Since news of Dubai’s dire financial problems hit the presses, tourism interest in the region has boomed. The once obscenely wealthy country recently recorded a staggering debt of 70% of the worth of its GDP (Gross Domestic Product).
According to a report by Hotels.com, people in the UK who used the internet site to look for a hotel increased by 570% compared to this time last year. That’s almost 6 times higher in just one year. Norwegians piqued their interest in the area by 185% compared to 12 months ago. The region’s troubles didn’t faze any of the European countries either as none saw a decrease in tourism-related interest. In fact, of all potential travelers, it was the Germans that showed the least notice in the emirate’s possible drop in prices, with only a meagre 15% rise in touristic demand.
At the end of November, the Dubai World conglomerate requested a 6-month moratorium on its staggering 59-billion-dollar debt. The announcement set off a menacing drop in the stock market, plunging the country into a very fragile economic position, never seen before in its history.