The number of planned hotel developments in the Middle East declined in the first quarter because of the global financial crisis, according to a report by Lodging Econometrics.
Thirty-four per cent of all hotel development in the region was in Dubai. There were 124 projects being developed in the emirate, with a total of 48,558 rooms.
"Dubai's average project size is 392 rooms, one of the highest for any country or market worldwide, second only to Las Vegas," said analysts at Lodging Econometrics, a hotel property research company based in the US.
The report said 32 hotel projects in the region, representing 8,178 rooms, were cancelled or postponed in the first quarter. Nine projects were cancelled in Dubai, six of which were already under construction.
The number of hotel projects in the Middle East fell 14 per cent to 477 from a peak in the second quarter of last year. The number of rooms fell 13 per cent to 142,702 rooms.
"The global economic crisis, which has affected credit availability and caused decreases in consumer and business travel resulting in occupancy and room rate declines throughout EMEA [Europe, the Middle East and Africa], is also having a serious impact on lodging development," the report said.
"The availability of financing is so restrictive and lodging operation declines are impacting so significantly that, of the 116 cancellations and postponements reported in EMEA, 51 or 44 per cent were already under construction and abruptly halted."
But as more than 53 per cent of the planned projects in the Middle East are under construction, new hotel openings are expected to accelerate this year, next year and in 2011, as these projects come on line, according to the report. The region is expected to see 99 new hotels or 25,829 rooms this year and 110 or 31,725 rooms next year, with the majority in Dubai and Abu Dhabi.
Lodging Econometrics also said that "construction starts" across the EMEA region continued a downward trend that began a year ago, "as the lack of available capital keeps a brake on project migration up the pipeline towards 'under construction', causing a backlog of stalled projects".
In the Middle East, 22 new projects or 6,801 rooms were announced in the first quarter, with five each in Egypt, Saudi Arabia and Abu Dhabi, the report said.
"In quarter one, all three regions reached trend line lows for new project announcements into the pipeline, as the lending and operating environment continued to impact developer sentiment."
The Rezidor Group, a hotel management company that operates the Radisson brand, said it planned to develop 5,000 rooms in the next five years in the Middle East.
"I'm sure that there will be delays with some of these projects and there might be some projects that will not materialise," said Marko Hytonen, the Middle East vice president for Rezidor.
But Mr Hytonen said that as well as new hotels, the company was also looking at conversion opportunities in the Middle East that would not appear in the development pipeline.
"When we look at total numbers, I believe conversions will come at very short notice", and should balance out delays and cancellations, he added.
Rezidor, which is based in Brussels, has under development in Dubai the Radisson Blu Hotel Jumeirah and Radisson Blu Hotel Trade Centre District, due to open by 2012 and 2013 respectively. Later this year, the group is scheduled to open a Park Inn and a Radisson Blu hotel on Yas Island in Abu Dhabi.
Mr Hytonen said the thousands of rooms forecast to come on line in Dubai this year and next year should not be taken for granted.
"The operators have kept these hotels in the books and they will keep those there until the moment that they basically say that, 'yes, we know these will not materialise'."
rbundhun@thenational.ae
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Company%20Profile
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Killing of Qassem Suleimani
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
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE gold medallists:
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The Details
Article 15
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Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
UAE currency: the story behind the money in your pockets
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
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Director: Mowaffaq Alobaid
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Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
