Finance Middle East - Hospitality Net

November 30, 2009

How Dubai's dream sank in a sea of debt | timesonline.co.uk

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.

timesonline.co.uk

Dubai, United Arab Emirates

Report

November 13, 2009

Hoteliers celebrate Abu Dhabi Formula One Grand Prix success

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.

Deloitte

Abu Dhabi, United Arab Emirates

Report

August 2, 2009

Developing a Sustainable Dubai

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.

By Hala Matar Choufany, President - HVS Middle East, Africa and South Asia, Dubai, HVS

Dubai, United Arab Emirates

Press Release

July 1, 2009

Dubai Investors Question Emaar's Merger As Shrs Slump | wsj.com

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.

WSJ

Dubai, United Arab Emirates

Press Release

May 4, 2009

Tourism Masterplan For Saudi Arabia Set To Create Jobs And Stimulate Private Sector Investment

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.

Saudi Arabia

Report

May 1, 2009

RevPAR Premium Declines For Dubai’s Beach Properties

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.

STR Global

Dubai, United Arab Emirates

Press Release

May 1, 2009

Shaikh Ahmed is patron of Fifth Arabian Hotel Investment Conference (AHIC) 2009; opens today

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.

Dubai, United Arab Emirates

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Press Release

April 30, 2009

AHIC to debate future of the hospitality sector; Arabia ready to face the summer storm

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.

Dubai, United Arab Emirates

Press Release

April 22, 2009

Sol Kerzner to present HE Sultan Ahmed Bin Sulayem with Leadership Award

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).

Dubai, United Arab Emirates