German hospitality brand adds a touch of ultra-luxury to MENA with four new hotels

German hospitality brand adds a touch of ultra-luxury to MENA with four new hotels
Deutsche Hospitality operates 23 properties in the Middle East and North Africa region. (Supplied)
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Updated 09 May 2022

German hospitality brand adds a touch of ultra-luxury to MENA with four new hotels

German hospitality brand adds a touch of ultra-luxury to MENA with four new hotels

DUBAI: German hotel giant Deutsche Hospitality, which operates Steigenberger Hotels under its umbrella brand, plans to expand its offering in the Middle East this year with the addition of four new hotels under different brands.

“We plan to double the number of rooms we manage in the region by the end of the year,” said Siegfried Nierhaus, vice president of Deutsche Hospitality Middle East. “The demand for luxury, even during and post COVID-19, has always been very strong, especially in the Middle East.”

Early this year, the company signed a memorandum of understanding with the Tourism Development Fund of Saudi Arabia to launch and develop its new ultra-luxury brand in the region: Steigenberger Porsche Design Hotels.

“We are actively working with our partners to select the best location and develop the hotel project,” Nierhaus told Arab News.

“Consumers are increasingly choosing experiences over things, and Steigenberger Porsche Design Hotels is the only brand that combines the distinctive Porsche Design lifestyle with a Steigenberger hotel’s hospitality and service quality.”

First order of business

Offering a minimum of 150 rooms, suites, and penthouses, the hotels will include a restaurant and lounge concept, exclusive meet-and-greet areas, and state-of-the-art health and beauty facilities, including a gym and wellness area.

Guests will also benefit from an individualized journey at every touchpoint, driven by the hotel’s focus on hyper-personalization, innovation, and a functional approach.

“With international and domestic travel back on the rise, we are eager to present more unique experiences through our eight brands in more quality locations across the UAE, Oman, Qatar, Saudi Arabia and beyond,” he said. “The region has bounced back extraordinarily, and we look forward to welcoming more guests into our various properties.”

His optimism is grounded in data. According to a Hotel Tech Report released this year, the travel and hospitality industry understandably turned upside down during the pandemic; global revenue for travel and tourism fell by an estimated 34.7 percent to about $447.4 billion in 2020.

Now compare this with the original 2020 forecast was $712 billion in revenue. However, the figures are quickly recovering, particularly in the luxury hospitality sector.

Deutsche Hospitality operates 23 properties in the Middle East and North Africa region, with expansion plans mainly in the luxury hospitality category.

According to Nierhaus, Middle Eastern hotels get most of their traffic from the UAE, Saudi Arabia, India, Germany and Eastern Europe.

“Once China opens again, we believe that we will welcome back many Chinese customers,” he added. “The Middle East is a focus for our company, and we have, in Dubai, a full-fledged office with regional experts to support the development.”

By this year, the brand will open doors to two new properties: Al Hamra Residence and Al Hamra Village Hotel in Ras Al Khaimah, and IntercityHotel Muscat, Oman, with plans for two more. In addition, Saudi Arabia is on the radar as a fresh territory.

“The Kingdom of Saudi Arabia is one of the focus development areas for our group with many opportunities. The 2030 Vision is ambitious, and we would like to play our part in it with our hospitality expertise and global reach,” he said.


Bahri’s shareholders approve $1.3bn capital plan

Bahri’s shareholders approve $1.3bn capital plan
Updated 21 sec ago

Bahri’s shareholders approve $1.3bn capital plan

Bahri’s shareholders approve $1.3bn capital plan

RIYADH: Saudi shipping firm Bahri has received its shareholders’ approval to increase capital by 25 percent through issuing bonus shares.

The firm, which is a joint venture between Saudi Arabia's Public Investment Fund and Saudi Aramco, plans to raise capital from SR3.9 billion ($1.04 billion) to SR4.9 billion, according to a bourse filing.

Shareholders will get one bonus share for every four shares held.

“This recommendation aims to strengthen the capital base of the company to be matched with the size of assets and future projects,” Bahri said.

Formally known as the National Shipping Co. of Saudi Arabia, Bahri owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.


Saudi SISCO profit tumbles 98% following global supply chain disruptions

Saudi SISCO profit tumbles 98% following global supply chain disruptions
Updated 4 min 48 sec ago

Saudi SISCO profit tumbles 98% following global supply chain disruptions

Saudi SISCO profit tumbles 98% following global supply chain disruptions

RIYADH: Saudi Industrial Services Co., known as SISCO, posted a 97.5-percent drop in profit for the first quarter of 2022 as a result of ongoing disruptions in global supply chains, the company said in a press release.

The company said in a statement that its first-quarter profit fell to SR800,000, ($213,333) down from SR32.3 million in the same period a year earlier.

Along with the profit decline, revenue declined by 22.6 percent to SR196.2 million compared to SR253.6 million in the first quarter of last year.

SISCO, which is one of the leading strategic investors in ports and terminals and logistics parks, said the decline in profit and revenue resulted from disruptions in the global supply chain and the resumption of pandemic restrictions in China, which adversely affected gateway and transshipment volumes.

Its revenue and profitability in the water segment were impacted by a temporary decrease in production at the Kindasa facility for two months.

This decrease in production has been resolved, said the company, adding that it expects revenue to return to normal levels for the rest of the year.

“Whilst we are likely to continue to see the impact of this in Q2, we expect supply chain pressure to ease later in the year which will positively impact the ports and logistics segments,” said Mohammed Al-Mudarres, CEO at SISCO, in a press statement.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 39 min 29 sec ago

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s stock market retreated on Monday, as weak earnings disclosures weighed on investor sentiment.

The main TASI index shed 1.8 percent to close at 12,914, and the parallel market, Nomu, lost 1.3 percent to 22,540.

Stock exchanges of Qatar, Egypt, Bahrain, and Kuwait all recorded losses in line with Saudi Arabia, while Oman’s MSX30 was up 0.3 percent.

Oil prices crossed $113 on hopes that the ease of China‘s lockdowns restrictions will lead to demand recovery.

Brent crude is now trading at $114.21 a barrel, while US benchmark WTI crude reached $113.94 a barrel as of 9:23 a.m. Saudi time on Tuesday.

Stock news

Profits of Saudia Dairy and Foodstuff Co. went down by 20 percent in the year ended March 31, reaching SR209 million ($55 million)

Saudi Cable Co. was suspended from trading due to its failure to announce its annual financial results

Alinma Tokio Marine Co. turned into a profit of SR1.3 million in the first quarter of 2022

Hail Cement Co. swung into losses of SR6.9 million during the first quarter after it witnessed a drop in sales

Al Masane Al Kobra Mining Co.’s profits surged 21 percent last quarter to reach SR41.8 million

Saudi Industrial Services Co. saw its quarterly profits slip 97 percent from SR32 million to SR800,000 year-on-year

City Cement Co. posted a profit decline of 74 percent to SR17 million for the first quarter

Savola Group got its shareholders’ approval to distribute cash dividends of SR0.2 per share for 2021

Al Alamiya for Cooperative Insurance Co. turned into losses of SR20 million in the first three months of 2022

Watani Iron Steel Co. secured a loan valued at SR20 million to finance working capital

Wataniya Insurance Co.’s losses widened by 30 percent to SR24 million in the first quarter

Alkhorayef Water and Power Technologies Co. partnered with National Water Co. in a SR141 million deal for the construction of sewage networks in Taif city

Savola Group recorded a profit increase of 76 percent to SR271 million last quarter

Dur Hospitality Co. posted a 582 percent profit surge to SR12.8 million for the first quarter of 2022 on the back of the pandemic recovery

Astra Industrial Group’s profits surged 48 percent to SR74.7 million in the first quarter, buoyed by sales growth

AL-Jouf Cement Co. has appointed Wasatah Capital to advise on the potential capital increase through a rights issue process

Theeb Rent a Car Co. has opened a new branch in the east of Riyadh as part of its expansion plan, bringing its total number of branches to 53

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription

 


Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%
Updated 59 min 59 sec ago

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

Saudi Arabia’s Hail Cement swings into losses as sales drop 16%

RIYADH: Saudi Arabia’s Hail Cement Co. has reported losses of SR6.9 million ($1.8 million) in the first quarter of 2022 after it witnessed a drop in sales.

The cement producer had made profits of SR25.9 million in the same period last year, but a 16-percent decline in sales weighed on the current year’s results, a bourse filing showed.

The company’s revenue went down from SR82 million to SR69 million year-on-year.

Hail Cement also attributed the results to an increase in expenses, which led to operating losses of SR7.36 million during the quarter.


Change in Kindom is ‘profound’ and ‘historic,’ Princess Reema tells Arab Women Forum in Dubai

Change in Kindom is ‘profound’ and ‘historic,’ Princess Reema tells Arab Women Forum in Dubai
Updated 7 min 14 sec ago

Change in Kindom is ‘profound’ and ‘historic,’ Princess Reema tells Arab Women Forum in Dubai

Change in Kindom is ‘profound’ and ‘historic,’ Princess Reema tells Arab Women Forum in Dubai
  • Arab Women Forum and Top CEO Conference and Awards bring together top business leaders
  • The two-day event this week makes a return after a two-year hiatus during the pandemic

DUBAI: Saudi Arabia has millions of talented, motivated women, eager to contribute to the growth of the Kingdom, Princess Reema bint Bandar Al-Saud, Saudi Arabia’s ambassador to the US said in a keynote speech delivered to the Top CEO conference at the Palazzo Versace Hotel in Dubai on Tuesday.

Speaking via video at the start of the Top CEO Conference and Awards – the first to go ahead in-person after a two-year hiatus due to the pandemic – she said Saudi Arabia and the Arab world had recently experienced “profound and historic change for women in Saudi Arabia in the region.”

 “We know nations cannot keep half their talent on the side lines, and still expect to grow, transform,” she explained.

 

 

“We have millions of talented, motivated women eager to contribute, and they are the key to social, cultural and economic progress in the Kingdom and, frankly, in the Arab world and around the world.

“As a business leader in the Kingdom, when the doors to women were just starting to open, I realized that opening the doors wasn’t enough. Women had to be prepared to take advantage of those open doors, and we have to equip them with the skills.”

Thanking the event’s CEO, Julien Hawari, for inviting her to speak, Princess Reema spoke of Saudi Arabia’s strategies in combating any uncertainties that might stand in the way of progress, and the country’s plan for economic diversification, environment sustainability, and gender diversity.

And she described the TOP CEO conference as an event that brings what she called a “remarkable group of business leaders” together. 

 

 

She praised the Kingdom for being proactive in confronting the coronavirus pandemic head on by undertaking necessary public health and economic security measures.

As a result, she said, the Kingdom was now well-positioned to emerge as a global leader, adding that she saw the Arab population in the country as young, educated, tech-savvy and, as a result of that, its markets are growing — driven by technology and innovation. 

“Under vision 2030, Crown Prince Mohammed bin Salman’s bold plan to restructure Saudi Arabia’s economy, we’re diversifying from energy dependence. We’re embracing technology and sustainable development and we’re creating an inclusive society for all and opening opportunities for young entrepreneurs,” she said.

According to Princess Reema, the country started its metamorphosis more than seven years ago, and it was still transforming itself.

“It’ll be less reset and more restart,” she said, “In part, because we’ve recently experienced profound and historic change for women in Saudi Arabia in the region,” she said.

She went on to recall how, when she was the CEO of one of the Kingdom’s retailers, her workplace was the first in the country to provide day care — something unheard of at the time.

 

 

“In Saudi Arabia, I’ve not only seen the change, I’ve lived it. I know how important it is to open the workplace to women, and not just to encourage and promote equality and equity, but to plan for it … Because we understood that even if the doors were open, we had to not just prepare the women, we had to welcome them,” she said. 

Beyond that, Princess Reema has been active with working with women to prepare them to join the workforce by offering training and financial literacy courses.

She told the audience Saudi Arabia had more women with advanced degrees than men, and that women had fearlessly entered the workforce in under a generation — with the world taking notice. Apple recently opened an all-women coding school in Riyadh, and opportunities are multiplying.

 

 

The princess explained that while the country had made great progress, there was still much to do. She said Saudi Arabia needed to continue to prioritize renewable, sustainable, tech-driven and green initiatives, so that the Kingdom could create a more resilient public sector while fostering a robust private one. 

“We ‘reset’ by championing innovation, by encouraging inclusion by creating an environment where young people have brighter futures than their parents. And that’s the future. The future we must build together, harnessing creativity and ingenuity of all of our citizens, and rewarding business leadership that values diverse and inclusive workplaces and supports the creation of innovative and creative ecosystems where everyone can participate and contribute,” she concluded.

  • Arab News is a media partner of the Arab Women Forum and Top CEO Conference and Awards