Middle East proving popular for foreign exchange

Destinations in the Middle East are remaining popular countries for Britons making foreign exchange transactions, according to industry experts.

Aviation analysts OAG recently revealed that the region is seeing a steady flow of business travellers despite the global credit crisis.

Figures from the company show that there has been a 12 per cent rise in flights landing in the Middle East, which sees an 11 per cent increase in passenger numbers.

David Beckerman, vice president of market intelligence at the firm, explained that Britons are continuing to make foreign exchange transactions in the area due to the business opportunities it offers.

He said: "The Middle East is attracting a lot of interest as a business hub as well as a holiday destination.

"The airlines in the Gulf have had continuous deliveries of new large aircraft which, as they are deployed, expand the overall capacity in those regions, regardless of demand."

According to the Landmark Advisory, investors may soon be snapping up cheap properties in Dubai as house prices recently fell by 23 per cent.

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By John Mills