"Morgan Stanley" and "Nomura": The recovery of the tourism industry in the emirate

"Bloomberg": 200 thousand travelers head to Dubai to spend the "Christmas" and "New Year" holidays

Dubai reopened its doors to international travelers in July 2020. Archived

Morgan Stanley Financial Services and the Japanese Asset Management Company, Nomura Holdings, have confirmed that it is time to bet on the revival of the tourism industry in Dubai, as 200,000 tourists travel to the emirate to spend the Christmas and New Year holidays, according to an agency. Bloomberg News.

Analysts confirmed to "Bloomberg" that the launch of "Covid-19" vaccines and the "Expo 2020 Dubai", which was rescheduled, will benefit the emirate's economy.

The agency stated that Dubai reopened its doors to international travelers last July, but tourism is increasing at the present time, noting that Dubai is witnessing an increase in reservations from the United Kingdom, after the announcement of facilities regarding air travel between the UAE and the Kingdom.

Tariq Fadlallah, CEO of Nomura Asset Management in the Middle East, said that the recovery in travel and Expo 2020 Dubai will have a better than expected impact on growth and profits.

In the same context, Kathryn Carpenter, a stock analyst at Morgan Stanley, a London-based company, expected an active winter tourism season in 2021, in addition to other factors that boost the sector's performance.

Data from the Department of Tourism and Commerce Marketing in Dubai showed that the emirate received more than 757 thousand international visitors during the period between July and October of this year, at a time when the number of international visitors increased during October to 341 thousand visitors, compared to 242 thousand in September, an increase of 41%.

Officials of hotel groups in Dubai assured «Emirates Today» that some hotels recorded full occupancy levels of 100% early, while it is expected that more hotels will record these rates during the «Christmas» and «New Year» holidays, pointing out that Hotel room rates in Dubai during this December are the highest since the start of the "Covid-19" pandemic.

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