Frasers Hospitality expands in Middle East and Africa to tap into business and tourism growth
New openings will mark the Group’s entries to Saudi Arabia and Africa
Singapore -- As part of its global growth strategy, Frasers Hospitality Group, a division of Frasers Centrepoint Limited, is expanding its global presence with eight new properties in the Middle East and Africa. The new properties will increase Frasers Hospitality Group's global footprint to more than 1,500 units across both regions.
Frasers Hospitality Group entered the Middle East when it opened Fraser Suites Seef, Bahrain in 2009. Since its entry into the region, the group has been named as Middle East's Leading Serviced Apartments Brand and Best Serviced Apartment Company in the Middle East. The properties have also been individually awarded as Leading Serviced Apartments within the region.
Tapping into the region's business and tourism growth, Frasers Hospitality Group will also enter the Saudi Arabian market for the first time with properties in Jeddah, Khobar and Riyadh. The government's plans to develop tourist attractions and improve visa issuance for visitors to Saudi Arabia is forecast to boost tourism. Inbound tourism is currently projected to grow 6.1% per annum by 2020. Visitors from the leisure and the business sectors to Jeddah are projected to increase with the expansion of Jeddah King Abdulaziz International Airport and the development of Jeddah Economic City.
The Middle East has emerged as a key business hub, attracting major events and investments such as the World Expo 2020 where 25 million visits are expected, boosting inbound tourism figures. The Meetings, Incentives, Conferencing, and Exhibitions (MICE) sector has been witnessing steady growth in recent years , opening opportunities for hospitality companies to cater to the rise in business travel.
Openings in Nigeria and the Republic of Congo will mark Frasers Hospitality Group's first entry into Africa. According to the International Monetary Fund (IMF), Sub-Saharan Africa remains a region of immense economic potential. The World Bank has forecast economic growth in the region to rebound to 2.9 percent in 2017, and rise above 3.5 percent by 2018. Given its growth potential, the continent is a key focus of the group's global growth strategy.
"The Middle East and Africa are significant growth markets in our global expansion plans. As the regions continue to emerge as business hubs, our properties in key cities will be well positioned to cater to the needs of travelers. By 2026, international tourist arrivals are forecast to total more than 100 million in the Middle East and we are ready to meet the increased demand for Gold-Standard serviced residences. The recent opening of Fraser Suites West Bay, Doha is an example of our confidence in the region. Meanwhile, business spending in Africa is expected to grow from US$2.6 trillion in 2015 to US$3.5 trillion by 2025 , which is likely to see an increase in business travel to the region. We are targeting key business centres such as Nigeria's capital Abuja and Africa's largest city, and we look forward to expanding our footprint in the region in the coming years," commented Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality Group.
Fraser Suites West Bay is nestled in the heart of Doha. The 396-unit property will attract both long- and short-term stay executives as well as families relocating to Doha. Fraser Suites West Bay, Doha offers fully furnished serviced apartments combined with state-of-the-art guest amenities coupled with Gold-Standard services. The property is well positioned to cater to travellers' needs as it offers a selection of studios, one, two and three bedroom residences. All apartments are designed by Italian interiors company, Molteni & C, and have separate living and dining areas, enhanced by modern and fully equipped kitchens.
Frasers Hospitality's global portfolio, including those in the pipeline, stands at 140 properties in more than 80 cities with 23,400 keys worldwide.
About Frasers Property Limited
Frasers Property Limited ("Frasers Property" and together with its subsidiaries, the "Frasers Property Group" or the "Group"), is a multi-national owner-operator-developer of real estate products and services across the property value chain. Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, the Group has total assets of approximately S$38.7 billion as at 31 March 2020. Frasers Property's multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities across Asia, Australia, Europe, the Middle East and Africa. Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Land Property Development Public Company Limited is the sponsor of Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties. The Group is unified by its commitment to deliver enriching and memorable experiences to customers and stakeholders, leveraging its people, knowledge and capabilities from across markets to deliver value in its multiple asset classes For more information on Frasers Property, please visit frasersproperty.com.
About Frasers Hospitality
Frasers Hospitality, a member of Frasers Property Group, celebrates 22 years of offering memorable experiences to guests through its Gold-Standard serviced, hotel residences and boutique lifestyle hotels across Asia, Australia, Europe, the Middle East and Africa. Growing from two properties in Singapore to more than 140 properties in over 70 cities, Frasers Hospitality is now one of the world's largest and fastest-growing providers of serviced and hotel residences. Conceived with the lifestyle preferences of today's discerning business and leisure travellers in mind, the global hospitality operator has three Gold-Standard serviced residences offerings - Fraser Suites, Fraser Place and Fraser Residence, a modern and eco-lifestyle brand, Modena by Fraser, and a design-led hotel residence brand, Capri by Fraser. In addition, it operates two brands of upscale boutique lifestyle hotels in the key cities of UK, Malmaison and Hotel du Vin. With a remarkable list of accolades and awards as recognition of its success, Frasers Hospitality remains committed to anticipating the evolving needs of executive travelers and exceeding expectations with continuous innovation and intuitive service, creating a second home for guests where staff feel like family and residents feel like community. For more information on Frasers Hospitality, please visit frasershospitality.com.
Phone: (65) 6356 2830