The Middle East has become the focal point of Fairmont Hotels and Resorts's development plans, and the operator is looking for more opportunities in Abu Dhabi despite a decline in occupancy in the emirate's hotels, an executive says.
The Fairmont Bab Al Bahr opened in Abu Dhabi in October and another Fairmont hotel is under development on the Corniche.
"We are looking at a few opportunities in Abu Dhabi," said Kent Cooper, the vice president of regional sales in the Middle East and Africa.
"The Middle East is our primary focus for development. I think with our strategic partnership now with Qatari Diar, I think it's a natural."
Kingdom Holding said last week an affiliate of Qatari Diar had taken a 40 per cent stake in Fairmont Raffles Hotels International, reducing its interest in the Canadian-based company to 35 per cent from 58 per cent.
A series of agreements with Qatari Diar were worth US$847 million (Dh3.11 billion), Kingdom Holding said.
Fairmont, which is one of the three luxury brands of Fairmont Raffles, has 14 projects in the region that will open within the next five years, Mr Cooper said.
Fairmont is confident there is further room for growth in Abu Dhabi despite the depressed occupancy levels in the capital's hotels.
"What's clouding the picture is the new supply," Mr Cooper said. "We build new hotels and the overall occupancy drops. We're one of the new hotels in Abu Dhabi. We're causing the problem in Abu Dhabi."
But the market is fundamentally strong and the authorities are working hard to drive business to the capital, he said.
Data from STR Global showed a 31.2 per cent decline in occupancy levels to 58.9 per cent in February, while average daily rates dropped 39.9 per cent to $233.03 and revenue per available room fell 58.7 per cent to $137.28.
The Abu Dhabi Tourism Authority has said these declines were part of the process of building a tourism destination.
Abu Dhabi is aiming to attract 2.3 million hotel guests by 2012, up from about 1.5 million guest last year.
The number of hotel rooms in Abu Dhabi increased to 17,500 by the end of last year from 12,800 at the start of the year. Another 5,000 rooms are to open in the capital by the end of this year, according to the Abu Dhabi Tourism Authority.
Fairmont is set to open its Fairmont Fujairah next year. Its Fairmont Palm Jumeirah hotel was facing severe delays because the developer, IFA Hotels and Resorts, had faced difficulties with funding, Fairmont said.
Saudi Arabia is also a growth area for the company.
"It has the largest critical mass, it has a huge influx of travellers, it helps support our partnership with our shareholders," Mr Cooper said.
The 858-room Makkah Clock Royal Tower is due to open at the end of July, said Mohammed al Arkobi, the hotel's vice president and general manager.
The luxury hotel is designed to help accommodate the millions of pilgrims who visit Mecca each year amid a severe shortage of hotel rooms. The hotel is hiring some 2,600 Muslim male staff members from 27 countries, Mr al Arkobi said.
The 76-storey hotel will feature a 40-metre clock, more than five times larger than Big Ben in London. The hotel is part of the seven-tower Abraj Al Bait complex, located next to the Masjid al Haram, Mecca's Grand Mosque, at the centre of which stands the Kaaba.
The Savoy hotel in London, which is managed by Fairmont, is expected to open in the third quarter of this year after a £100 million (Dh563.8m) renovation.
@Email:rbundhun@thenational.ae
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
More on animal trafficking
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
UAE%20Warriors%2045%20Results
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Company%20Profile
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RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20Profile
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In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE%20
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Company%20profile
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
ACC%20T20%20Women%E2%80%99s%20Championship
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Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
