Dubai Hotel Boosts Local Property Market
Dubai hotels witnessed an average occupancy rate of 77.
4 per cent during the first four months of 2010, reflecting an 8.
4 per cent increase on the same period last year.
According to research by Deloitte, Dubai's revenue per available room (revPAR) - a key performance indicator for the hotel industry - was also the highest during the first four months of the year compared to the rest of the world, the Khaleej Times reported.
Dubai's RevPAR during the period was recorded at $195.
72, Deloitte found.
With increased occupancy rates, visitors have also been attracted by new property developments and therefore increasing the likelihood of investment in Dubai property.
"Owing to strategic marketing efforts, the city continues to outperform other markets by achieving the highest global RevPAR," the consultancy said.
The Middle East in general also recorded an average occupancy of 67 per cent in April 2010, compared to 58.
5 per cent in the Americas, 65.
3 per cent in Asia-Pacific and 61.
6 per cent in Europe, the research revealed.
It was also reported this week that the Dubai Gold & Commodities Exchange (DGCX) recorded a 30 per cent month-on-month trading increase in May.
Dubai will still be the Middle East's top business hub in 2015, according to a survey conducted by Insight Discovery on behalf of the Arqaam Capital Dubai Beirut Forum, another factor behind the recent resurgence of the Dubai property market.
More than 100 senior business and financial managers working in the region, including the former prime minister of Lebanon, attended the forum in the Dubai International Financial Center yesterday (June 6th), with 72 per cent granting Dubai a vote of confidence.
When the attendees were asked which Middle Eastern city they thought would become "THE" business financial hub by 2015, Dubai topped the list, with Abu Dhabi coming in second.
"I remain extremely bullish on Dubai,'' said Riad Meliti, chief executive officer of Arqaam Capital, the only investment bank in the Middle East selling equities futures.
"The emirate's advanced infrastructure leaves it well positioned.
" The news comes after Dubai World, one of the emirate's three main state-owned business groups, said last month that it has reached an agreement with a group of creditors to restructure $23.
5 billion of liabilities.
4 per cent during the first four months of 2010, reflecting an 8.
4 per cent increase on the same period last year.
According to research by Deloitte, Dubai's revenue per available room (revPAR) - a key performance indicator for the hotel industry - was also the highest during the first four months of the year compared to the rest of the world, the Khaleej Times reported.
Dubai's RevPAR during the period was recorded at $195.
72, Deloitte found.
With increased occupancy rates, visitors have also been attracted by new property developments and therefore increasing the likelihood of investment in Dubai property.
"Owing to strategic marketing efforts, the city continues to outperform other markets by achieving the highest global RevPAR," the consultancy said.
The Middle East in general also recorded an average occupancy of 67 per cent in April 2010, compared to 58.
5 per cent in the Americas, 65.
3 per cent in Asia-Pacific and 61.
6 per cent in Europe, the research revealed.
It was also reported this week that the Dubai Gold & Commodities Exchange (DGCX) recorded a 30 per cent month-on-month trading increase in May.
Dubai will still be the Middle East's top business hub in 2015, according to a survey conducted by Insight Discovery on behalf of the Arqaam Capital Dubai Beirut Forum, another factor behind the recent resurgence of the Dubai property market.
More than 100 senior business and financial managers working in the region, including the former prime minister of Lebanon, attended the forum in the Dubai International Financial Center yesterday (June 6th), with 72 per cent granting Dubai a vote of confidence.
When the attendees were asked which Middle Eastern city they thought would become "THE" business financial hub by 2015, Dubai topped the list, with Abu Dhabi coming in second.
"I remain extremely bullish on Dubai,'' said Riad Meliti, chief executive officer of Arqaam Capital, the only investment bank in the Middle East selling equities futures.
"The emirate's advanced infrastructure leaves it well positioned.
" The news comes after Dubai World, one of the emirate's three main state-owned business groups, said last month that it has reached an agreement with a group of creditors to restructure $23.
5 billion of liabilities.