- Strong dollar set to impact regional tourism market
- Currency fluctuations pose a cyclical threat
Currency fluctuations and a strengthening dollar pose the biggest challenges for the regions tourism industry, says Gerard Lawless, president and CEO of the UAEs Jumeirah Group.
Speaking at a panel discussion during the Arabian Hotel Investment Conference (AHIC) held in Dubai on 8 May, Lawless told the audience that the combination of a weakening euro and a strengthening dollar is making places such as Dubai and other GCC cities far more expensive than it used to be.
While this is a direct challenge being faced now, it is a cyclical one that will pass. But if we look at our two major issues at the moment, I think currency changes pose a bigger challenge than the question of too much supply because I feel the demand is there and will continue to grow, says Lawless.
Lawless used Singapore as an example, which has suffered due to a strong Singaporean dollar in recent years.