Home > Insights > The revenues of Abu Dhabi’s hotels increased by 46% in Q3-2020
Monday, 23 Nov 2020

The revenues of Abu Dhabi’s hotels increased by 46% in Q3-2020


Insights MENA

$ti2
Economic Outlook

Economic Outlook

  • Egypt is on track to receive the second tranche of its 2 BN USD IMF standby loan after it reached a staff-level agreement with the fund following a review of the 12-month program.
  • President Abdel Fattah El Sisi has authorized the government to deploy a new round of stimulus to support the economy through a second wave of the virus.
  • The Egyptian government expects the economy to grow at 5-3.8% clip in the current fiscal year. The range is higher than the outlook offered by Finance Minister Mohamed Maait earlier this month, who said that the economy is likely to grow between 2.8% and 3.5% during the year.
  • Eleven mining companies have been awarded 82 gold exploration blocks in the Eastern Desert under an Oil Ministry tender launched earlier this year. The companies will collectively spend at least 60 MM USD during the early stages.
  • Assets of Saudi banks listed on the Saudi Stock Exchange (Tadawul) grew by 1% on a y-o-y basis in Q3-2020, equivalent to 331.61 BN SAR (88.43 BN USD). Assets of 11 Tadawul-listed lenders stood at 2.68 TR SAR (716.23 BN USD) in Q3-2020 compared to 2.35 TR SAR (627.79 BN USD) in Q3-2019.
  • The revenues of Abu Dhabi's hotels increased by 46% in Q3-2020 compared to Q2-2020 adding that the number of hotel guests increased by 95%. In Q3-2020, Abu Dhabi witnessed the highest hotel occupancy rates and the third-highest revenue per room in the region.
  • The investments of the UAE banks in debt securities increased by 2% to 279 BN AED (75.96 BN USD) in September 2020 compared to 248.6 BN AED (67.68 BN USD) in September 2019.
  • The Central Bureau of Statistics revealed that Kuwaiti exports amounted to 99 BN KWD (22.85 BN USD) in the first seven months of 2020 (January-July), indicating a very huge decrease of 41% compared to exports of 11.8 BN KWD (38.58 BN USD) recorded during the comparative period of 2019.
Political Events

Political Events

  • Sudan walked away from negotiations over the Grand Ethiopian Renaissance Dam (GERD) scheduled to take place last Saturday, calling the previous rounds of talks “useless” and urging the African Union to step in to mediate the process.
  • Germany has approved 130 MM EUR arms agreement with Egypt which will see German shipmaker Lurssen deliver nine patrol boats and a coastal defense ship across the Mediterranean. Egypt is one of Germany’s biggest arms buyers, purchasing 290.6 MM EUR worth of equipment in Q1-2020.
Stock Market

Stock Market

  • Egypt financial technology company, e-finance, owned by the National Investment Bank (NIB), is expected to float its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX) by Q1-2021.
  • UAE stock markets have closed Sunday's trading session on a positive note, backed by a collective rise of blue chips. The Dubai Financial Market (DFM) index inched up 37% or 8.57 points to end Sunday's trading session at 2,324.68 points. A total of 108.95 million shares were traded through 2,257 transactions valued at 145.97 MM AED (39.7 MM USD).

Note: All values are calculated by last Thursday.

Companies Transactions

Companies Transactions

  • EFG Hermes and the Sovereign Fund of Egypt (SFE) will complete due diligence on the Arab Investment Bank (AIB) by February 2021 ahead of a potential acquisition of a 76% stake in the state-owned bank.
  • Sarwa Capital’s 2.5 BN EGP sukuk issuance was approved by the Financial Regulatory Authority’s (FRA) Sharia Supervisory Committee on Thursday, paving the way for it to become only the second company to issue sukuk in Egypt.
  • Etisalat will spend 5 BN EGP to upgrade its network infrastructure and invest in advanced technologies in Egypt in 2021. The company will focus its efforts on improving data transmission, and integrating AI, cloud computing and IoT technology into its network.
  • Egyptian e-commerce platform ExpandCart raised 5 MM USD in a series A funding round led by Sawari Ventures, Agility Ventures and Graphene Ventures. The platform was the only African startup to be accepted into Hong Kong’s Betatron accelerator program last year and received an investment of 150,000 USD.
  • Cleopatra Hospitals Group’s net profit increased 11% y-o-y in Q3-2020 to 80 MM EGP compared to 72.2 MM EGP in Q3-2019. Revenues grew 16% to 536 MM EGP in Q3-2020 compared to 462 MM EGP in Q3-2019.
  • AcwaPower is planning an initial public offering (IPO) in 2021, the company’s Chairman Mohammad Abunayyan revealed on Sunday. The offering will take place on the Saudi Stock Exchange (Tadawul), adding that the company is currently carrying out deals worth around 59 BN USD.
  • Saudi Telecom Company (STC) signed an agreement with Western Union to sell 15% equity stake in its fully owned subsidiary Saudi Digital Payments (STC Pay) for 750 MM SAR (200 MM USD).
  • Abu Dhabi Islamic Bank (ADIB) has granted 91 MM AED (24.77 MM USD) in Sharia’a-compliant structured financing to a private UAE-based client for a 141 MM AED (38.38 MM USD) acquisition on the UK's south coast. The acquisition will provide the client with a cash return of 8%.
  • Boursa Kuwait organized a virtual Corporate Day in collaboration with Morgan Stanley, one of the largest banking and financial services institutions in the world, from 18 until 19 November 2020. The conference, held virtually because of the spread of the coronavirus pandemic, was to highlight Boursa Kuwait’s recent developments, milestones, financial information and business outlook to prospective investors.
Sports and Culture

Sports and Culture

  • The Sound and Light Cinema Company has extended the bidding deadline for its tender to develop the sound and light show at the Giza Pyramids to 3 December from 5 November. Companies will be required to invest at least 15 MM USD in the project, and international firms would need to create an Egyptian joint stock company with a minimum capital of 25 MM EGP (1.59 MM USD).
  • Egyptian diver Saddam al-Kilany has succeeded in breaking the world record for the longest dive, after diving for over 143 hours in the Red Sea city of Dahab. 29-year-old Kilany will enter the Guinness Book of World Records much to the joy of his colleagues, fans, and the residents of Dahab.

Dubai

Office No. N307, North Tower,
Emirates Financial Towers, DIFC, Dubai, UAE
P.O Box: 506726
Tel: +9714 351 8187
info@multiplesgroup.com

Cairo

Zepter Office Building,
S5-6, Area 5, District 1, New Cairo, Egypt.
P.O Box: 11477
info@multiplesgroup.com

Nairobi

Kenya Block C, Ground Floor, Fortis Office Park Muthangari
Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800

BETA