Eighty per cent of rooms and all banqueting facilities in Dubai's five-star hotels have already been booked by Dubai tourism authorities for the International Monetary Fund annual conference in September 2003, according to hotel sources in the emirate.

'The Dubai Tourism Promotion board will be deciding on allocating these blockings to various visitors during the IMF meeting. In fact they have a committee for coordinating the entire event,' one hotel source said.

The IMF and World Bank conference will be the biggest international event to be held in Dubai and its venue, the Dubai World Trade Centre, will undergo comprehensive renovations and additions for the talks.

French hotel group Accor has already said it will open two new hotels in Dubai in time for the IMF meetings.

The 400-room Novotel and a 200-room budget-priced Ibis will be built near the Dubai World Trade Centre.