Some of the United Kingdom’s most high-profile travel and tourism brands could be purchased by wealthy Middle Eastern businessman, predicts the WTM Global Trends Report.
The report, in association with Euromonitor International, predicts Middle Eastern businesses are among the frontrunners for some of the UK industry’s most well known brands, including the Savoy, Grosvenor House, Claridge’s, the Berkeley and the Connaught, which are all known to be on the market.
The UK economy was among the hardest hit following the global recession due to its reliance on the financial markets, this, alongside Sterling’s depreciation against the US Dollar, makes the UK attractive for Middle East investors.
The 2009 Finance Act provides Middle Eastern organisations relief from Stamp Duty and Capital Gains Tax and has led to an increase in investment in the UK from the Middle East, most famously the Qatari Royal Family’s purchase of Harrods.
This influence will spread to the travel industry with tourists from the Middle East representing a significant opportunity for the UK because they have proved to be more resilient in recession. Statistics from CapGemini reveal there are more than 400,000 millionaires in the Middle East with a combined wealth of £950 billion.
Last year Middle East visitors spent £810 million in the UK according to tax-free shopping services specialist Global Blue and the company anticipates a significant increase this year.
The UK Border Agency is expanding its Visa Application Centres in Abu Dhabi, Dubai, Riyadh and Jeddah to cope with increased demand from the luxury segment.
World Travel Market Chairman Fiona Jeffery said: “Some of the UK’s most iconic travel and tourism brands, particularly the top end hotels, could soon be owned by Middle Eastern companies.”
“This investment and the increase in tourism from the region will undoubtedly fuel a much needed boost for the UK travel and tourism industry as it looks to recover from the recent global financial problems.”
Euromonitor International Head of Global Travel and Tourism Research Caroline Bremner said: “The UK is ripe for investment from the Middle East with attractive property prices and the value of the pound. We anticipate visitors from Saudi Arabia and the United Arab Emirates to the UK to increase significantly in the next four years.”
Located in a building dating back to 1900 this museum is housed in what was once the residence of the royal family of Sheikh Al Thani. Tourists must stop here and take time to appreciate the beautiful exhibits on display here. This is a great way to enlighten oneself about Qatari history and culture. Exhibits include Islamic architecture, Qatari jewelry, furniture, traditional dress as well as cir...
Mumbai zoo is located inside the Veermata Jijabai Bhonsle Udyan Botanical Garden of Mumbai. Here you can see many rare and endangered species of birds and animals apart from tigers, lions, elephants, bears and many migratory birds as well as native birds. There are many species of plants as well. There are over 3000 tress belonging to around 276 species. Some of the trees here are the ol...
A perfect underwater experience for you and especially your kids, The Denmark Aquarium is home to a wide variety of topical and Danish fish. Address: Kavalergården 1, DK-2920 Charlottenlund Transport: Bus no. 14 and 166 ...
This beautiful island city, which is the capital of Maldives, is crowded with taxis, motorbikes, business people, hawkers and crisply uniformed school children. Male offers a stark contrast to the other islands of the country with brightly colored tall thin buildings which reflect the amazingly turquoise water that surround the country. This is where all business activity and overall economic pro...