A big coup in Dubai after the withdrawal of "Marriott" from 3 hotels

A big coup in Dubai after the withdrawal of "Marriott" from 3 hotels

With With increasing pressure and losses on Dubai's economy, Marriott International has announced its withdrawal from management and its relations with three hotels in the emirate, after making a joint decision with the Al Habtoor Group, owner of these hotels.
Marriott strike the tourism sector – the largest coast of the economy The economic collapse of the emirate, and the closure of many tourist places, including hotels and restaurants.
The "Marriott" in a statement announced that it would terminate its management of the St. Regis Dubai, W Dubai Al Habtoor City and Westin Dubai Al Habtoor City hotels on July 31, which will result in a lack of confidence in tourism investments with the release of Marriott.
The management of the three hotels will be transferred to the Al Habtoor Group and the hotels will no longer be part of the "St. Regis "," W "and" Westin ".
The company did not disclose the reasons for the withdrawal of the three hotels But the decision comes as there is talk of a wave of closures of tourist sites in Dubai, including hotels, restaurants, bars and shops.
An expert and a businessman In an article titled "Dubai's economy melts like a piece of snow in the desert," he writes on the website of Modern Diplomacy, "L & # 39; Dubai's economy is melting something like ice on a hot summer day in Jumeirah Beach, "said Mir Mohammad Ali Khan, who has lived in the emirate for several years and founded and managed businesses. Due to the long-standing principle of "I owe you and I will pay later," words that are translated by post-dated checks, "No one asks you before he smiles and the check asks you what will happen after eight months if your business collapses or you fall into a liquidity crisis and how you will pay that check. "
"Who takes the check – – He writes another check to another creditor on the basis that you will pay it on time, so the checks multiply and the promises multiply."
Khan asked, "How can an economy evolve and continue this principle? If a business man does not pay, the whole chain will be disrupted. "
The writer discussed the recent crisis of Abraaj Capital in Dubai, where the UAE courts are considering a departure case for Aref Naqvi, founder of the company, ($ 48 million)
"If you think it's a big failure, here's the most serious In the first five months of this year, returned checks were worth 26 billion dirhams ($ 7 billion), 1.2 million checks, representing 39.3 percent of the total checks issued in 2017 and payable in 2018. "
The author stated that this large number of returned checks foreshadowed a disaster that the authorities would face without possibility of return to the property of these debtors, since most of them flee the emirate without return, according to the analysis of the author;