Stocks
like Tullow Oil and Cairn Energy have soared on strong production
growth, high oil prices and optimism over their ability to make exciting
new discoveries. But the excitement has got out of hand.
Two years after finding itself in the teeth of the credit crisis, Dubai is back. At least on one measure.
For Jumeirah Group, one of the Gulf state's leading hotel
operators, revenue per available room over the holiday period was back
above the highs reached in 2007.
Gerald Lawless, executive chairman of the group, which has
2,600 rooms at hotels in Dubai, including the famous Burj Al Arab, told
The Wall Street Journal in Davos that vacationers from the U.K., Germany
and Russia helped underpin the rebound. Revenues per room remain
somewhat volatile, but they dropped by about a quarter during the credit
crisis, which had caused financial distress in highly leveraged Dubai.
The other nationality of travelers that Mr. Lawless is looking to for a boost: Chinese celebrating the coming New Year.