We read across the local GCC digital and printed Media that the momentum for hotel development is strong in Dubai with the hospitality segment would be facing these day a situation of oversupply with no less than 80 hotels planned to open in the UAE in 2018. This is in part due to a certain […]
The International Monetary Fund in its recent report on Saudi Arabia informed that the country whilst reconsidering the speed at which it is taking steps towards austerity, it is nevertheless avoiding slowing down its economy, to notably not increase its unemployment rate. This report holds that although the budget deficit is shrinking, it is doing so at a high cost to the economy. Before adding that : “Riyadh has been cutting spending while raising taxes and fees to curb a huge state budget deficit caused by low oil prices. Last December it published a plan to eliminate the deficit, which was a record $98bn in 2015, by 2020.” Tourism in Saudi Arabia as a palliative equivalent to oil exports related revenues has been reiterated as such for very long but was never taken this seriously.
It is to be noted that with the prospects of oil prices remaining low for the foreseeable future and the global economy possibly opting out of anything to do with fossil fuel type of energy soon . . . .
Despite a blockade imposed on Qatar by its next-door neighbours, this one (Qatar) did manage to show off its flag, in its not so unusual way in the London streets but at a cost of the severe and restrictive parking and road traffic fines. Every summer, certain areas of the British capital are turned into self-improvised rolling exhibitions of all Gulf countries that generally excel in 4-wheel driving extravaganza.
This year was no exception with activities as reported in this article of Doha News republished here with our compliments to the author and publisher. With £1 = QR4.98 and US$1.34, Qatar drivers owe London nearly QR1 million in parking fees . . .
Countries of the MENA are getting indebted, starting with those involved with internal conflict such as Syria, Iraq, Libya and Yemen. As far as Syria is concerned, The National https://www.thenational.ae/world/mena/syria-war-has-cost-226-billion-to-its-economy-world-bank-1.484138 on July 10, 2017 per Agence France-Presse and Associated Press reported citing a report of the World Bank that came out as the UN in yet another attempt to revive a moribund dialogue between the various parties to the conflict were again invited to the seventh round of indirect talks in Geneva. These will sit down knowing that per the World Bank http://www.worldbank.org/en/country/syria/overview, now into its sixth year, the violent conflict in Syria continues to take a heavy toll on the life of Syrian people and on the Syrian economy. The UN estimates that more than 250,000 people have died, while other sources place the death toll at almost 500,000 (470,000) with 1.2 million people injured. More than 6.3 million people are internally displaced and 4.9 million are officially registered as refugees. It is good to remember that at start of the conflict in 2011, the country had a GDP of $65 million.
Last week plans to develop a Saudi touristic beach resort on the Red Sea where the way of life will be to international standards were announced. This happened shortly after the recently handover of two Red Sea islands from Egypt to Saudi Arabia. The current oil price with little prospect of a rise combined with other geo-political engagements in neighbouring Yemen and Qatar and a heavy domestic social expenditure commitment would presumably be as it were the reason behind this volte-face. In any case the idea of a resort by the sea is in no way new in the Gulf countries on whether natural islands or artificial ones. Of the latter, Palm Island in Dubai shaped like a palm tree or the World Islands as a map of the world became common in the Arabian Gulf. Durrat Al Bahrain is another notable realisation of this type but off Bahrain shore as well as the Pearl off Doha’s in Qatar. The Red Sea at the exception of Sharm Al Sheikh and the Eilat resorts have yet to see any realisation of this sort and it is believed that the announced Saudi project would be an unprecedented move in that direction.
We propose this article of the very watchful Middle East Eye for its clarity and information reliability.
Shopping generally in the Middle East in 2016 statistics showed despite all predictions, an unabated upward trend and is now being taken fairly seriously by the countries of the GCCs leadership [ . . . ]
THE CRAZY TOURIST in a coverage of Algeria’s 15 Best Places to Visit put it this way: the largest country in the continent of Africa, Algeria has a diverse landscape and lots to offer travellers . . . Algeria has many charming cities with winding streets and stunning architecture, Mediterranean coast, lush landscapes and roman ruins to rival anywhere in the world. The problem is therefore [ . . . ]