Dubai Hotels Slash Prices Amidst Credit Crunch

by Jessica MCILHINNEY on December 10, 2009

The credit crunch in Dubai has had a financial ripple effect on people around the world.  Although many warned that building an oasis in the desert that was funded by oil money was a bad idea, others saw Dubai as a unique investment opportunity that could net them millions.  After it was revealed that some of Dubai’s top developers, including the government owned Dubai World, were unable to pay their debts, it sent the country’s finances into a tailspin and caused many to pull their funds in an effort not to lose too much in this poor economy.  Some celebs and athletes have even been bitten by the Dubai credit crunch, as many had either invested in or bought property on one of Dubai’s man made islands.

In a recent announcement some businesses in Dubai are doing their part to try and draw tourists back to the nation and to save themselves in the process.  Hotels around the world have felt the sting of the global economy, which has led many to find new and unique ways to attract customers, usually by offering promotions or lowering their prices.  Dubai has been no different, as hotel occupancy rates have plummeted over the last few weeks, as people back off of their financial investments in Dubai.  This is why five start hotels can now be had at less than one hundred pounds a night, and four start hotels can be snatched up for less than thirty pounds a night.

Travelers looking for bargains in Dubai are not likely to find a better time to go there, as hotel rates have been slashed to levels not seen in some time.

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