MENA Tour i sm and

Hospi t al i t y Repor t

Theme: Wel l ness/Medi c al Tour i sm
April 2014
aranca.com


Table Table of Contents

01. MENA Tourism Synopsis .............................................................................................. 1
02. Hospitality Market Update ........................................................................................ 2
03. UAE Tourism Industry................................................................................................... 4
04. Theme: Wellness/Medical Tourism ........................................................................... 6
05. Hotel Pipeline and Expansions ................................................................................. 8
06. Trends in Hospitality and Tourism in GCC.............................................................. 10




MENA Tourism and Hospitality Report April 2014
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01
MENA Tourism Synopsis
Tourism in MENA is on a growth path, driven by the governments active efforts to
develop the sector and several events scheduled for the year
MENA TOURISM & HOSPITALITY
According to the United Nations World Tourism Organization (UNWTO), the Middle East
witnessed mixed growth, receiving 52 million visitors in 2013. The World Travel & Tourism Council
(WTCC) anticipates travel and tourisms direct contribution to GDP in the MENA region to grow
5.5% in 2014. Furthermore, the council forecasts Oman to register one of the strongest growth
rates in the travel and tourism sector globally and support the sectors growth in MENA. In
February 2014, tourist arrivals in Egypt declined 27% y-o-y; the country received the most tourists
from Eastern Europe, Western Europe, and the Middle East.
In February 2014, key hospitality sector indicators in the MENA region improved: occupancy
rates rose 1.3 percentage points (pps) y-o-y to 67.4%, the average daily rate (ADR) increased
2.7% y-o-y to $177.4, and revenue per available room (RevPAR) expanded 4.0% y-o-y to $119.6.
Occupancy rates in Manama (Bahrain), Doha (Qatar), and Amman (J ordan) grew 10%, each,
in the same month. ADR increased the most in Dubai (the UAE), rising 9.7% to $286.9 as several
events were held during the month, allowing hotels to demand higher prices. Conversely, Abu
Dhabi (the UAE) recorded the largest decline in ADR, which fell 22.9% to $148.7, largely due to
the higher base in February 2013. Manama (Bahrain) and Amman (J ordan) reported the
highest growth in RevPAR in February 2014 owing to increased occupancy rates. RevPAR
decreased the most in Beirut (Lebanon), declining 31.4% to $55.6, primarily due to lower
occupancy rate.
Egypt and J ordan increased visa fees despite low tourist arrivals due to political unrest in the
region. J ordan raised its visa fee from J OD20 to J OD40 effective from April 2014, whereas Egypt
plans to hike the visa fee from $15 to $20, with effect from May 2014. This is expected to impact
smaller groups of tourists and independent travelers, thereby hampering the overall tourism
sector.
In 2014, Qatar launched Qatar National Tourism Sector Strategy 2030 with the aim of
promoting itself as a world class hub with deep cultural roots. The country targets increasing
tourisms contribution to GDP to 5.1% by 2030 from 2.6% currently. The government and the
private sector plan to invest about $4045 billion in total in the tourism sector by 2030.
Oman plans to conduct several road shows across GCC in 2014. These events would entail
meetings and presentations to create awareness about Omans travel offerings and promote
Oman as a short-break tourism destination.



MENA Tourism and Hospitality Report April 2014
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02
Hospitality Market Update
12

The hotel industry in the Middle East & Africa (MEA) region performed well in
February 2014. Occupancy rates increased 0.9 pps y-o-y to 67.4% and ADR grew 2.7%
y-o-y to $177.42, resulting in a 4% y-o-y rise in RevPAR to $119.55
OCCUPANCY RATE
Manama (Bahrain) reported the highest increase in occupancy levels at 17.7 pps y-o-y to
63.2% in February 2014, whereas occupancy rose in Amman (J ordan) as well (5.5 pps y-o-y to
59.3%) in February 2014.
Doha (Qatar)s occupancy rates improved 9.4 pps y-o-y to reach 76.9% in February 2014. The
government aims to attract seven million visitors to Qatar by 2030 and is working toward this in
collaboration with the private sector. The government plans to invest $4045 billion in
developing Qatars tourism sector. Furthermore, the country has about 60 new tourism
development initiatives in the pipeline.
Occupancy rates in Abu Dhabi (the UAE) increased 3.1 pps y-o-y to 81.0% in February 2014 as
the number of guests rose 33% to 262,193 during the month. Growth in guest arrivals can be
ascribed to gourmet, cultural, B2B, entertainment, and sporting events held during the month in
Abu Dhabi.
In February 2014, occupancy rates for four- and five-star hotels in Dubai (the UAE) improved to
87.6%, primarily driven by the several events, including the Dubai Polo Gold Cup Series 2014,
Emirates Airline Dubai J azz Festival 2014, and the Dubai Food Festival 2014 held during the
month. Occupancy rates in Dubai have remained high despite new supply entering the
market.
Occupancy rates in J eddah (KSA) expanded for the fourth consecutive month, gaining 1.2 pps
to 79.3% in February 2014. This was led by corporate activities that resumed after the December
and J anuary holidays. In Riyadh (KSA), occupancy rates increased 2.2 pps y-o-y to 58.1% in
February 2014.
Kuwaits occupancy rate fell 48.4% in February 2014, a 5.5 pps decrease, largely as outbound
travel rose during the 10-day national holiday.
Due to the continued political instability and civil unrest in Egypt, the countrys occupancy
rates declined 1.3 pps to 45.1% in February 2014. Furthermore, several European countries
issued warnings against travelling to Sinai, Egypt, after a tourist bus was bombed in the country,
killing three South Koreans. In an attempt to revive the countrys tourism sector, the

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STR Global Data, Middle East/Africa Hotel Sector Performance for February 2014
2
HotStats MENA Chain Hotels Review


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government has been inviting security delegations from foreign countries to visit Egypt, assess
safety measures at tourist areas across the country, and lift travel bans.
AVERAGE DAILY RATE (ADR)
ADR increased the most in Dubai (the UAE), rising 9.7% to $287.0 as several important events
held during the month allowed hotel owners to hike rates.
Abu Dhabi (the UAE) reported the largest decrease in ADR, which declined 22.9% to $148.7 in
February 2014. This was largely ascribed to an exceptional month in the previous year (February
2013), when Abu Dhabi hosted the International Defence Exhibition and Conference (IDEX)
2013, a biennial mega-event, which allowed hotel operators to charge higher rates.
REVENUE PER AVAILABLE ROOM (REVPAR)
In February 2014, Manama (Bahrain)s RevPAR grew the most, increasing 37.7% to $120.1,
followed by that of Amman (J ordan), rising 15.2% to $97.2. Growth in both these markets was
primarily due to increased occupancy rates.
Despite the increase in the number of visitors that boosted occupancy rates, Abu Dhabis
RevPAR declined 14.6% to $130.4 in February 2014, impacted by the 22.9% decline in ADR. In
contrast, Dubais RevPAR rose 7.3% to $321.6 in February 2014, primarily as ADR improved 9.7%
during the month.
In Saudi Arabia, J eddahs RevPAR increased 7.2% to $200.0, driven by 1.2 pps growth in
occupancy rates.
Kuwaits RevPAR declined 16.4% to $135.9 as the 1.2% increase in average room rates was not
sufficient to offset the impact of 5.5 pps fall in occupancy rates.
The RevPAR for Sharm El Sheikh (Egypt) fell 12.4% to $22.2 due to a 10.9% decline in average
room rates. This was ascribed to further rate reductions, as suggested by the countrys tourism
minister, in an attempt to develop affordable travel packages to attract tourist inflows and
revive the countrys tourism sector.
Beirut (Lebanon)s RevPAR decreased 31.4% to $55.6, the largest decline in the region. This can
be ascribed to the 7.9 pps fall in occupancy rate during the month.
Table 1: Statistics in key MENA countries
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Occupancy ADR Occupancy ADR
Country Feb 2014 Feb 2013 Feb 2014 Feb 2013
DecFeb
2014
DecFeb
2013
DecFeb
2014
DecFeb
2013
Egypt 45.1% 48.0% EGP421.2 EGP442.9 42.3% 47.6% EGP432.1 EGP443.2
Saudi Arabia 75.4% 73.5% SAR707.5 SAR658.6 69.1% 63.1% SAR742.0 SAR741.4
UAE 84.1% 83.7% AED882.9 AED857.2 80.9% 79.6% AED897.1 AED849.4


3
STR Global Data, Middle East/Africa Hotel Sector Performance for February 2014, Aranca Analysis
Denotes increase in parameter Denotes decrease in parameter


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03
UAE Tourism Industry
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The UAEs tourism sector has been expanding over the years, with international
tourist arrivals expected to reach 39.9 million by 2024. Growth is driven by the
governments active participation in developing the sector, supported by public and
private investments
International tourist arrivals to reach 39,937,000 by 2024: In 2013, the UAEs travel and
tourism sector ranked 32
nd
worldwide, in terms of absolute contribution to GDP. The
UAE generated revenue of United Arab Emirates Dirham (AED) 80.9 billion from
international tourists in 2013. The number of international tourists visiting UAE is
estimated to reach 39,937,000, with revenues expanding at a CAGR of 2.4% to
AED105.4 billion during 201424. This can be ascribed to increased demand for hotels
and other tourism-related industries, including travel agents, airlines, restaurants, and
leisure industries.
Direct contribution to GDP to touch AED80.1 billion by 2024: The travel and tourism
sectors direct contribution to GDP is estimated to increase at a CAGR of 3.1% to
AED80.1 billion (4.0% of GDP) in 2024 from AED56.5 billion (4.0% of GDP) in 2013.
Leisure tourism accounts for major share: Spending of inbound and domestic tourists
on travel totaled AED109.3 billion in 2013. Leisure tourism accounts for the majority
(78.6% or AED85.9 billion) of travel spending, whereas business travel spending
constitutes the remainder (21.4% or AED23.4 billion).
Leisure spending to grow faster during 201424: Leisure travel spending is anticipated
to increase 3.6% y-o-y to AED89.0 billion in 2014 and expand at a CAGR of 2.5% to
AED113.5 billion until 2024. Spending on business travel is estimated to grow 4.2% y-o-y
to AED24.4 billion in 2014 and rise, thereafter, at a slower pace, registering a CAGR of
1.6%, to AED28.7 billion by 2024.
Investments in travel & tourism sector to grow 5.1% during 201424: Capital investments
in the travel & tourism sector are estimated to grow 9.7% y-o-y to AED23.0 billion in
2014. During 201424, investments are expected to increase at a CAGR of 5.1% to
AED37.8 billion.
Introduction of Dubai Vision 2020: In 2013, the Dubai Department of Tourism and
Commerce Marketing (DTCM) introduced Dubai Vision 2020, with an objective to

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WTTC and Desk Research


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develop the tourism sector and transform Dubai from a regional events hub to a global
destination for events and entertainment.
o The DTCM targets doubling the number of tourists visiting the emirate from 10
million in 2012 to 20 million by 2020 and tripling the tourism sectors annual
contribution to the emirates economy.
o The DTCM is supported by public and private bodies, to achieve the
objectives of Dubai Vision 2020, in preparing the required infrastructure. Dubai
is expected to add about 29,000 new hotel rooms by 2016 which would
increase the total count to 113,000 rooms from an estimated 84,000 rooms
currently.
o Dubai Expo 2020, on the other hand, is expected to receive more than 25
million visitors, 70% of which would be from outside the UAE. About 45,000 new
hotel rooms would be required for the event, reflecting 6.4% growth every year
until 2020. The Government of Dubai has announced plans to invest about
AED26 billion on infrastructure projects in the coming years to support the
Dubai Expo.
Dubai ranked 23
rd
in the Top 52 Places to Go in 2014: In 2014, Dubai ranked 23
rd
in the
New York Times list of Top 52 Places to Go in 2014. The emirates entry in the list was
supported by various developments in the tourism sector, such as Dubai winning the
bid to host Expo 2020, the launch of Dubai Vision 2020, and infrastructural
development projects, including Dubai World Central Al Maktoum International
Airport, several new hotels, and upcoming leisure & entertainment attractions.
Abu Dhabi to witness growth in business tourism: Growth in the UAEs tourism sector
can be ascribed to its rising popularity as a regional hub for visiting friends and relatives
(VFR) as well as meetings, incentives, conventions, and exhibitions (MICE). Furthermore,
Abu Dhabi is expected to attract 3.2 million tourists in 2014 vis--vis 2.8 million in 2013,
up by 15%. Abu Dhabi has become one of the most attractive venues for business and
global events and more tourists are expected to visit the emirate for business and
conference purposes in 2014.
Introduction of Tourism Dirham fee: Hotels in Dubai started charging a tourism fee,
called Tourism Dirham, with effect from March 2014. The tourism dirham is a minimum
fee, in the range of AED720, charged by hotels, hotel apartments, guesthouses, and
holiday homes to help fund projects for Expo 2020. The funds raised would support the
promotion of Dubai and drive the emirates tourism and trade sectors.
Dubai launches a medical tourism strategy: In 2014, the Dubai Health Authority (DHA)
developed a four-theme medical tourism strategy of competitiveness, determining
priorities, competitive markets, and medical specializations to set up price benchmarks
to attract tourists and visitors by providing high-quality health services at reasonable
prices. This plan is aimed at creating a health system that provides exceptional services
from the medical tourism perspective. The initiative is expected to generate revenue
of AED 1.2 billion and make Dubai a leading medical tourism destination globally.


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04
Theme: Wellness/Medical
Tourism
5

The revenue contribution of wellness/medical tourism in the Middle East is expected
to reach $2.0 billion by 2016; governments across the region, particularly Jordan, the
UAE, Saudi Arabia, and Turkey, are working toward the development of the sector
Global medical tourism sector to reach $100 billion in the next five years: According to
a report by the World Bank, the global medical tourism sector is estimated to expand
to about $100 billion within the next five years from $60 billion currently. Growth would
be driven by the rising global aging population and increasing medical costs. Patients
are travelling cross-border to save money or avoid the long wait for treatment in their
home country.
Middle East to attract 753,500 medical tourists by 2016: The medical tourism industry in
the Middle East is estimated to witness an influx of 753,500 tourists and generate
revenue of about $2.0 billion by 2016. J ordan, which has about 106 hospitals, leads the
medical tourism industry in the Middle East, offering state-of-the-art medical treatment
facilities.
Turkeys revenue from medical tourism to reach $408.0 million by 2016: Turkey is the
second largest country in the Middle East in terms of inflow of medical tourists and
revenue from medical tourism. The countrys strategic location makes it a well-known
medical tourism destination. Turkey is expected to garner medical tourism revenue of
$408.0 million by 2016, driven by growth in the number of medical tourists due to the
creation of health zones in the country by 2014.
Dubai targets attracting 500,000 medical tourists a year by 2020: In 2012, Dubai
received an estimated 107,500 medical tourists, who accounted for about 8.7% of total
healthcare revenue. According to the Dubai Health Authority (DHA), the number of
patients visiting Dubai is increasing at a CAGR of 15%. Moreover, Dubai has developed
a two-phased medical tourism strategy, with an aim to attract about 500,000 medical
tourists per year and generate revenue of AED2.6 billion by 2020. The strategy is divided
into two phases: phase one extends until 2016 and phase two until 2020. The city is
expected to add 18 private and four public hospitals as well as more than 3,800 staff
members to the private healthcare sector.

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DHCC takes initiatives to support growth of medical tourism sector: Dubai Healthcare
City (DHCC) is taking several initiatives to attract medical tourists to the city. The body
plans to create dedicated facilities for spa resorts, sports medicines, waterfront
residences, and nutrition centers. It has recently appointed dedicated facilitators, who
connect patients to doctors and help them arranging for their travel, accommodation,
and transportation from pre- to post-treatment.
UAE introduces new visa rules to attract foreign medical tourists: The UAE has the
highest number of J oint Commission International (J CI) certified hospitals in the region
and is expected to play an important role in the development of the medical tourism
sector in coming years. The UAE recently introduced a new three-month medical
tourist visa that is extendable twice up to nine consecutive months to attract foreign
tourists. In addition, the country has been granting short-stay visas to specialist doctors,
even for one-day trips.
Saudi Arabias medical tourist arrivals to reach 105,000 by 2016: The number of
medical tourists in Saudi Arabia is expected to increase at a CAGR of 20% during 2012
16 to reach 105,000 by 2016. The Saudi Commission for Tourism and Antiquities (SCTA)
plans to launch marketing programs to promote KSA as a provider of high-quality
healthcare services at affordable costs. Moreover, SCTA intends to open more private
healthcare facilities and deploy additional resources at these facilities to ensure
patients receive better attention and care.
Jeddah aims to become the medical tourism hub of Saudi Arabia: The Kingdom is
taking significant efforts to improve its marketing program to promote J eddah as the
medical tourism hub of Saudi Arabia. The citys government is working in co-operation
with the national Ministry of Health to develop marketing programs. J eddah, through
its 40 hospitals and various specialized private clinics, has the facilities for a variety of
medical treatments and services.


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17,135
16,627
5,633
3,231
2,966
Saudi Arabia
United Arab
Emirates
Qatar
J ordan
Egypt
Active hotel pipeline, by country
(Number of rooms)
05
Hotel Pipeline and
Expansions
In February 2014, the number of hotels and rooms in development expanded 2.6% y-
o-y to 504 and 123,631, respectively, in the Middle East & Africa (MEA)

HOTEL CONSTRUCTION PIPELINE
6

As of February 2014,
MEAs active hotel
development pipeline
comprised 504 hotels
with 123,631 rooms vis--
vis 491 hotels with
120,524 rooms in
February 2013.
Saudi Arabia accounted
for the largest share of
the total active pipeline,
with 13.9% of rooms,
followed by the UAE
(13.4% share). Qatar,
J ordan, and Egypt
accounted for 4.6%,
2.6%, and 2.4% of the
total active pipeline,
respectively.




6
STR Global News Release
Active pipeline includes projects in the
'In-Construction', 'Final planning', and
'Planning' phases
Countries that have more than 2,500 rooms under
construction are reported about


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NEW HOTEL OPENINGS AND EXPANSIONS
7

In April 2014, Action Hotels announced its partnership with Whitbread Plc to develop
Premier Inn Hotels across the Middle East. Four new Premier Inn hotels are in the
pipeline to open during 201416. A 166-bedroom hotel is scheduled to be launched in
late 2014 in the UAE, a 100-bedroom hotel is expected to open at the start of 2015 in
Saudi Arabia, a 119-bedroom hotel is planned to open at the beginning of 2015 in
Bahrain, and another 245-bedroom hotel is scheduled to open at the start of 2016 in
Dubai.
In April 2014, Alfardan Hospitality entered into a partnership with Kempinski Hotels to
develop Marsa Malaz Kempinski The Pearl, a new hotel to be located in Doha, Qatar.
The hotel is planned as a five-star property spread over an area of 500,000 square feet
and is expected to open in the last quarter of 2014.
In April 2014, Centara Hotels & Resorts announced its intention to open a new hotel in
Muscat, Oman. Centara Muscat Hotel, the new hotel, would be operated through a
management contract and is expected to open in J une 2015. The hotel would have
about 154 rooms, two food and beverage outlets, a swimming pool, a spa & fitness
center, and meeting room facilities.
In April 2014, Bin Haider Hospitality opened its five-star hotel Grand Excelsior Hotel
Sharjah, in the UAE. The new hotel is a 12-storey property with 180 rooms that was
launched to exclusively cater to GCC and international tourists.
In April 2014, Warwick International Hotels, a European luxury hotel operator, indicated
it plans to open three hotels in Saudi Arabia: one each in J eddah, Dammam, and
Riyadh. Furthermore, the company is expected to open one hotel each in Qatar,
Lebanon, and Iraq in the current year. With these additions, Warwick International
Hotels will own eight hotels, in total, in the Middle East by the end of 2015; in the long
term, the company plans to have 15 hotels in the region.
In April 2014, Langham Hospitality Group entered into an agreement with DAS Real
Estate to manage its The Langham Resort in Dubai. The new resort, scheduled to open
in 2015, would be located on the crescent of Palm J umeirah and have 323 rooms,
including 53 one- and two-bedroom suites.

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Zawya News and Desk Research


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06
Trends in Hospitality and
Tourism in GCC
SERVICED APARTMENTS
The serviced apartments industry in GCC has expanded, led by growth in the tourism
sector and the increasing presence of international brands. More than 9,856 serviced
apartment units would enter the industry during 201317 in KSA, UAE, and Qatar
alone due to increasing demand
Key Statistics/ Trends
8

Demand dynamics of GCC-branded serviced apartments market: The serviced
apartments market in GCC is segmented based on guests stay tenure. The average
length of stay in branded serviced apartments varies according to the regional
market. Long stay guests account for about 4274% of total demand in KSA and
Qatars branded serviced apartments market, whereas the UAE market focuses on
transient demand, where the long stay segment accounts for just 18% of total
demand.
UAE, the most developed serviced apartment market in GCC: The UAE is the most
developed market as a leisure destination, with Dubai accounting for about 66% of the
total supply of serviced apartments in the country, followed by Abu Dhabi and Sharjah.
The UAEs occupancy rates grew in the first six months of 2013 as occupancy levels for
Dubai rose 8.2%, Abu Dhabi 5.5%, and Sharjah 20.3%, leading RevPAR to increase
12.3%, 11.9%, and 0.8%, respectively. According to the Dubai Statistics Center, Dubais
serviced apartment sector expanded at a steady rate in the last five years, where the
number of guests and length of stay increased at a CAGR of 14% and 19%,
respectively.
UAEs serviced apartment market attracts customers from within GCC: Demand
seasonality is similar to that of hotels in the UAE, with strong demand during J anuary
March and OctoberDecember. In the UAE, serviced apartment customers are
primarily from within GCC, with KSA being the largest contributor. Guests prefer
serviced apartments over hotels as they are more cost effective, have kitchen
facilities, and do not provide alcohol.

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Local brands and ageing properties dominate KSAs serviced apartment market: In
KSA, serviced apartments are classified as furnished apartments by SCTA. KSAs
serviced apartment market is characterized by the presence of aging, low-quality
properties with limited facilities. Most properties are either locally branded or
standalone and do not have any international brand tie-ups. In the first half of 2013,
occupancy levels declined 3.4% and 2.1% y-o-y in Riyadh and J eddah, respectively,
whereas occupancy levels in Dammam-Khobar increased 4.6%. In contrast, Riyadhs
RevPAR declined 4.8%, while that for J eddah and Dammam-Khobar grew 8.7% and
7.5%, respectively.
Majority customers originate from local market in KSA: In KSA, domestic tourism
contributes about 89% of overall demand for serviced apartments. This trend can be
ascribed to the absence of international brands in KSAs serviced apartment segment.
International tourists prefer to stay in branded apartments and the lack of such
apartments drives international visitors away from serviced apartments in KSA. Marriott
Executive Apartments, the first internationally branded serviced apartment in Riyadh,
Saudi Arabia, were launched in 2012. Consequently, the serviced apartments market is
expected to attract the attention of other major international players that would fill the
demand-supply gap in the countrys serviced apartments market in the coming years.
Large supply of deluxe serviced apartments in Doha: In terms of supply, Doha is the
largest city in Qatar and houses about 79% of total serviced apartment supply,
classified as deluxe, whereas the remaining 21% is classified as standard. Overall, just
28% of the total stock is internationally branded. In the deluxe category, 34% of the
total stock is internationally branded, whereas no international brands exist in standard
serviced apartment category in Doha.
About 30% of total properties in Bahrain are serviced apartments: In Bahrain, which has
84 properties, serviced apartment represents about 30% of the total size of the
hospitality industry. The countrys serviced apartment segment, particularly
internationally branded players, performed better than other traditional hotel
segments. About 30% of total apartments are internationally branded in Bahrain.
Significant expansion plans in the pipeline: Between 2013 and 2017, KSA is expected to
add about 6,495 serviced apartment units, primarily in Riyadh and J eddah, whereas
the UAE is projected to add 2,836 units, largely in Dubai and Abu Dhabi. Qatar is also
anticipated to add 525 serviced apartment units during the same period.
Brand power and online presence drive growth: Demand for serviced apartments has
increased in GCC, led by the growth in the number of business travelers and
expatriates who prefer longer stays at reasonable prices. Furthermore, family-group
customers appreciate the flexibility of serviced apartments for longer stay options.
However, the market is characterized by non-standardized brands, with most
serviced apartments being converted from, or designed like, residential apartments.
Through global distribution systems (computerized reservation network), direct
bookings and website bookings contribute about 40% to total bookings; the markets
growth depends upon the strength of brands and their online presence.


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Major Brands/Expansion Plans
9

In April 2014, DAMAC Properties announced a new project which would be located in
Dubais J umeirah Village. The project, named Vantage, would be a 33-storey tower
with one-, two-, and three-bedroom fully furnished apartments. Vantage would be
operated by DAMAC Hotels, the hospitality arm of DAMAC Properties, and is
scheduled to be completed by the second quarter of 2017.
In March 2014, Hilton Worldwide signed a management agreement with First Qatar
Real Estate Development for a new 445-room hotel in Qatar, comprising a mix of
quality serviced apartments, penthouses, and townhouses. The project, named Hilton
Doha The Pearl Residences, is expected to be located in Doha and open in 2017.
In February 2014, Golden Tulip Hotels, Suites & Resorts MENA announced it intends to
open six hotels in the UAE, Saudi Arabia, and Tunisia. The group has begun constructing
a 355-key hotel and serviced apartment units in Saudi Arabia, expected to be
completed by 2017.
In December 2013, DAMAC Properties announced the first luxury serviced apartment in
Dubai World Central. The project, named TENORA, would be a 10-storey and 270-unit
tower offering a lively atmosphere in a prime location. TENORA is scheduled to be
launched in the second quarter of 2015.
In October 2013, Accor Middle East secured a management contract with API Hotels
and Resorts for a 201-unit upscale serviced apartment in Dubai. The project, named
Adagio Aparthotel Premium Dubai, is scheduled to open in 2014.
In May 2013, CapitaLands premiere serviced residence The Ascott Limited entered
into a management contract with Rafal Real Estate Development for its 230-unit Ascott
Olaya Riyadh. The unit would be built close to the King Abdullah Financial District in
Riyadh and is expected to be launched in 2015. This unit would increase the Ascotts
GCC portfolio to about 1,300 serviced apartment units across seven properties in GCC.



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Disclaimer:
This material is exclusive property of Aranca. The information, opinions, estimates,
and forecasts contained in this report have been determined or obtained from
public sources believed to be reliable and in good faith. Aranca has not
independently verified these data and makes no assertion as to its accuracy,
reliability, or completeness. Aranca will not be held liable under any circumstances
for any direct or indirect loss or damage suffered as a result of the use of this
information. This newsletter is intended for the personal use of qualified users and
not for broader distribution. No part of this presentation may be used or shared,
modified or reproduced in any format without explicit written permission of Aranca.

2014, ARANCA. All rights reserved.


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