The Swiss hotel group Mövenpick is eyeing entry into Abu Dhabi as the capital grows its tourism offerings.
Demand for hotel rooms in Abu Dhabi outstripped supply in March, the research group STR Global said yesterday. Average occupancy levels stood at 83.3 per cent, a 4 per cent increase over the same period last year. However, the average room rate declined 4.9 per cent to Dh515.70, leading to a 1.1 per cent drop in the revenue per available room, a key measure of a hotel’s profitability, to Dh429.40.
Large trade fairs and exhibitions fuelled demand for hotel rooms last month, led by the four-day Integrated Offshore Commissioning course, and the week-long Abu Dhabi Aviation and Aerospace Week, which included the Abu Dhabi Air Expo and the Red Bull Air Race.
Mövenpick is currently in the final stages of signing a contract for a hotel in Abu Dhabi, according to Andreas Mattmüller, the chief operating officer at Mövenpick Hotels and Resorts for Middle East and South Asia.
“Entering a destination is a long-term decision and commitment to the destination does not depend on economic cycles,” he said.
This year, it will open Mövenpick Hotel City Star Jeddah with 230 rooms and a third property in Doha with 136 rooms.
It plans to open two more properties in Dubai in the next two years. Mövenpick Hotel Apartments Downtown Dubai with 246 apartments is expected to open next year. The opening of the 251-room Mövenpick Hotel Dubai Media City has been pushed to 2018.
Mövenpick said it expects to add 15 properties in the Middle East by 2020. It currently operates 30 hotels in the Middle East. In the UAE, it operates six hotels, all of which are in Dubai.
As part of the strategy it is looking at projects in Muscat, Sohar and Salalah besides Abu Dhabi, Fujairah and Ras Al Khaimah, Mr Mattmüller said.
Dubai, which had around 78,184 hotel rooms at the end of November, according to STR Global, is expected to add more in the run-up to Expo 2020. Room rates have been dropping in the city as more inventory comes into the market.
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Company%20Profile
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Australia: Jedinak (53', 72' pen, 85' pen)
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Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Company%20profile
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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The%20specs
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COMPANY%20PROFILE
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The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
COMPANY%20PROFILE
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Company%20Profile
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The%20specs%3A%20Macan%20Turbo
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UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Company%20profile
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi