M&S Money report record sales of Dubai currency
Released
on: November 19, 2008, 8:07 am
Press Release Author: Liz Neild
Industry:
Financial
Press
Release Summary: M&S Money reports sales of Dubai currency
hit record levels as the QE22 prepares to leave the UK for the
final time
Press
Release Body: As the QE2 leaves the UK for the final time before
becoming a floating hotel in Dubai, figures from foreign currency
expert M&S Money suggest that the region continues to be a
popular winter destination for Brits.
Last
month saw the highest ever amount of sales of foreign
currency for Dubai, with more than £1million worth of
UAE Dirham (AED) being sold through the network of M&S bureaux
de change,
as well as on the phone and internet.
October's
record figure has contributed to a 15% year-on-year increase in
sales of the UAE Dirham - the currency used in the seven states
which form the United Arab Emirates.
Dubai
and the other UAE states have grown in popularity as a destination
for Brits in recent years, whether on holiday, for business or
visiting friends and family.
Hotels
in Dubai have reported growing visitor numbers this year. According
to the Dubai Department of Tourism and Commerce Marketing there
was a 22 per cent growth in hotel revenues during the first three
months of 2008, compared to the corresponding quarter last year.
The
Queen Elizabeth 2 (QE2) cruise liner is the longest-serving ship
in the 168-year history of the Cunard line and is currently owned
by Carnival, the world's largest cruise operator.
Having
now left Southampton for the last time she will arrive in Dubai
later this month, where she will undergo extensive refurbishment
to become a floating hotel.
Fraser
Millar, M&S Money Head of Travel Services, said: "Our
travel
money sales figures show that the UAE Dirham is one of the
most popular currencies outside the Euro and US Dollar.
"October
and November are usually the peak months for sales of the Dirham
as people prepare to head-off for some winter sun. The high sales
figures of last month may indicate that those who are travelling
to the region are taking more cash as a result of the increased
cost of living in Dubai. Travellers should bear this in mind when
deciding how much currency to purchase before travelling."
According to www.dubaifaqs.com,
visitors can expect to pay around:
Hotel room (per night): £50
Small car rental (per day): £17
Petrol (per gallon): £1.05
Beer (pint): £5
House wine: £30
Bottle of water (1.5 litre): 40p
Burger: £2.40
Foreign newspaper: £3
Brits spend on average £821
per visit to the UAE, or £76 per day (Figures from the
Office for National Statistics Travel Trends 2006).
- Ends -
Notes to Editors
About
M&S Money:
M&S Money (originally called Marks & Spencer Financial
Services) was founded in 1985 as the financial services division
of Marks and Spencer Group plc. The company is now a top-ten credit
card provider and the second-largest travel money retailer in
the UK. M&S Money also offers travel insurance as well as
providing insurance for homes, cars, travel, pets and weddings,
along with loans, savings and investments.
In
November 2004, Marks & Spencer sold M&S Money to HSBC,
one of the world's largest banking and financial services organisations
with over 9,500 offices in 76 countries and territories. The business
continues to operate under the M&S Money brand, with an executive
committee comprising an equal number of representatives from HSBC
and Marks & Spencer.
The
company employs 1,200 staff at its headquarters in Chester, delivering
personal financial services to its customers, reflecting the core
values of Marks & Spencer -- quality, value, service, innovation
and trust.
Web
Site: http://www6.marksandspencer.com/
Contact
Details: For further information please call the M&S Money
press office:
Liz Neild
M&S Money press office
Marks & Spencer Money
Kings Meadow
Chester
CH99 9FB
01244 686 068
2009
