Tourism

US $7bn GCC hotel projects under construction

Hotel projects worth US$7 billion are currently under construction across the GCC, latest research published in January showed. According to figures from Dubai-based Proleads, most are in the UAE (US$4.4bn) followed by Saudi Arabia (US$1.2bn), Qatar (US$620m), Bahrain (US$490m), Oman (US$300m) and Kuwait (US$90m). UK hotel real estate research company Lodging Econometrics also revealed that the Middle East is likely to see 98 new hotels with 29,226 rooms opening in 2010 and 115 hotels with 33,765 rooms in 2011. “It has undoubtedly been a tough time for the hospitality industry on a worldwide basis in 2009 and the Middle East has not escaped totally unscathed,” said Maggie Moore, exhibition director of The Hotel Show, which commissioned the research. “But set against global trends, the region is still comfortably placed when compared with the rest of the world.”

Egypt's Palm Hills approves US$128m rights issue

Shareholders of Egypt's Palm Hills Developments approved a 700 million Egyptian pound (US$128.2m) rights issue to be used to speed up construction and expand into new sectors, an executive said. The real estate firm will use the money to fund its expansion into hotels and retail property, as well as accelerate building on its existing projects, Investor Relations Manager Sara El-Gawahergy said after a general meeting in Cairo. Shareholders approved the rights issue in a unanimous vote, she added. "Everything went well, they approved everything," El-Gawahergy said. Through the rights issue, each shareholder will be entitled to one share at 2 pounds each for every two shares held, the firm has said.

Deal signed for Salalah Beach Resort project

The Salalah Beach Resort is one of integrated tourism projects that will develop the tourism sector in the Sultanate by providing 320 hotel rooms and other facilities designed to attract a big number of tourists, said Tourism Minister Dr Rajha bint Abdulameer. The project, whose implementation began two years ago, also offers employment opportunities for Omani job seekers. The project includes luxurious apartments and villas for free taking possession, world golf grounds, five hotels (five-star), two hotels, yacht anchorage for 200 boats, recreational areas, shops, restaurants and cafes. Muriya Tourism Development and the French Club Med Company signed an agreement in mid-January to manage the Salalah Beach Resort. Construction work, which began two years ago, is progressing as planned. Signing an agreement with Club Med Company comes after signing two similar agreements with world groups such as Rotana and Movenpick to manage two hotels within the Salalah Beach Resort.

Resort reopens after US$5.3 million revamp

After a US$5.3-million renovation project a hotel on Bahrain’s beautiful Hawar Islands is at last opening its doors under the management of Golden Tulip Group. The Tulip Inn Hawar Beach offers all new facilities with general manager Mustapha Chatila claiming: “There is nothing left of the old hotel apart from the building.” Constructed in 1995, the hotel was run by another group until a new management contract was signed between Golden Tulip and owner the Southern Area Development Company last year. Since then work has been underway to transform it into a top-notch four star hotel lying on the pristine, sandy beach of the 40-sq-km Hawar Island, the largest of the Hawar archipelago, just off the coast of Qatar and 45 minutes by speedboat from Bahrain.