The Dubai-based division of Millennium and Copthorne Hotels is entering Turkey despite a tourism slowdown.
The Middle East and Africa unit of the London-headquartered hotel company signed a deal with Altin Istanbul to operate the Millennium Golden Horn Hotel. The 125-room Istanbul property is expected to open next year.
The Golden Horn neighbourhood is located on the European side of Istanbul, and previously featured a trading harbour and a residential area during the Byzantine period. The property is spread over 11,000 square metres and features renovated historic buildings.
The Turkish tourism sector has nosedived after a series of terror attacks in the first half of the year and a coup attempt in July. This has been coupled with economic woes.
Still, the decline of the Turkish lira to its lowest against the US dollar in a year last week may offer some tourists better value for money.
During the second quarter, tourism income declined by 35.6 per cent to US$4.98 billion compared to the same period last year. The number of visitors decreased by 30.3 per cent compared to 7.49 million compared to a year earlier, according to the latest data from the Turkish Statistical Institute.
“The economic situation worsens as manufacturing, trade, retail and tourism slow down,” said Maya Shehayeb, an analyst at Euromonitor International. “The duration that the government will take to settle its international political conflicts and local tensions will dictate how quick it will improve the high-growth prospect.”
Millennium and Copthorne, similar to other UAE hotel operators looking to expand in Turkey, is banking on its popularity with Arabian Gulf visitors.
“We are confident that due to concrete measures put in place by the government, Turkey’s tourism industry is on the path to recovery,” according to Francois Kassab, the chief operating officer at Millennium and Copthorne for Middle East and Africa.
Jumeirah Group expects to open its third property in Turkey in 2018. Hotel operator Rotana will add three properties in Turkey before 2020.
Millennium and Copthorne currently operates 28 hotels, including 10 in the UAE, and has 12 hotels in the pipeline in the next year. It expects to expand its portfolio to 100 properties by 2020 in the Middle East and Africa region.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
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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
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded