Monday, 30th November
After the news of Dubai’s debt problems rippled through the markets last week, Monday was all about assessing the severity of the problem. Dubai’s stock exchange suffers sharp falls of 7% on the first day of trading after Eid. Abu Dhabi markets drop by 8% in reaction to a request by Dubai World, the state-backed investment firm, to delay payment on its debt.
Dubai’s investment corporation also include the QE2 cruise liner, the Emirates airline and the Travelodge budget hotel chain.
Tuesday, 1st December
A Chicago-based company launches a new website which resells cancelled meeting contracts. The site meetingtrader.com serves as a clearing house, matching hotels with cancelled contracts with meeting planners. MeetingTrader claim that for the client who cancelled, reselling the contract can often reduce the financial penalty. The benefit for hotels is obvious, but meeting planners also have the chance to find venues and available dates for a very competitive price.
Wednesday, 2nd December
Hyatt launches its new Wish List website. At www.hyattwishlist.com customers create an account. Purchases can then be made by family, friends or other well-wishers and include anything charged to a room, including spa visits, food and beverage, as well as other activities provided or hosted by Hyatt such as golf, mountain biking etc.
Thursday, 3rd December
Dubai says it will not stand in for the debts of state-owned Emirates Airlines. The airline has invested heavily in the past to get a competitive edge. It is also the main client for the Airbus A380 plane. According to rating agency Standard & Poor (S&P), Emirates has debts from 10 loans and bonds which become due in 2013.
Friday, 4th December
And some good news from Dubai at the end of the week: Jebel Ali Golf Resort & Spa reopens after completing a five-month refurbishing programme. The renovation covered all 260 rooms and suites as well as facilities throughout the hotel.