Hotels enjoy bumper start to the year



The number of hotel guests staying in Abu Dhabi increased 10 per cent in the first quarter compared with the same period last year. Events held in the capital, diverted travel plans because of regional unrest and business exhibitions helped to boost the figures.

A total of 510,114 guests stayed in the first three months of this year, the Abu Dhabi Tourism Authority (Adta) reported yesterday.

"All in all it was a very good first quarter for us," said Adrian Deegan, the area director of sales at Rotana Hotels, which manages more properties in the capital than any other operator. "In February we had a couple of exhibitions that yielded better revenues for the hotels. There seem to be quite a lot of projects taking place, which is bringing quite a lot of business into the city."

Adta said there were 1.56 million guest nights in the first quarter, up 25 per cent on the same period last year. Last month there was a 9 per cent rise in hotel guests, as 180,931 visitors checked into hotels in Abu Dhabi. The emirate is aiming to attract 2 million guests this year, up from 1.81 million last year.

"We've seen a small increase in leisure because there were holidaymakers planning to go to places like Egypt who then looked for somewhere safe in the Middle East," said Mr Deegan. "But most of this business goes to Dubai and the Northern Emirates." The company also picked up some conference business that was diverted from Bahrain, he said.

Other hoteliers said there had been cancellations because of the unrest, but this was outweighed by the business gained because of it. The first-quarter performance "can be attributed to the dynamic programme of events, both business and leisure", said Lawrence Franklin, the director of strategy and policy at Adta, adding concerts on Yas Island had been a major draw.

Occupancy stood at 72 per cent in the first quarter, with total room revenues climbing 6 per cent to Dh679 million (US$184.8m). Food and beverage revenue were up 12 per cent to Dh433m.

But average room rates were down 15 per cent in the first quarter. This "is largely attributed to increased competition in the Abu Dhabi market which now boasts 18,800 hotel rooms with a further 4,000 due … by the end of the year", Adta said.

Guests are staying longer in Abu Dhabi, with the average length of stay three nights, up 13 per cent.

India was the second-largest overseas source market after the UK, with 23,614 guests from the country in the first quarter, up 28 per cent on last year. Saudi Arabia was the main GCC source market, with 13,119 guests, up 44 per cent.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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Favourite hobby: taking his rescue dog, Sally, for long walks.

Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books

Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella

Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"