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Published on : Monday, July 4, 2016
Sterling dropped to below AED5 ($1.36) in the aftermath of the UK’s decision to leave the EU, which has also fueled a surge in GCC investors seeking to buy London assets given the strength of the Dirham.
As a result of the favorable exchange rate UAE residents who had already booked trips to the UK would splash out on extras, told one Dubai-based travel agent to Arabian Business.
There is an increase in the interest among the tourists to visit UK, said Michelle Smith of travel website Flight Center UAE.
Some customers are opt for a four or five-star hotel option, when they would [usually] have opted for a three-star or less expensive option due to the exchange rate – effectively they are taking advantage of the opportunity to heighten their experience. However, the actual trigger to travel to London already existed. This is great news for the UK economy and tourism industry.
Due to the continued popularity of London and other cities across England and Scotland amongst UAE travelers, airfares have remained unchanged following the UK referendum.
London is consistently the most popular destination for both of UAE’s businesses (Flight Centre and FCM) Smith said. With 19 direct daily flights from the UAE to London alone, not to mention the flights via Doha and also to other UK cities, demand is already huge and this is definitely seeing this continue.
The fares to London has stayed steady, so the Brexit has not affected the demand.
In the longer term, if the exchange rate does maintain at this level, it will position London and the UK as a more affordable city to visit.