Hoteliers in Dubai get ready to deal with euro crisis
May 11 - Hotel groups in Dubai are afraid that the recent euro crisis could have an adverse effect on occupancy levels as euro-zone tourists are hesitant to travel at this point. The euro fell to a 14-month low against the US dollar last week as the fallout from the Greek financial crisis extended throughout the largest source market for tourists visiting the Emirates. Making it expensive to use euros to buy dirhams now.
"Hotels in Dubai are counting on business from Europe this summer due to an early Ramadan this year," said Arshad Hussain, Director of business development at The Monarch Dubai. "With a weak euro on the horizon, Dubai might lose business to Europe as clients will find deals more attractive in the euro zone," he said. "Destinations such as Paris, Vienna and Rome will win business away from Dubai. Hotel rates in Dubai are already at all-time low, and the falling euro rate will not help Dubai hotels,” added Hussain.
The recession that hit the world last year has badly affected Greece since it has accrued a debt of over Dh1.1 trillion. Experts have expressed their concern about Greece’s inability to pay off its debts, the effect of which will be felt throughout Europe.
Hussain said the need of the hour is to find new markets such as China so that currency swings do not affect the hospitality industry. Meanwhile, occupancy levels in Dubai hotels have improved greatly this year, with more competitive prices attracting more tourists.
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