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Plus, Visa law for property buyers by year end, Abu Dhabi to impose greater crude oil supply curbs to Asia, Middle East hotel occupancy down in March, Dubai Financial Market adds 3 new stocks
April 29, 2009 12:00 by kippreport
Hotel occupancy in the Middle East and Africa fell 11 percent in March this year with Dubai and Egypt hardest hit by the economic downturn, says a report by STR Global. “Dubai has lost over 30 percent in the first quarter of 2009,” it says.
Hotel occupancy in Dubai was down 15.8 percent in March while revenue per available room (revPAR) fell almost 41 percent. However, cities like Beirut and Jeddah recorded an increase in hotel occupancy during the same period.