The programme for the Arabian Hotel Investment Conference 2010, taking place from 1 – 3 May 2010, was today announced. The Conference will be held under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Department of Civil Aviation, Chairman of Dubai Airports and Chairman and CEO of Emirates Airlines.
Capital for hotel owners and developers could be choked off even further if Dubai World is unsuccessful in restructuring its massive debt, some industry experts say.Lenders and representatives of government-controlled Dubai World are currently meeting to discuss modifying some US$26 billion of the company’s total US$60 billion of debt in a process that could take months. A failure to do so could further delay the flow of capital to hotel owners and developers, said Rich Conti, president of The Plasencia Group, an asset management and consulting company in Tampa, Florida.
Debt restructuring by Dubai state-run companies may almost double to $46.7 billion as more of the emirate’s businesses could need help making payments, Morgan Stanley said. Dubai Holding LLC, Dubai Holding Commercial Operations Group LLC, Borse Dubai Ltd. and Dubai Sukuk Center Ltd. may join Dubai World in restructuring debt, Morgan Stanley analysts Mohamed W. Jaber and Paolo Batori wrote in a report. Government- controlled Dubai World said last week that it’s in talks to renegotiate $26 billion of loans.
Nearly six months into its corporate restructuring, Dubai World, this city-state's flagship conglomerate, has mostly resisted selling off its trophy case of assets, from ports around the world to luxury hotels and a vintage cruise liner. After last week's announcement from Dubai that it is requesting a delay in Dubai World debt payments, the company may have less room to avoid a sale of some of its portfolio.
The emirate’s debt-fuelled spree has been exposed by the recession. Will UK banks and contractors get back their money? As he flew from Dubai to London last Sunday, Sheikh Mohammed bin Rashid al-Maktoum had plenty on his mind.In the four years since he had become ruler of Dubai, Maktoum had grown used to courting world leaders to visit and invest in his desert emirate. They admired the economic growth he had fostered as Dubai, fast running out of oil, turned itself into a tourism and finance hub.
Deloitte, the business advisory firm, confirms that Abu Dhabi’s hospitality industry received a welcome boost when hosting the UAE’s (United Arab Emirates) first Formula One Grand Prix last weekend. Revenue per available room (revPAR) growth, one of the hotel industry’s key performance indicators, peaked on Friday 30th October up 97.6% according to daily STR Global data. However, occupancy and average room rates hit the highest point during the 3-day event on Saturday the 31 October, at an astonishing 97.5% and US$606 respectively.
This article examines the hotel market in Dubai. It comments on the historic performance as well as focusing on the apparent sustainability of Dubai’s hotel market as it stood before the financial crisis. We will then comment on the effect of the current economic situation on Dubai's hotel market in addition to commenting on the expected future hotel market supply and performance of Dubai hotels. Furthermore, we will share HVS' outlook for Dubai.
Investors Sunday showed their anger over the surprise merger between Dubai's Emaar Properties PJSC (EMAAR.DFM) and three struggling Dubai government-owned real estate companies. Shares in Emaar tumbled almost 10%, the sharpest decline since Nov. 18, as investors questioned how the developer will benefit from the deal that may create an entity with a vast land bank and 13.4 billion U.A.E. dirhams ($3.65 billion) of debt. "Investors are nervous," said Imam El Nour from Asayel Sales and Bonds, an Abu Dhabi-based brokerage firm. Emaar, the Middle East's largest developer, plans to merge with Dubai Properties LLC, Sama Dubai LLC and Tatweer LLC, units of Dubai Holding LLC, the conglomerate controlled by Dubai's ruler, the companies said in a joint statement Friday.
In a presentation dedicated to development opportunities in Saudi Arabia on the first day of the fifth Arabian Hotel Investment Conference (AHIC), president and board chairman of the Saudi Commission for Tourism and Antiquities, HRH Prince Sultan bin Salman bin Abdulaziz Al-Saud, said a new national tourism plan scheduled for publication by year end would focus on opening up employment opportunities for nationals and enterprise initiatives for small to medium-sized private sector companies.
Data from STR Global, the leading provider of market information to the global hotel industry, illustrates the difference in performance of Dubai’s hotels in the Jumeirah beach area and those in the rest of the city.
The fifth Arabian Hotel Investment Conference (AHIC) opens today (Saturday May 2 2009) under the patronage of His Highness Shaikh Ahmed bin Saeed Al Maktoum, President, Dubai’s Department of Civil Aviation and Chairman & CEO, Emirates Group.
Ahead of what maybe one of the most challenging summers in the global hospitality sector, Jonathan Worsley, co-organiser of the upcoming Arabian Hotel Investment Conference (AHIC), stressed that it is still the time to encourage and foster more investment activity.
Sol Kerzner, Chairman and CEO of Kerzner International is set to present His Excellency, Sultan Ahmed Bin Sulayem, Chairman, Dubai World with the AHIC 2009 Leadership Award at the fifth Arabian Hotel Investment Conference (on May 3, 2009).