Louvre Hotels advances its influence in KSA, signs up 12 properties

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Updated 02 June 2022

Louvre Hotels advances its influence in KSA, signs up 12 properties

Paul Diab, vice president of operations, Middle East and North Africa region, Louvre Hotels Group. (AN photo)
  • We are currently looking at 14 properties and have 12 in the pipeline that are signed, top official says
  • We are concentrating not only on the big cities but also on other destinations. When the tourists come, they will also want to visit smaller cities

RIYADH: Paris-based Louvre Hotels Group has signed up 12 properties and identified 14 locations to fuel its expansion plans in Saudi Arabia, said a top executive.

“We are currently looking at 14 properties and have 12 in the pipeline that are signed. We also have another six to eight properties that are under negotiation across different destinations in the Kingdom,” Paul Diab, vice president of operations, Middle East and North Africa region, Louvre Hotels Group, told Arab News.
The locations under consideration include places such as Alkhobar, Jazan, Jeddah, Makkah, Madinah and Riyadh.

HIGHLIGHTS

• The locations under consideration include places such as Alkhobar, Jazan, Jeddah, Makkah, Madinah and Riyadh.

• According to the official, the Red Sea and Abha are important destinations as the Kingdom aims to attract 100 million visitors.

• Louvre Hotels Group already operates 16 hotels in some of the most sought-after locations in Saudi Arabia.

• The hospitality major ventured into the Kingdom in June last year with the launch of Golden Tulip Riyadh. The hotel has 94 rooms, including 15 suites.

“We are concentrating not only on the big cities but also on other destinations. When the tourists come, they will also want to visit smaller cities such as Abha, which has unique things to offer,” said Diab.
According to Diab, the Red Sea and Abha are important destinations as the Kingdom aims to attract 100 million visitors as part of the Vision 2030 blueprint.
“Louvre is keen to make sure that at least one or two of our brands are available to be part of the giga-projects,” he said.
Louvre Hotels Group already operates 16 hotels in some of the most sought-after locations in Saudi Arabia.
He further added: “With our experience being in the region for the last 35 years, we have seen different cities also have big growth, which gives us an advantage to be part of the growth that’s happening in the Kingdom.”
The hospitality major ventured into the Kingdom in June last year with the launch of Golden Tulip Riyadh. The hotel has 94 rooms, including 15 suites.


Dubai’s real estate sector most transparent in MENA: JLL Index

Dubai’s real estate sector most transparent in MENA: JLL Index
Updated 15 sec ago

Dubai’s real estate sector most transparent in MENA: JLL Index

Dubai’s real estate sector most transparent in MENA: JLL Index

DUBAI: The real estate sector in Dubai has been named the most transparent in the Middle East and North Africa region, according to JLL’s latest Global Real Estate Transparency Index, also known as GRETI.

This is for the first time that Dubai’s real estate sector is entering the transparent tier, and is the only city in the region to enter the list.

“The government’s ongoing efforts that are driving digital services and data provisions, new regulations and sustainability reporting have helped advance Dubai’s ranking in this year’s Global Real Estate Transparency Index, which is an important guide used for cross-border investment and corporate occupiers to inform their decision making,” said Sultan Butti bin Mejren, director general of Dubai Land Department.

In the overall global list, Dubai is placed 31st on the overall global list, while Saudi Arabia ranked  49th, which indicates a semi-transparent market.

“The Kingdom scored particularly well in the category of Listed Vehicles’ Corporate Governance transparency. KSA also scored well on its Investment Performance transparency,” said JLL in a statement.

Abu Dhabi which ranked 45th globally gained one rank and maintained its position in the “Semi-Transparent” tier.

The UK ranked first in the list of 99 countries, followed by the US, France, Australia, Canada, the Netherlands, Ireland, Sweden, Germany, and New Zealand.

China is placed 30th on the list, while India is on the 36th spot.

According to the report, ranks until 34 come under the transparent tier, while 35th to 56th are considered semi-transparent. 

 


Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic
Updated 11 min 24 sec ago

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

RIYADH: Fawaz Abdulaziz Alhokair Co. has turned into profit in its fiscal year ended March 31, supported by a post-pandemic rebound in sales.

The Saudi retailer made SR38 million ($10 million) in profit, after erasing losses of SR1.11 billion from a year earlier, according to a bourse filing.

The profit hike was coupled with a 40-percent rise in revenue due to a gradual ease of COVID-19 restrictions which led to a recovery in trading activity and consumer spending.

Revenues reached as high as SR5.9 billion by the end of the fiscal year.

“The robust results are supported by the trading activity returning to pre-pandemic levels, the successful execution of the operational upgrade strategy, and the strength of our teams across the business,” said interim CEO Mohamad Mourad, commenting on the results.

Based on the strong foundation set during the past year and the positive momentum in key markets, he said the company expects to build on its growth trajectory to deliver a credible performance in the fiscal year 2023.


Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil
Updated 29 min 33 sec ago

Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil

MADRID: US President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output.

Asked at a press conference in Spain if he would ask the Saudi leaders to increase oil production, Biden said “No.”

He said he had indicated that all the Gulf states should be increasing oil production generically, not Saudi Arabia particularly.

He said he hoped the countries would conclude that it was in their own interest to do so.

His comments came as The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Thursday to stick to earlier approved oil output increases in July and August and refrained from any policy discussions for September.

The decision to stick to the planned increases comes despite calls for bigger increases to tame crude prices.

Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

In their monthly video conference, which lasted about an hour, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.


Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons
Updated 43 min 35 sec ago

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

RIYADH: Eurozone unemployment fell to a record low in May as the economy continued to rebound from the COVID-19 pandemic.

The EU’s statistics office Eurostat said on Thursday that unemployment in the 19 countries sharing the euro fell to 6.6 percent of the workforce in May from a revised 6.7 percent in April.

The 6.6 percent rate is the lowest rate since records dating back to 1998, just before the official launch of the euro in January 1999.

UK balance of payments 

Britain racked up a record shortfall in its current account in early 2022, in part due to the soaring cost of its fuel imports, according to data that officials cautioned could be revised.

The balance of payments deficit — a measure of how much the country relies on money from abroad — ballooned to £51.7 billion ($62.8 billion) or 8.3 percent of gross domestic product between January and March.

Data from the Office for National Statistics also showed the increasing strain on households as their real disposable income shrank for the longest period on record.

Portugal’s inflation rise 

Portuguese consumer prices jumped 8.7 percent year-on-year in June, at their fastest pace since December 1992, up from 8 percent in May, flash data from the National Statistics Institute showed.

Core inflation, which strips out volatile food and energy prices, rose 6 percent year-on-year, the fastest rate since May 1994, up from 5.6 percent the previous month.

Russia’s invasion of Ukraine and the subsequent pressure on energy and food markets has stoked inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic

Hong Kong retail sales fall 

Hong Kong’s May retail sales fell 1.7 percent from a year earlier after a sharp increase the previous month, government data showed.

Sales eased to HK$29.1 billion ($3.71 billion), having jumped 11.7 percent in April. The government said that over April and May together there was a year-on-year increase of 4.7 percent.

(With input from Reuters) 


Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer
Updated 45 min 29 sec ago

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

RIYADH: Saudi Steel Pipe Co. has been awarded a deal worth SR58 million ($16 million) for the supply of oil and gas steel pipes to oil giant Aramco.

The contract will be valid for a year, a statement by the pipe manufacturer revealed.

The company expects the transaction to impact its financial statements starting from the last quarter of the year.