Latest news with #theMiddleEast
Zawya
25-03-2025
- Business
- Zawya
Global hospitality brands form 60% of Qatar's hotel rooms in 2024: Knight Frank
"As of the end of 2024, Qatar's total supply of quality hotel rooms stood at approximately 40,755 keys, with internationally branded properties accounting for 60% of this inventory," Knight Frank said in its latest report. Leading international hotel brands accounted for 60% of Qatar's total 40,755 hotel rooms during 2024, according to Knight Frank, a global property consultancy. "As of the end of 2024, Qatar's total supply of quality hotel rooms stood at approximately 40,755 keys, with internationally branded properties accounting for 60% of this inventory," Knight Frank said in its latest report. The global brands' growing exposure highlights the international appeal of the country, which according to the UN Tourism, has 'emerged as the dominant force' in the Middle East tourism market. The recently held 51st UN Tourism Regional Commission for the Middle East underscores Qatar's growing status as a regional and global hub in the tourism sector and its leadership role in promoting both regional and international co-operation. The total number of visitors to Qatar reached 5.08mn during 2024, reflecting a 25% increase on an annualised basis. The successful hosting of the FIFA World Cup has positioned Qatar as a key regional and global tourist destination. Highlighting that December alone witnessed as many as 594,079 visitors, marking a 14.6% year-on-year rise; Amar Hussain, Associate Partner (Research, Middle East) said, this surge underscores Qatar's growing appeal as a tourism destination, driven by enhanced infrastructure, global events, and continued investments in hospitality and leisure sectors. As a result of the increased influx of tourists, the hotel performance indicators in Qatar improved steadily in 2024, he added. The average daily rates (ADR) increased by 7.9% to QR441, while average occupancy levels rose by 19.1% to 68.8%. As a result, revenue per available room (RevPAR) shot up 28.5% to QR304. On retail sector, Knight Frank report said luxury and experience-driven retail continue to dominate, with high-end malls maintaining high occupancy levels despite some downward rent adjustments. Secondary malls are facing challenges, as newer lifestyle destinations like Lusail Boulevard and The Pearl attract more tenants. E-commerce growth is also reshaping retail strategies, with Qatar's online sales surpassing QR4.1bn in December 2024, marking an annual 32.2% increase, highlighting the emerging challenge for bricks and mortar stores. Qatar's retail market, otherwise, experienced a 1.5% decline in average annual lease rates, bringing the average rate to QR204 per sq m per month. "This reflects ongoing adjustments in rental pricing mainly due to increased supply," thecreport said. Lifestyle retail developments in prime locations command the highest rents at QR243 per sq m per month, driven by strong demand for premium brands and high consumer footfall. While, lifestyle retail food and beverage follows closely at QR242 per sq m per month, highlighting the steady demand for experiential dining and entertainment-driven retail, the report said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Al-Ahram Weekly
05-02-2025
- Business
- Al-Ahram Weekly
Egypt CBE hosts FSB Regional Consultative Group meeting for MENA - Economy
The Central Bank of Egypt (CBE) co-chaired the Financial Stability Board's (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) meeting, held in Sharm El-Sheikh on 29-30 January, the bank said in a release on Wednesday. The FSB is an international organization that strengthens and monitors the global financial system. In collaboration with financial authorities and international entities, it issues recommendations to promote economic stability worldwide. The RCG for MENA includes 23 members from countries such as Egypt, Saudi Arabia, UAE, Turkey, Tunisia, Qatar, Oman, Morocco, Lebanon, Kuwait, Jordan, Bahrain, and Algeria. Hassan Abdalla, governor of the CBE, and Ayman Alsayari, governor of the Saudi Central Bank (SAMA), led the event. Attendees included high-level officials, such as Khaled Mohamed Balama, governor of the Central Bank of the UAE; Bandar bin Mohammed bin Saoud Al-Thani, governor of the Qatar Central Bank; Khalid Ebrahim Humaidan, governor of the Central Bank of Bahrain; and Wassim Manssouri, acting governor of Banque Du Liban, along with senior representatives from member states. Governor Abdalla noted that Egypt's hosting of the FSB meeting aligns with presidential directives aimed at enhancing the country's role in international economic forums and promoting integration with Arab and African nations. He highlighted the RCG's critical role in addressing key issues for achieving financial and monetary stability and enhancing economic collaboration among member states. The meeting covered significant economic topics, including the FSB's recommendations for implementing a global crypto-assets framework, progress on cross-border payment systems among member states, and the board's initiatives and framework for 2025. Members discussed the FSB's 2024 progress report on the G20 roadmap for cross-border payments and the challenges to further improving transaction speed and cost. According to a statement by the FSB, these challenges include frictions that arise from the laws, rules, and regulatory requirements for collecting, storing, and managing data that must accompany a cross-border payment. Meanwhile, members shared experiences of crypto usage in their jurisdictions and progress in the regulatory frameworks for crypto-assets and stablecoins, including challenges in implementing the FSB's recommendations. Members also exchanged views on global and regional market developments, including perspectives on the outlook for financial stability and geopolitical risks. They noted that high levels of sovereign debt could become a source of vulnerabilities. Short link:
