Oversupply suspends new hotel licences in Abu Dhabi
Source: Agencies |
March 12, 2012, Monday
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Print Edition
Print Edition
ABU Dhabi will not issue new hotel licenses in the capital of the United Arab Emirates until further notice due to oversupply, a local newspaper reported yesterday, citing a tourism official. However, none of the already issued licenses will be revoked even if construction of the hotels has not begun, said al-Rroya al-Eqtisadiyya, quoting Naser al-Riyami, an official in the emirate's tourism authority.
Across the oil-rich state, which accounts for more than half of the UAE's economy, government-backed real estate, commercial and tourism projects, many conceived during the boom years of 2003-2008, are under review and in some cases being delayed or put on hold.
The average room rate in Abu Dhabi fell 14 percent to about 450 dirhams (US$ in 2011, the paper said, as 4,000 new rooms came online - bringing their total number to 23,000 in the capital.
The UAE is seen as a safe haven for wealth and tourism in the Middle East, where popular uprisings toppled three governments in 2011 and spurred the transition of a fourth Arab government earlier this year.
Abu Dhabi's tourism authority posted a 6.5 percent growth in guest arrivals last year.
Across the oil-rich state, which accounts for more than half of the UAE's economy, government-backed real estate, commercial and tourism projects, many conceived during the boom years of 2003-2008, are under review and in some cases being delayed or put on hold.
The average room rate in Abu Dhabi fell 14 percent to about 450 dirhams (US$ in 2011, the paper said, as 4,000 new rooms came online - bringing their total number to 23,000 in the capital.
The UAE is seen as a safe haven for wealth and tourism in the Middle East, where popular uprisings toppled three governments in 2011 and spurred the transition of a fourth Arab government earlier this year.
Abu Dhabi's tourism authority posted a 6.5 percent growth in guest arrivals last year.
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