Deloitte: Tourism in the United Arab Emirates will be affected by global recession |
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Analysis presented by Deloitte to hospitality leaders in the Middle East this week reports that despite tourist arrival and hotel performance growth to September, tourism volume in the United Arab Emirates (UAE) will slow due to the current economic conditions facing the important European outbound market. The analysis was shared during the Deloitte Global Tourism, Hospitality and Leisure industry meeting and lunch, the first to be held in the Middle East.
Europeans have seen a decline in the value of their investments and real estate. Combined with the unfavourable exchange rates between European currencies and the dirham, which has increased the cost of visiting the emirates by at least 25%, the UAE faces a challenging time in maintaining the growth enjoyed over the past three years.
Commenting, Alex Kyriakidis, Global Managing Partner of Tourism, Hospitality & Leisure at Deloitte said: "The long-term development vision of the UAE must continue and current conditions should not cause panic. No one is immune from the global economic crisis. The key is in broadening the UAE tourism offering to meet the needs of today's tourists. There will be increased emphasis on value for money and the UAE will be competing for the European visitors - who account for over 40% of tourists - with Egypt, Turkey and the Far East as destinations which have not been affected by the strengthening of the dollar. The mid and limited service market is currently an underdeveloped sector in the UAE's hotel supply and should be addressed promptly. Hoteliers should also look to different sales channels such as tour operators to broaden the distribution base."
He added: "Another way of introducing more tourists to the emirates is to continue developing a diverse range of attractions such as theme parks, cultural attractions, museums and nature reserves to widen the appeal to different types of tourists such as families."
Commenting, Rob O'Hanlon, Tourism, Hotel and Leisure partner at Deloitte Middle East said: "Hotel performance remains very strong in Abu Dhabi with revenue per available room (revPAR) up 45% while Dubai's revPAR grew 6.7% year-to-October 2008 according to STR Global. To ensure that hotel performance remains solid, an increased marketing effort for the UAE as a whole is important. The other part of the puzzle is to align this strategy with the route expansion plans of Emirates and Etihad airlines, key drivers of the UAE's tourism traffic."
Notes: Analysis has been provided by Deloitte LLP using data from the STR Global Hotel Survey. All analysis in local currency.
For more information, please visit www.deloitte.com
-Ends-
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in over 140 countries. With access to the deep intellectual capital of approximately 165,000 people worldwide, Deloitte delivers services in four professional areas--audit, tax, consulting, and financial advisory services--and serves more than 80 percent of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu (DTT) and is the longest established professional services firm with uninterrupted presence for over 80 years in the Middle East region. Deloitte & Touche (M.E.) is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 25 offices in 14 countries with over 1,700 partners, directors and staff.
About Deloitte & Touche LLP
Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu ('DTT'), a Swiss Verein, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTT and its member firms.
Contact:
Nada Haddad
Regional Communications Manager
Deloitte Middle East
Tel: +961 1 748 444
Email: nadahaddad@deloitte.com
© Press Release 2008
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