July 27, 2008
Gulf Booster Round Up
Simply for the amusement value, I share the following FTs on Dubai, Emirates and wider Gulf:
(1) Dubai bets on lasting tourism appeal. A possible win given the extremely poor taste shown by English package holiday tourists.
Britons seem to love Dubai. Of the 1m visitors from the UK last year – the single largest national grouping – two-thirds say they plan to return soon, according to Dubai Tourism and Commerce Marketing, Dubai’s tourism promotion body, which has plans to raise that number of British visitors to 1.5m by 2015.. It might even be possible.
(2) Subprime woes exit: go to Dubai
But as much as the Gulf is booming while traditional financial powerhouses suffer, doubts persist whether there is enough business to go round.
Stiff competition is bringing down fees, while the battle for staff is fuelling wages and shaving margins. The promised listings of family-owned firms in the Middle East have largely been absent, mergers and acquisitions remain far and few between, and caps on foreign ownership in many equity markets limit the scope for capital markets earnings.
(3) Saudi Bourse woes and Fail to flock to DIFX.
All about how the Nationals Giveaway policy has bollixed it all up.
Posted by The Lounsbury at July 27, 2008 04:00 PM
Filed Under: Biz - Private in MENA
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DIFX won't allow cameras on the trading floor so that they don't embarrass themselves around the world with images of inactivity and failure.
I'm sure why British holidaymakers visit Dubai more than once now. If they just want to sit on the beach, Spain should cost less. But the city is trying to build more attractions (e.g. Dubailand) in order to get repeat business in the future, and so building up hotel capacity would seem wise. They certainly haven't had trouble filling up rooms at high prices thus far.
actual question (no insinuation): why are you in Dubai? Is it just for the money, or is there something more you like about it?
Does anyone ever live in Dubai other than just for the money?
Posted by: Djuha at July 29, 2008 01:30 AM
I have friends there who love the lifestyle (extravagant mixture of Arab Las Vegasism/Miamism).
Shaheen: Check your mail.
DW, I haven't received anything... Just sent you a message too to make sure you have the correct address.