#Dubai Hotel Mogul Says ‘Bleeding’ Firms Need Economy to Reopen - Bloomberg

Dubai Hotel Mogul Says ‘Bleeding’ Firms Need Economy to Reopen - Bloomberg:





Dubai hotel mogul Khalaf Al Habtoor said his companies are “bleeding” because of the coronavirus pandemic and the economy can’t wait for a vaccine to become available before major activity resumes.

The billionaire, who owns seven hotels in Dubai, including the Waldorf Astoria on the man-made island Palm Jumeirah, as well as car dealerships, residential properties and schools, said his group hasn’t yet cut jobs in the hope that global lockdowns would be rolled back by July, allowing tourists to return to the Middle East hub.

“Definitely we have to protect our people from the virus” but we have to go back to work, the Al Habtoor Group LLC chairman told Bloomberg TV in an interview. “We can’t wait for a vaccine until the end of the year,” he said, citing decisions to begin opening economies in parts of Europe.

 Moody’s Investors Service last month said Dubai’s reliance on real estate, transportation and tourism makes it the most exposed to the impact of coronavirus of the seven sheikhdoms that comprise the United Arab Emirates. Its flagship Emirates airline has grounded passenger flights and the Expo 2020 exhibition scheduled to start in October was delayed by a year