Dubai holidays Cheaper as Hotels Slash Room Rates
Dubai hotels are rapidly slashing rates for the winter season in hope that it will boost occupancy levels, following news of the Dubai World debt default. Some 5* hotels are offering rooms for below £100 a night
Now it’s the time to book your Dubai holidays if you want to get a great deal as Dubai hotels are going into a slashing phase, reducing rates in a bid to boost occupancy levels following news of the Dubai World debt default. Some 5* Dubai hotels are offering rooms for well below £100 a night, whilst rooms at 4* hotels can be snapped up for less than £30 per night in some cases.
For luxury holidays rooms at Taj Palace are going for as little £89 a night, the Concorde is on sale at £75 and a studio apartment at the five-star Grand Midwest is now just £49. Some other rooms are going for incredible prices such as the ones at the Jebel Ali Golf Resort with rates starting from just £99 a night. Meanwhile rates at the One and Only Royal Mirage have been cut by 40%, from £417 to £250.
Not all is a bargain bliss however, as for top of the range luxury Dubai holidays there is still a hefty price to pay. This is the case for seven-star Burj al Arab, which is sticking to its luxury guns with doubles remaining at £958 per night.
For the relief of many and the Dubai holidays industry more specifically, yesterday, the Dubai stock market today showed some sustained signs of recovery since the debt crisis unfolded 10 days ago. In a day of heavy trading, shares were up 1.2% rise following a 12.5% fall in the previous two days of trading.
Confidence in the wider Middle East region also improved with a notable boost for Abu Dhabi holidays as well. The stock market in neighbouring oil-rich Abu Dhabi surged ahead 4%, its biggest one-day gain since March, while markets in Saudi Arabia and Kuwait were also up.
However Oman’s omission that its top banks had a total exposure of $77m to Dubai World sent their shares down nearly 6%. Further indications of the tight situation the Middle East is facing are Dubai World's request for a payment standstill on 25 November for $3.52bn worth of Islamic bonds maturing this month as it tried to restructure its worrying $26bn worth of debt.
The debt standstill rocked the financial markets because many investors had expected the Dubai government – or the nearby Abu Dhabi one – would bail out such a key Middle East investment vehicle rather than see it so publicly flounder. Among other concerns, the default also played into wider fears that global stock markets had risen to unsustainable levels and company values did not reflect the continuing fragility of the world economy, a situation which could further affect Dubai holidays and those in the neighbouring emirates.
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