Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Hospitality picking up  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Dubai's hotel industry is one of the strongest performers in the Middle East and Africa with higher revenues and profitability despite slight decline in occupancy in October this year, latest reports have revealed.

Abu Dhabi's hospitality sector also picked up momentum and recorded the highest rise in occupancy levels in the GCC with a 15.8 per cent increase to 76.7 per cent in October, while its 10.7 per cent surge in average daily rates, or ADR, to 172.77 was the largest increase in that metric in the region, according to data compiled by STR Global.

The latest HotStats survey by TRI Hospitality Consulting Middle East also said hotels in the capital registered substantial growth in revenues and profits during October due to the Eid Al Adha holidays and a number of international events like the Abu Dhabi Film Festival and the Fifa under-17 World Cup, among others, hosted by the emirate.

The HotStats survey witnessed growth in top-line performance, which boosted profit levels by 47.3 per cent as gross operating profit per available room reached 117.43 in October. It noted 30.6 per cent growth in revenue per available room, or RevPAR, to 145.13 due to an 8.4 percentage point increase in occupancy levels and a 16.8 per cent rise in average room rates to 182.37 during the month.

The STR Global data also showed that only three markets in the Middle East achieved RevPAR of more than 10 per cent in October. Abu Dhabi hotels recorded the highest rise of 28.2 per cent to 132.46 while Beirut and Muscat recorded a 17.3 per cent (72.17) and 11.5 per cent (173.66) increase, respectively.

"The growth in Abu Dhabi's top-line performance was attributed to the city hosting a number of high-profile international events, including the Abu Dhabi Film Festival and the Fifa U-17 World Cup, which attracted nearly 80,000 visitors during the first two weeks of the competition," said Peter Goddard, managing director of TRI Hospitality Consulting in Dubai.

He said corporate and Mice activities resumed as the capital hosted several international medical conferences. Leisure tourism was propelled in the wake of the Eid Al Adha holiday, as the city provided a variety of family-friendly shopping and entertainment options, he added.

 


Khaleej Times




  MENA News Headlines
 Mar 3 2015 - Cruise liner traffic bound for Abu Dhabi to grow 25 percentMENAFN
(MENAFN) An increase of 25 percent in cruise liners calling at Zayed Port will help to lift the number of cruise tourists by 50 percent this season, The National reported.This season above 94 vessels ...

 Mar 3 2015 - UAE non-oil business growth declines in FebruaryMENAFN
(MENAFN) Business activity growth in the UAE non-oil private sector decreased to a five-month low in February but remained strong and above the average for 2014, a corporate survey showed, The ...

 Mar 3 2015 - Kuwait Fund grants USD23.8m to irrigation project in Lao RepublicMENAFN
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement in the city of Vientiane with the Democratic Republic of Lao, whereby the Kuwait Fund will offer the government ...

 Mar 3 2015 - Bahrain to launch USD22b development projectsMENAFN
(MENAFN) The government of Bahrain will be carrying out giant development projects with a value exceeding USD22 billion, Minister of Information said, KUNA reported.Bahrain is continuing with its ...

 Mar 3 2015 - KFAED finances USD13.47m loan to BelizeMENAFN
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) provided a USD 13.47 million loan to Belize to help in a road restoration project, a statement by the fund showed, KUNA reported.The ...

 Mar 3 2015 - FDI in Qatar posts USD30.65bMENAFN
(MENAFN) Foreign direct investments (FDI) inflow to Qatar registered USD30.65 billion at the end of 2012, a 1.2 percent growth from a year ago. Though the FDI has targeted various economic activities ...

 Mar 3 2015 - Oman's Raeco to invest USD395.75m for power expansionsMENAFN
(MENAFN) A total of USD395.75 million will be invested by Rural Areas Electricity Company (Raeco) in the next three years to raise the power generation capacity, transmission lines and distribution ...

 Mar 3 2015 - Kuwait Investment to cut US investmentMENAFN
(MENAFN) The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that ...

 Mar 3 2015 - Oman's NDC hits sales revenue of USD60.47m in 2014MENAFN
(MENAFN) National Detergent Co. (NDC), one of the leading FMCG companies in the sultanate, has posted total sales revenue of USD60.47 million for full-year 2014, compared with USD56.13 million a year ...

 Mar 3 2015 - 100 per cent rise in FDI expected this yearKhaleej Times
(MENAFN - Khaleej Times) Egypt expects 100 per cent increase in foreign direct investment, or FDI, during the current fiscal year compared to last year, Investment Minister Ashraf Salman said on ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help