The days when Gulf Arabs would pass the long summer days in Europe are increasingly on the wane, partly because of the rising cost. Many Gulf families are eschewing London, Paris or Geneva for summer holidays in Cairo or Dubai, where their dollar-linked currencies go further.

With the US dollar at its lowest against the euro and at a 26-year low against sterling, consumers in some member states of the Organisation of the Petroleum Exporting Countries have begun to adapt their spending patterns to the new environment.