Arabian Gulf faces credit crunch pressures

Travel commitments last week meant that it was not possible to publish ‘Off Radar’, apologies to all of our readers. So this is a bumper combined issue.

The global economic downturn is taking its toll in many areas of the shipping industry, including the cruise and ferry sectors. One area of the world that was thought to be immune from the credit crunch was the Arabian Gulf. Not so! Dubai, for example, is really suffering with major construction projects shelved, many overseas workers leaving the Emirate and dumping their hire/leased cars at the car park at Dubai airport. There is a major question market about the planned conversion of the QE2 into a floating hotel and leisure complex. It remains to be seen if the global downturn will affect the cruise business in the Arabian Gulf, which has been growing each year with bigger and bigger vessels being deployed for the winter months cruising out of Dubai to other UAE ports, Oman and Bahrain The global credit crunch doesn’t seem to have impacted on Dubai’s ruling family too hard though! Members of the family have bought the two original Renaissance Cruises small cruise ships Renaissance One (ex Leisure World I) and Renaissance Two (ex easyCruise One) and are having them converted into Super Yachts at Dubai’s Platinum Yachts. Tough times ahead for some, but not others. Sphere: Related Content