Hotels in Dubai recorded a 16.8 per cent surge in occupancy in the first 10 months of the year as the Emirate's tourism sector continues to recover from the coronavirus pandemic.
The average daily rate as well as revenue per available room (RevPar) in Dubai rose 14.9 per cent and 57.1 per cent, respectively, from January to October, according to a report from global consultancy CBRE.
RevPar is a key performance metric calculated by multiplying a hotel’s average daily room rate by its occupancy rate.
Hotel occupancy across the UAE, meanwhile, rose 13.6 per cent during the period with RevPar surging by 44.9 per cent, as per the CBRE estimates.
“In October 2021, with the commencement of Expo 2020 and increasing levels of international visitation, we have seen a significant uplift in KPIs in the UAE,” the report said.
“The average occupancy rate across the UAE in October registered at 78.8 per cent, the highest level recorded in October since October 2015. As of October 2021, Dubai recorded the highest occupancy rate of 80.7 per cent.”
Expo 2020 Dubai has been attracting a large number of visitors. The global trade fair recorded 3 million visits in the first five weeks since it started on October 1, official data shows.
“With growing international visitation, an increasing number of global locations re-entering lockdowns and a number of planned events at Expo 2020, we envisage both international and domestic leisure tourism, combined with returning corporate tourism, will continue to underpin strong performance levels across the UAE,” said Taimur Khan, head of research, Mena at CBRE in Dubai.
Dubai International Airport has also seen a sustained recovery in daily flights in recent months as the country largely remains open to visitors from across the globe. Dubai’s percentage increase in the average number of daily flights from November 1 to November 21 stands almost three times higher than the 33.7 per cent increase seen globally, CBRE said.
“Whilst Dubai’s total flight and passenger numbers still sit a material level below pre-pandemic levels, Dubai International Airport is expected to return to full operational capacity in the coming weeks and return to pre-pandemic levels within a year,” it said.
Dubai's non-oil economy continued to grow in October, with business conditions registering the sharpest improvement in two years, boosted by a strong rebound in new orders and Expo 2020 reviving tourism.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index surged to 54.5 in October, from 51.5 in September, the highest level since October 2019. A reading above 50 indicates economic expansion while one below points to a contraction.
The UAE has also reached a major milestone in its coronavirus vaccination campaign, as 100 per cent of eligible people have received their first dose. More than 90 per cent have received both doses, the National Emergency Crisis and Disaster Management Authority said.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
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match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
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Global state-owned investor ranking by size
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Specs
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