Dubai hotel rates slashed

As Dubai’s debt crisis unfolded to the world ten days ago, its stock market took a nose dive setting off a chain of events. However,as an off-shoot of the emirate’s financial troubles, the most advantageous offer is now available to world travelers, as many hotels in and around Dubai have dramatically lowered their rates.

In a bid to improve occupancy level, many five star and four star hotels are currently offering unbeatable deals. Five stars are offering hotel rooms for as little as 100 pounds per night, while four star hotels have come down to around thirty pounds per night.

The Taj Palace, which is allegedly the most exclusive hotel in Dubai, is offering rooms for the rate of 89 pounds per night. Another one of Dubai’s plushest hotels, The Concorde, has the prices down to 75 pounds per night. A five star resort, The Grand Midwest, is giving out bargain prices with just 49 pounds per room per night. The One and Only Mirage have slashed room rates by a whopping forty percent.

The Dubai market seems to be picking up after a day’s worth of intensive trading. After suffering an appalling drop of 12.5 percent, the market picked up marginally by 1.2 percent. The neighboring Arab countries of Kuwait and Saudi Arabia also showed improved numbers.

Abu Dhabi also benefitted as it reported a rise of four percent in its stock market. Oman, however, showed no upward inclines and the country admitted to a six percent decrease in the shares owned by the country’s banks. Majority of the investors were shocked to find that the Middle East investments could fail so dramatically. Most had assumed that the Dubai or Abu Dhabi governments would come to the rescue of the corporations instead of allowing it to face such a public humiliation.