The Middle East and North Africa (Mena) hospitality market is expected to remain weak with exception of few cities in the region that could see some improvements in the coming months, following mixed results in October across destinations, according to a new survey report.
"The Mena hospitality market is expected to continue the trend of a softer performance but will look to see improvements in a few cities over the next few months due to annual exhibitions, events, and festivals," said Yousef Wahbah, Mena real estate, hospitality and construction sector leader at advisory EY.
“Overall, internationally branded four and five star hotels in the Middle East witnessed a split among the increases and declines of KPIs [key performance indicators] in October 2017 when compared to the same month last year.”
Beirut had the highest year-on-year increase in hotel occupancy rates in October , while Doha had the steepest drop, the survey showed.
Geopolitical tension, and slowing economies in some markets are putting pressure on the hospitality sector in the region. Low oil prices, the strong dollar and ever-increasing supply of hotel rooms has also dented the performance in key cities in the Arabian Gulf region.
In the UAE, Abu Dhabi’s hotel occupancy rose 8.9 per cent to 86.7 per cent, thanks to an increase in guests coming through cruises and the emirate's hosting of the 44th World Skills Competition.
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The occupancy levels in Dubai, one of the region's top tourism and commercial hub, however, fell 2.4 per cent to 79.6 per cent. An increase in hotel supply has prompted hotels to lower their average daily rates (ADR) to maintain occupancy levels, according to EY study.
Doha's occupancy levels fell 11.1 per cent to 57.3 per cent. Tourism is one of the worst affected sectors in the gas-rich nation after the Arab quartet of Saudi Arabia, the UAE, Bahrain and their North African ally Egypt in June cut diplomatic and transport ties with the Doha for its support to terrorist groups in the region. Saudi Arabia and the UAE are among the main source markets for Qatar's hospitality sector.
In Saudi Arabia, occupancy increased in Riyadh and the holy cities of Mecca and Medina by 5.9 per cent, 13.9 per cent and 1.8 per cent, respectively.
In Beirut, occupancy rates rose 13.5 per cent to 68.3 per cent, thanks to “the lifting of travel bans and favourable climate conditions attracting visitors,” EY said.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
Hales' batting career
Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94
ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171
T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
