Home > Insights > Dubai’s hotels have witnessed a 3.4% (y-o-y) rise in occupancy rates which amounted to 76.1% in August 2016.
Tuesday, 20 Sep 2016

Dubai’s hotels have witnessed a 3.4% (y-o-y) rise in occupancy rates which amounted to 76.1% in August 2016.


Insights MENA

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Economic Outlook

Economic Outlook

  • Dubai's hotels have witnessed a 3.4% (y-o-y) rise in occupancy rates which amounted to 76.1% in August 2016. Yet, the average daily rate dropped by 10.2% and hence revenues per available room fell by 7.1%.
  • Tunisia's manufacturing industries exports have increased by 5.1% reaching 17.1 BN TND in the first eight months of 2016 compared to last year. This was mainly driven by the positive performance of mechanical and electrical industries whose exports have increased by 13.8%.
  • According to Egypt's minister of housing, Egypt's government is allocating 330 MM EGP for the development of slums in Red Sea cities.The project is set to build around 460 homes and 35 buildings in Hurghada, Safaga and Al-Qusayr.
  • The Iranian oil minister has announced that the country's oil exports have been increasing throughout 3 consecutive months by 62% reaching 257,000 barrels per day (bpd) in July 2016 compared to the same period last year.
  • Saudi Arabia's public taxi companies raised their transportation fees by 50% on Arafat day-Eid night-. It is worthy to note that this is considered one of the most important seasons for them.
  • Due to falling oil prices and liquidity shortage, the earnings of Gulf-listed firms dropped by 8% in H1-2016, where the net profits of over 650 firms on the region's stock market reaching 32.8 BN USD compared to 35.6 BN USD in H1-2015. 
  • According to the annual report issued by the Saline Water Conversion Corporation (SWCC), Saudi Arabia produces 18% of the world's desalinated water. It is worthy to note that SWCC runs the kingdom's 28 desalination plants on the Red Sea and Arabian Gulf coasts.
  • Qatar's exports to its top five destinations - Japan, India, South Korea, United Arab Emirates, and Thailand - have reached 9.86 BN QAR, where Japan and India were ranked first and second top importers.
  • Over 2,000 employees lost their jobs in Lebanon's capital, Beirut, as Companies, firms, NGOs and some news and advertising agencies are laying off staff due to the sharp decline in the business volume in Beirut.
  • Egypt's international cooperation minister has announced that the country has received the first 1 BN USD tranche of a 3 BN USD three-year loan from the World Bank aimed at supporting the government reform program.
Political Events

Political Events

  • The Saudi-led air strikes in Yemen have killed 21 civilians during two separate air strikes as fighting intensified in the country before Al-Adha feast.
  • Mexico has reached a compensation agreement with the Egyptian government after an Egyptian army aircraft accidently shot a group of Mexican tourists killing 8 Mexicans and 4 Egyptians and wounding 6 Mexicans in September 2015. The agreement states that the former pays a financial compensation to the victims.
  • Three Qatari members of a Gulf Arab military coalition have been killed during operations in Yemen. It is worth mentioning that the incident is Qatar's highest single death toll in the 18-month conflict.
Stock Market

Stock Market

  • .EGX's banking sector has witnessed an increase led by the Commercial International Bank (CIB).
  • .TASI's petrochemical sector has increased led by Saudi Basic Industries Corp (SABIC) and Saudi Arabian Fertilizer Co. (SAFCO). In addition, the telecommunication sector went up backed by Mobily and Zain.
  • .ADI's telecom sector increased supported by Etisalat. On the other hand, the real estate sector's declined led by Aldar.
  • .DFMGI's real estate sector gained as Union Properties (UP), Damac Properties and Arabtec Holding climbed. In addition, the investment sector increased led by Dubai Investments and DFM Company.
 
Index Watch list
Weekly % Change
YTD% Change
Egypt
.EGX30
0.6%
16.9%
Construction & Materials
0.5%
-20.2%
Telecommunication
-0.3%
55.2%
Banking
1.8%
22.9%
KSA
.TASI
-0.8%
-10.6%
Petrochemicals
3.7%
6.5%
Banks & Financial Services
3.3%
-12.9%
Telecommunication & Information
0.6%
-17.5%
Kuwait
.KWSE
0.4%
-3.3%
Banking
1.4%
-12.6%
Telecommunication
0.6%
-2.3%
Financial Services
2.2%
-4.3%
Real Estate
-0.5%
-12.5%
Industrials
0.1%
10.5%
Qatar
.QSI
-2.8%
1.0%
Banking & Financial Services
-3.7%
2.2%
Industrials
-1.5%
0.6%
Real Estate
-2.7%
8.5%
Telecommunication
-3.8%
21.3%
UAE, Abu Dhabi
.ADI
0.80%
4.9%
Banking
1.34%
-3.8%
Telecommunication
0.8%
23.3%
Real Estate
-1.9%
19.1%
UAE, Dubai
.DFMGI
0.2%
11.7%
Banking
-0.92%
0.8%
Real Estate & Construction
1.0%
16.2%
Investments & Financial Services
1.1%
8.3%
Telecommunication
-0.2%
29.8%
Companies Transactions

Companies Transactions

  • The Royal Dutch Airlines, KLM, has announced that it will suspend its flights to Cairo starting January 2017 as a result of Egypt's foreign currency problems. Egypt has been facing a dollar shortage which is hindering some companies' ability to repatriate earnings and transfer money abroad.
  • Shanghai Safbon, Water Service Company Limited is planning to establish a recycling plant worth 200 MM USD in Egypt. The plant will be located in Kafr El-Sheikh, with a capacity of 1,500 tones.
  • Abraaj group has announced that it has sold all its investments in Colombia's Koba international for an undisclosed amount to capital group private markets.
  • According to the International Air Transport Association (IATA), Middle East carriers posted the strongest growth across various regions in July 2016, with a 13.1% (y-o-y) increase.
  • Alphabet Inc's Google is planning to acquire the software developer company Apigee Corp for 625 MM USD to be paid in cash. Google will pay Apigee shareholders 17.40 USD for each share held.
Sports and Culture

Sports and Culture

  • Facebook Inc. and Twitter Inc. have joined a network of over 30 news and technology companies to tackle fake news and improve the quality of information on social media. Members of the group include the New York Times, Washington Post, Buzz Feed News, Agence France-Presse and CNN.
  • Instagram, has launched a new feature that allows its users to control the comments posted on their pictures where users list words that they consider offensive or inappropriate and then comments with those words would be hidden from the user's posts.
  • Four open water swimming races will be held at the Sheraton Jumeirah Beach Resort in Dubai on 8th of October with over 200 swimmers. The distance will range from 250-2,500 meters.

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