Dubai Property News
Dubai hotel occupancy hit 89.6% in Jan
Occupancy rates across Dubai’s top end hotels reached an average of 89.6 percent in January, according to TRI Hospitality Consulting, representing an increase of 4.2 percentage points compared to a year ago. The HotStats MENA report, which collates occupancy across four and five-star properties, found that average room rates in the glitzy emirate also rose 5 percent to US$359.39. Revenue per Available Room (RevPAR) was up 10.2 percent to US$321.85. January typically sees a rise in the number of guests staying in Dubai’s hotels, TRI said, due to the annual Dubai Shopping Festival, whose retail bargains entices out-of-town visitors to the city. “This mega-event offers a perfect start to the year for the tourism establishments in the city, and helps bridge the gap between the end of year holidays and European winter breaks,” said Peter Goddard, managing director at TRI Hospitality Consulting. The report found that properties in the UAE capital Abu Dhabi were also able to capitalise from the overspill of guests visiting Dubai for the shopping festival, as hotels registered a 10.8 percentage point increase in occupancy to 71.7 percent during January. Despite this, average room rates continued to fall, sliding 10.7 percent during the month to US$167.77. “Despite stronger demand, hotels in the capital have failed to capitalise these events to improve top line performances, simply due to the competition,” Goddard added. Elsewhere in the region, hotels in Kuwait saw a 6.1 percentage point increase in occupancy rates to 58 percent on an upswing in corporate and leisure demand. Popular Egyptian resort Sharm El Sheikh witnessed a strong recovery in demand compared to last year, when the repercussions of the Arab Spring political unrest dampened the number of tourist visitors. In January 2013, occupancy was up 9.3 percentage points to 57.2 percent. Egypt’s capital Cairo saw occupancy improve 5.9 percentage points to 43.7 percent. Continue reading
UK aims to help British firms in the UAE
The UK Department of Trade and Investment (UKTI) and British Business Groups in Abu Dhabi and Dubai have struck a deal that will benefit companies in the UAE.New business centres will be set up to help British small and medium-sized enterprises (SMEs) that are looking to conduct more trade in the Middle East.More and more firms have recognised the immense potential of the UAE and it is no surprise that some of the world's major companies now have bases in Dubai.Of course, SMEs do not have the same amount of financial muscle or international experience as the mega-rich corporations that reside in the city's thriving business districts, so these new centres could prove to be crucial.It is an agreement that everybody will benefit from, as British SMEs will receive expert help, which will in turn boost the UAE economy. Indeed, the UK and UAE governments have set a target of increasing trade between the two nations by 60 per cent (based on 2009 levels) by 2015.Dominic Jermey signed the memorandum of understanding for the UKTI and he has high hopes for the venture.”Lord Green's initiative is a great opportunity for the government to work with business in delivering a range of services to UK companies wanting to set up in the UAE,” he remarked.”It will create a platform for UAE and UK SMEs to work together across the emirates to increase bilateral trade, but also in getting companies to work together in third countries.”There has hardly been a better time for businesses to expand into the UAE, as companies already operating in the Middle Eastern country are confident of boosting their profits in the future.A recent study by the Department of Economic Development showed that 91 per cent of firms in Dubai think their revenues will have grown by the end of the second quarter of 2013. In addition to this, nearly a quarter of the survey respondents expect to hire new staff during the three-month period. Continue reading
Didier Drogba attends Vogue Cafe launch in Dubai
Former Chelsea star Didier Drogba joined a number of top international models to launch the glamorous Vogue Cafe in Dubai.The establishment is Conde Nast's first restaurant in the region and the company pulled out all the stops to ensure the grand opening was an occasion to remember.Drogba – who played for Turkish club Galatasaray last season – shared the red carpet with renowned models Karolina Kurkova and Petra Nemcova at the glitzy even in the Dubai Mall.The 35-year-old Ivory Coast striker told the National he was glad to be back in Dubai.”I love being here, especially right now when the weather is so bad in Europe,” he was quoted as saying.Drogba made his name playing for Chelsea in the English Premier League, having signed for the Blues from Marseille in 2004.He won numerous trophies during his time at Stamford Bridge, most notably the Uefa Champions League in 2012. The powerful forward scored the goal that took the final against Bayern Munich to extra time and then later stepped up to take the decisive penalty in the resultant shootout. Dubai is accustomed to welcoming such high-profile stars and there is a strong chance you will see a celebrity during your stay in the city, especially if there is a swanky new club or restaurant being unveiled.This is the second Vogue Cafe launched by Conde Nast, as the firm previously opened one in Moscow and the organisation's director of restaurants Stuart Nielsen said plans are in place to expand even further in the UAE.”The Middle East is a very exciting market for us and one that we are proud to be a part of,” he commented.It is fair to predict the high-end Vogue Cafe will be a big hit among the rich and famous holidaymakers who flood into Dubai every year and it will certainly be very interesting to see exactly where Conde Nast opens its next Gulf-based venue. Continue reading
