Overcoming credit crisis ‘state of mind’

It's amazing how mind over matter can solve so many personal problems, but how often can it solve business issues?

Well, the current global financial crisis is a prime example of how by talking yourself into doom and gloom, you can make your financial situation, both personally and professionally, appear far more disastrous than it actually is.

We are surrounded by negative press about bankruptancies, job losses and probably most significantly, loss in consumer confidence. But how many of us actually have reasons to be cautious? If you are currently employed, and most of us living in this region still are, then there is not too much to complain about.

At last, accommodation rentals and house prices are coming down from ridiculous highs as market forces correct imbalances and there are bargains to be had everywhere with discounted consumer goods notably in abundance.

And, if you have money, it's a great time to invest it with gains to be had in the property market in particular.

In terms of the travel industry, while there is no doubt that corporates are tightening their belts in terms of travel budgets, again, more as a cautious measure rather than out of need, there are still many positives that we should consider.

Firstly, data from Euromonitor reveals that the Gulf's outbound leisure market remains strong during this difficult period, providing opportunities for agents and operators to be flexible and creative by catering to those with disposable income to spend on travel.

Tour operators say all eyes are on the Middle East now that traditional source markets have dried up due to economic circumstances meaning that there is no time like the present to secure good deals with travel providers internationally.

We have even seen tourism boards take the plunge and set up offices or representation in the Gulf in a bid to grab their slice of the outbound pie.

I do hope that other tourism boards and travel products worldwide will see the light and follow the example of Jordan and the Philippines - two of the countries that announced plans to set-up-shop in Dubai last month.

In some circumstances - not all, but many - the credit crisis is all ‘in the head', so let's talk ourselves out of this downturn and take the opportunity to better the region's travel industry during this challenging period.

Gemma Greenwood is the senior group editor of ITP Business' travel & hospitality magazines.

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READERS' COMMENTS

Positive energy
Posted by rh13ri27, Dubai, U.A.E on Saturday 14 February 2009 at 09:35 UAE time


To all the negative people, I can only say one thing.. The human mind gets easily influenced by negativity. Yes I do agree that jobs are lost. Hey but remember , we had 10 years of boom time. No one was complaining during the last 10 years. What goes around, comes around. Its not the end of the world. Dubai will be back on track. Please note - No pain No gain. I would like to thank Gemma for at least trying to spread some positive energy around.

La La Land....
Posted by John Thomas, Dubai, UAE on Friday 13 February 2009 at 10:46 UAE time

"It's in the head??" - Where do you live lady?? Wake up and smell the disaster, this is reality and is happening all around us, do yu prefer that the media don't report the facts? As to it just being "all in the head" you should have yours examined before writting stuff like this and pay a visit to "reality land' once in a while... Hope writing columns is not your day job... if it is, start looking for something else....

Oh C'mon
Posted by SR, Dubai on Thursday 12 February 2009 at 15:19 UAE time


What do you mean "we are surrounded by negative press about bankruptancies, job losses"??
It is not negative press; job losses are actually happening, I know of 03 people who have been laid off this week!!

easy one
Posted by magstock, dubai, uae on Thursday 12 February 2009 at 11:21 UAE time


Could you please write the "Overcoming credit crisis ‘state of mind’"
for the sleep deprived ones who lost their jobs, have mortgage to pay, kids in school, etc ?

That would be helpful. Thanks.

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