Gulf holidays cheaper than Med as number of attractions surges

Dubai, above, Abu Dhabi and Oman, are proving to be cheaper holiday destinations than western European hotspots, partly due to a surge in the number of hotels. (Reuters)
Updated 02 February 2018
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Gulf holidays cheaper than Med as number of attractions surges

LONDON: The tourist hotspots of Abu Dhabi and Dubai can now be cheaper than the Mediterranean resorts traditionally favored by British holidaymakers, a study has found.
A family of four could save hundreds of pounds in choosing to sunbathe in the UAE rather than a Spanish resort, said a study by price-comparison website TravelSupermarket.
A holiday to Menorca during May half-term week is 144 percent more expensive than Abu Dhabi, 89 percent more than Dubai and 53 percent pricier than Florida, it said.
An equivalent three-star, seven-day holiday during half term week from the UK to the Costa del Sol — traditionally seen as the ultimate cheap getaway for sun-starved Brits — is now up to 64 percent more expensive than a trip to the UAE and 11 percent pricier than a trip to Florida in the US.
Oman is also offering better prices from the UK than many of the Western Med destinations, with seven-night packages available from around £412 ($584) each to Muscat, with flights from Heathrow and three-star accommodation included.
The price disparity is a symptom of the “huge demand” for Mediterranean destinations such as Minorca and Ibiza, which have gained as holidaymakers have shunned north Africa and parts of Turkey over terrorism concerns, the report said.
Parts of the Middle East, including Dubai, Abu Dhabi and Oman, are cheaper than western European hotspots, partly due to a surge in the number of hotels and attractions, it said.
Emma Coulthurst, travel expert for TravelSupermarket, said higher holiday prices to Spain and lower demand to the US, plus a weakened dollar are creating a “perfect price scenario” for British families.
“Many Spanish hoteliers have been putting up their prices following a bumper years in 2016 and 2017. This year, package holiday prices to Spain tend to be higher than many other short-haul options — across the summer, prices are coming up cheaper to Turkey, Italy and France than Spain,” she said.
“Also, the euro exchange rate means you don’t get as much holiday spending money for meals out and attractions. And even if it has at last been improving over the last week, there is no knowing how it will be as Brexit negotiations continue this year,” Coulthurst added.


Desert sun: Holidays to the UAE
  • 4* Jumeira Rotana Hotel, Dubai: $440 (room and breakfast, flights from London Gatwick)
  • 4* Mafraq Hotel in Abu Dhabi: $452 (room only, flights from Birmingham)

Med bound: Comparable deals in Minorca

  • 3* Apartamentos Lentiscos in Cala’n Forcat: From $1042 (Flights from Birmingham)
  • 3* self-catering Apartamentos Annabel’s in Cala Galdana: From $780 (From London Gatwick)

* For a seven-day stay, flying May 26

Source: TravelSupermarket


OPEC+ approves gradual output increase from April amid market uncertainty 

Updated 7 sec ago
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OPEC+ approves gradual output increase from April amid market uncertainty 

RIYADH: Eight OPEC+ producers agreed to raise oil output gradually from April, citing healthy market fundamentals and a stable global economic outlook, after ministers met virtually to assess market conditions and determine future supply policy. 

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman approved a production increase of 206,000 barrels per day for April, according to a statement. 

The increase marks the start of a gradual unwinding of 1.65 million barrels per day in voluntary reductions introduced in April 2023 to shore up prices.  

The move comes as the US-Israeli conflict with OPEC+ member Iran and Tehran’s retaliation have disrupted shipments in the Middle East. Oil, gas and other cargoes moving through the Strait of Hormuz have faced interruptions since Feb. 28 after shipowners received warnings from Iran that the area was closed to navigation, Reuters reported. 

In a statement released after the talks, the eight nations cited a “steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,” as the rationale for the measured production increase. 

The statement stressed that the full 1.65 million bpd “may be returned in part or in full subject to evolving market conditions and in a gradual manner.” 

They also stressed they retain flexibility to increase, pause or reverse the supply hike if needed. That includes the option of reinstating cuts announced in November 2023, when several members pledged additional voluntary reductions totaling 2.2 million barrels per day. 

The producers reiterated their commitment to the broader Declaration of Cooperation and said compliance with output targets, including voluntary adjustments, will continue to be monitored by the Joint Ministerial Monitoring Committee. 

The group also reaffirmed plans to compensate for any overproduction recorded since January 2024, saying the phased increase would allow participating countries to accelerate those efforts. 

Brent crude futures jumped on Feb. 27 to $73 per barrel, the highest level since July, amid fears of a wider Middle East conflict and potential supply disruptions through Hormuz, which accounts for more than 20 percent of global oil transit, Reuters reported. 

Oil prices are expected to rise, with Barclays lifting its Brent crude forecast to around $100 a barrel from $80 a day earlier, while analysts said prices could jump by as much as $20 per barrel when trading resumes on March 2 if tensions escalate further.

The eight countries will continue holding monthly reviews of market conditions, conformity and compensation levels, with the next meeting scheduled for April 5.