 but due to damage during World War II it was reconstructed with the help of financial grants. ...
Kunsthaus is Zurich's best art museum. It opened in 1910 and was designed by architect Karl Moser in the Greek Revival style. The facade is a little drab, but it belies the excellent collection housed inside. Many of the European masters are represented here, though the museum features some of their lesser works. Painters include Edward Munch, Marc Chagall, Vincent Van Gogh...
Repulse Bay is the most popular beach of the island. The favorite of the rich and famous of Hong Kong, it is the place to visit for expensive classy restaurants and high quality exclusive shopping. ...