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Sri Lanka the new Arab tourist hotspot?

Posted on Sunday, February 8th, 2009 | In Frontier Markets, Investing in Sri Lanka
Contributed by: Jason G. Wulterkens (http://frontiermarkets.wordpress.com) -

Sri Lanka saw a 24% surge in Middle East tourists in 2008, according to figures released by the Sri Lankan Tourist Promotions Bureau (SLTB).  The country saw the strongest increase in UAE, Kuwait, Qatar, Bahrain, Lebanon and Iranian visitors–making the Middle East the fastest growing source market for the country.  “Sri Lanka’s tourism industry is anticipated to make rapid strides, owing to increased travels related to wellness and spas, culture and adventure purposes,” according to Heba Al Ghais Al Mansoori, the Middle East director of SLTPB.  “Declining costs of travel, changing lifestyle patterns, consumer friendly travel facilities, and good child care and maid facilities for Arabs travelling with families have been key growth drivers.”

At the same time, hotel revenue per available room (RevPAR) in Dubai dropped by 25.9% in December, compared to the same period in 2007, as visitors to the emirate declined as a result of the global downturn.  “Middle Eastern cities had similar variations in RevPAR performance showing that the region is not immune to the global economic woes.  The meltdown’s impact on the Middle East was somewhat delayed as illustrated by the figures for the change in monthly RevPAR over the final quarter of 2008,” according to research firm STA Global.

That said, RevPAR in Abu Dhabi increased by 8.9% in December.

Last 5 posts by Jason G. Wulterkens





About Jason G. Wulterkens (http://frontiermarkets.wordpress.com)
Jason G. Wulterkens is a licensed attorney in the United States, who also has a degree in economics and a certificate in alternative dispute resolution (ADR). Anything and everything about the so-called “frontier” markets, including but not limited to their geopolitics and financial markets. Jason can be contacted at jgerritwulterkens@gmail.com.

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