Development drives hotel sector growth

DUBAI – Oil exploration and trade may have contributed to massive economic growth in the Middle East a few decades ago, but recent developments including economic diversification, market liberalisation and the establishment of internationally renowned business centres and financial zones have had a positive impact on the region’s balance sheet.

With extensive promotion in international markets about the benefits of business in the Middle East and the subsequent influx of foreign investment, it is not just the stock exchanges that are recording strong growth – the hotel sector has experienced a significant boost in demand. As the largest hotel operator in the region, InterContinental Hotels Group has witnessed a healthy growth in business in the Middle East during the past decade.Chris Moloney, Chief Operating Officer, InterContinental Hotels Group, Middle East and Africa, said: “The Middle East has always been an exceptionally vibrant market and an area that InterContinental Hotels Group has consistently achieved strong results.”In the past decade, especially with the initial introduction of an increased number of tax free trade zones, we have experienced wonderful growth and a higher level of demand than ever before at our properties that accommodate business visitors.Even though many major business projects are still in the development phase, the hotel sector is already experiencing the positive knock-on effect.We are witnessing the strongest growth in the UAE, Qatar, Saudi Arabia and Bahrain.”With more than six properties in the UAE, InterContinental has been caring for business guests for more than 30 years with its five-star InterContinental Dubai creeks-side property.Since the formation of the UAE in 1971, Dubai has developed rapidly from an oil and gas based state to a broad-based market economy.Now offering a world-class airline, Emirates Airlines and world-class tourism – including more than 30 five-star hotels, Dubai set itself as the forerunner in the Middle East with the establishment of Dubai Internet City and Dubai Media City.Hosting both Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in 2003-2004, Dubai and its first-class hotels were firmly established on the global stage.Across the Gulf, the future looks just as bright for the business and hotel markets.In Bahrain, InterContinental Hotels Group is forecasting strong growth with the development of the Bahrain Financial Harbour – which is a US$1,3 billion (N$8,32b) integrated master-planned development.With a reputation as one of the region’s leading banking and finance centres, the foundation stone for the development was laid in December 2002.To be built on a land area of 202,272 sq metres, construction on the project is likely to be completed by 2010.With the Crowne Plaza and an InterContinental property currently in Bahrain, InterContinental Hotels Group have already experienced a boost in business with the project underway.The future for the hotel sector is steadily growing in Saudi Arabia where the citizens of GCC countries have recently been given equal treatment in purchasing and exchanging Saudi stocks, including shares of banks, insurance companies and real estate firms.With one of the Middle East’s finest business properties in the Kingdom, the InterContinental Riyadh, the world’s largest hotel group has witnessed first-hand the development of business over the years.In Qatar – a market that has become a trailblazer in terms of economic growth – InterContinental Hotels Group has also experienced a positive upturn in occupancy rates at its InterContinental Doha property with the ongoing economic development.Attracting world attention with its forward-looking leadership, favourable economic and political climate and strategic importance, Qatar has further developed its international stance with expatriate and foreign investors recently welcomed by the Doha Security Market, which will provide the people of Qatar to prosper further.With a strong portfolio of properties in the Middle East, InterContinental Hotels Group is proud of its achievements in providing first-class service to visitors.- AME InfoAs the largest hotel operator in the region, InterContinental Hotels Group has witnessed a healthy growth in business in the Middle East during the past decade.Chris Moloney, Chief Operating Officer, InterContinental Hotels Group, Middle East and Africa, said: “The Middle East has always been an exceptionally vibrant market and an area that InterContinental Hotels Group has consistently achieved strong results.”In the past decade, especially with the initial introduction of an increased number of tax free trade zones, we have experienced wonderful growth and a higher level of demand than ever before at our properties that accommodate business visitors.Even though many major business projects are still in the development phase, the hotel sector is already experiencing the positive knock-on effect.We are witnessing the strongest growth in the UAE, Qatar, Saudi Arabia and Bahrain.”With more than six properties in the UAE, InterContinental has been caring for business guests for more than 30 years with its five-star InterContinental Dubai creeks-side property.Since the formation of the UAE in 1971, Dubai has developed rapidly from an oil and gas based state to a broad-based market economy.Now offering a world-class airline, Emirates Airlines and world-class tourism – including more than 30 five-star hotels, Dubai set itself as the forerunner in the Middle East with the establishment of Dubai Internet City and Dubai Media City.Hosting both Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in 2003-2004, Dubai and its first-class hotels were firmly established on the global stage.Across the Gulf, the future looks just as bright for the business and hotel markets.In Bahrain, InterContinental Hotels Group is forecasting strong growth with the development of the Bahrain Financial Harbour – which is a US$1,3 billion (N$8,32b) integrated master-planned development.With a reputation as one of the region’s leading banking and finance centres, the foundation stone for the development was laid in December 2002.To be built on a land area of 202,272 sq metres, construction on the project is likely to be completed by 2010.With the Crowne Plaza and an InterContinental property currently in Bahrain, InterContinental Hotels Group have already experienced a boost in business with the project underway.The future for the hotel sector is steadily growing in Saudi Arabia where the citizens of GCC countries have recently been given equal treatment in purchasing and exchanging Saudi stocks, including shares of banks, insurance companies and real estate firms.With one of the Middle East’s finest business properties in the Kingdom, the InterContinental Riyadh, the world’s largest hotel group has witnessed first-hand the development of business over the years.In Qatar – a market that has become a trailblazer in terms of economic growth – InterContinental Hotels Group has also experienced a positive upturn in occupancy rates at its InterContinental Doha property with the ongoing economic development.Attracting world attention with its forward-looking leadership, favourable economic and political climate and strategic importance, Qatar has further developed its international stance with expatriate and foreign investors recently welcomed by the Doha Security Market, which will provide the people of Qatar to prosper further.With a strong portfolio of properties in the Middle East, InterContinental Hotels Group is proud of its achievements in providing first-class service to visitors. – AME Info