MENA Tourism and Hospitality Report Theme: Shopping Tourism

July 2014

aranca.com

Table Table of Contents

01. MENA Tourism Synopsis .............................................................................................. 1

02. Hospitality Market Update ........................................................................................ 2

03. Bahrain Tourism Industry ............................................................................................ 4

04. Theme: Shopping Tourism ......................................................................................... 6

05. Hotel Pipeline and Expansions ................................................................................. 8

06. Trends in Hospitality and Tourism in GCC.............................................................. 10

MENA Tourism and Hospitality Report – July 2014 1

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01 MENA Tourism Synopsis MENA’s tourism industry witnessed a decline in visitors in Q1’2014 due to ongoing unrest in the region. However, the sector is expected to flourish in Q2’2014, driven by increasing consumer confidence and government support toward boosting tourism-related revenues

MENA TOURISM & HOSPITALITY

According to the United Nations’ World Tourism Organization (UNWTO) Confidence Index, the number of tourists visiting the Middle East declined almost 4% during Q1’2014, impacted by continuing unrest in the region. In Q1’2014, the Middle East was the only region to post a decline in visitor numbers globally. However, the UNWTO anticipates positive prospects for the region in Q2’2014, driven by increased confidence, particularly in the private sector.

In May 2014, key hospitality sector indicators improved in MENA. The occupancy rate grew 1.2 percentage points (pps) y-o-y to 63.5% and the average daily rate (ADR) increased 3.1% y-o-y to $154.14. Consequently, revenue per available room (RevPAR) rose 5.1% y-o-y to $97.94. During the month, the occupancy rate increased in Manama (Bahrain), Doha (Qatar), and Riyadh (KSA), whereas it decreased in Dubai (the UAE), Kuwait, and Egypt. In terms of ADR, Amman (Jordan) was the best performing market, rising 13.8% to $184.77, driven by various conferences held across the country. In contrast, Riyadh (KSA)’s ADR decreased the most (down 6.1% to $241.65). RevPAR expanded more than 20% in two markets, Manama (Bahrain) and Amman (Jordan), whereas it fell the most (4.0% to $49.40) in Cairo (Egypt), primarily impacted by the city’s lower occupancy rates.

Oman’s government aims to attract 12 million visitors by 2020 as compared to 2.1 million in 2013. In line with this, the country envisages and investment of $14.7m for the tourism sector between the 2011–15 period. Until May 2014, two five star hotels had been opened in Oman. A new passenger terminal at the Muscat International Airport, estimated to have a capacity of 12 million passengers annually, is also being constructed.

In July 2014, the Saudi Commission for Tourism and Antiquities (SCTA) launched a mobile phone-complaint service to allow citizens and expatriates to report any lack of proper facilities. This would allow the organization to improve services and facilities.

In July 2014, Reef Worlds, a Los Angeles-based dynamic reef developer, announced plans to create unique underwater theme parks for waterfront resorts in Qatar. This would provide the country global on the global dive and snorkel tourism market, valued at at $3bn. The Reef Worlds development team is in discussion with two resort developers for this project.

MENA Tourism and Hospitality Report – July 2014 2

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02 Hospitality Market Update12 The Middle East & Africa (MEA)’s hotel industry reported positive performance in May 2014. The occupancy rate rose 1.2 pps y-o-y to 63.5% and ADR grew 3.1% y-o-y to $154.14, resulting in a RevPAR increase of 5.1% y-o-y to $97.94

OCCUPANCY RATE

In May 2014, Manama (Bahrain) reported the highest increase in occupancy rates, which rose 13.0 pps y-o-y to 56.9%. Despite having a low base in 2013, occupancy grew the most in the country. This can be attributed to events hosted by the petrochemicals, property, and construction & architecture industries, along with several other conferences held during May.

In Doha (Qatar), the occupancy rate advanced 8.7 pps y-o-y to 75.8%. Occupancy rates in the city have historically been in the range of 67–68% in May. However, in May 2014, Doha had the highest occupancy rates in the past three years. The increase in occupancies can be ascribed to growth in the meetings, incentives, conferences, and exhibitions (MICE) segment, particularly due to QITCOM, the country’s largest information and communication technology (ICT) event, which was held during May 26–28 and drew in 11,000 attendees. Occupancy rates were further supported as Qatar Airways added four international routes as part of its expansion plan.

Occupancy rates in Riyadh (KSA) grew 9.8 pps2 to 68.6% due to robust demand from corporate companies. The city typically experiences lower corporate demand during May. However, various exhibitions, seminars, and conferences led to a high influx of corporate visitors.

Dubai (UAE)’s occupancy rates remained strong at 82.2% despite a marginal decline of 0.9 pps2. Leisure demand in the city was steady, accompanied by high-profile international events during May. These included The International Design Exhibition (May 19–22), Beauty World Middle East (May 27–29), Arabian Travel Market (May 05–08), and Dubai Airport Show (May 11–13), which collectively attracted 70,000 visitors.

In Kuwait, May typically marks the onset of the annual slowdown in summer, resulting in weaker corporate demand. Occupancy rates decreased 3.3 pps2 to 52.3% in May 2014 vis-à-vis previous years, when occupancy rates declined to levels below 40%.

In May 2014, occupancy rates decreased the most in Egypt, falling 5.8 pps to 48.0%, impacted by ongoing protests in various districts and uncertainty regarding the Presidential elections (held during 26–28 May).

1 STR Global Data, Middle East/Africa Hotel Sector Performance for May 2014 2 HotStats MENA Chain Hotels Review (Only Four and Five Star Hotels)

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AVERAGE DAILY RATE (ADR)

In May 2014, the ADR in Amman (Jordan) increased 13.8% to $184.77, primarily driven by conferences hosted in the city during May. These include The Special Operation Forces Exhibition (May 5), Sofex Trade Show (May 6–8), Investing in the Levant (May 8), and The Soccerex Asian Forum (May 13–14).

ADR in Kuwait rose 12.8% to $254.8 in May 2014, boosted by various regional events promoting growth in MICE. Moreover, hotels in the city have rate agreements specifically designed for periods of low demand, to prevent average rates from falling below threshold limits.

In Dubai (UAE), ADR grew 4.6%2 to $301.09 during May 2014, driven by higher average rates of 18.4% and 11.3% in the MICE and leisure segments, respectively.

Cairo (Egypt)’s ADR expanded 2.8% to $111.272 due to increased leisure demand.

In May 2014, ADR decreased the most in Riyadh (KSA), where it fell 6.1% to $241.65.

REVENUE PER AVAILABLE ROOM (REVPAR)

In May 2014, Manama (Bahrain) witnessed the highest increase in RevPAR of 28.8% to $112.86, driven by higher occupancy rates.

RevPAR rose 21.1% in Amman (Jordan) to $136.92 due to growth in ADR.

Despite reporting the largest decrease in ADR, Riyadh (KSA)’s RevPAR improved 12.6% to $169.40, owing to strong occupancy rates during May 2014.

Doha (Qatar)’s RevPAR advanced 12.2%2 to $170.48 in May 2014. Despite a 4.1% decline in ADR to $222.19, RevPAR rose due to an 8.7 pps increase in occupancy rates.

RevPAR in Dubai (the UAE) grew 3.5%2 to $247.61, primarily due to the higher ADR. Hotels in Dubai benefitted from high-profile international events and robust leisure demand.

Kuwait’s RevPAR improved 2.0%2 to $144.48 in May 2014. This can be ascribed to a significant increase in ADR, which was slightly offset by lower occupancy rates.

In May 2014, Cairo (Egypt) recorded the largest decrease in RevPAR of 4.0% to $49.40 due to low occupancy rates.

Table 1: Statistics in key MENA countries3

Occupancy ADR Occupancy ADR

Country May 2014 May 2013 May 2014 May 2013 Mar–May 2014

Mar–May 2013

Mar–May 2014

Mar–May 2013

Egypt 48.0% 53.8% EGP469.6 EGP475.8 47.9% 55.8% EGP469.2 EGP467.6

Saudi Arabia 66.3% 64.0% SAR636.8 SAR645.1 70.6% 68.6% SAR676.7 SAR679.6

UAE 75.3% 74.9% AED686.1 AED675.3 80.5% 79.0% AED813.9 AED789.0

3 STR Global Data, Middle East/Africa Hotel Sector Performance for May 2014, Aranca Analysis

Denotes increase in parameter Denotes decrease in parameter

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03 Bahrain Tourism Industry4 Bahrain’s tourism industry is set to develop significantly, with international tourist arrivals estimated to reach 6.8 million by 2024. Infrastructure investments, the relaxed visa policy, and various events are aimed at positioning Bahrain as a tourist destination

• International tourist arrivals to increase to 6,792,000 by 2024: In 2013, Bahrain’s travel and tourism industry ranked 94th worldwide in terms of absolute contribution to GDP. The World Travel & Tourism Council (WTTC) forecasts the number of international tourists visiting Bahrain to reach 6,792,000 by 2024 from 4,504,000 in 2014, with revenues expanding at a CAGR of 4.9% to BHD1,151.9 million during 2014–24.

• Direct contribution to GDP to reach BHD882.7 million by 2024: The travel and tourism industry’s direct contribution to GDP is projected to increase at a CAGR of 5.8% to BHD882.7 million (5.1% of GDP) by 2024 from BHD500.2 (4.1% of GDP) in 2013.

• Leisure tourism comprises major share: In 2013, inbound and domestic tourists spent BHD 953.4 million on travel & tourism. Leisure tourism contributed the majority (85% or BHD810.4 million) to spending, whereas business accounted for the remainder (15% or BHD143.0 million).

• Leisure spending grows faster than business spending: Leisure travel spending is anticipated to increase 8.1% y-o-y to BHD876.4 million in 2014 and subsequently rise at a CAGR of 4.9% to BHD1,415.7 million until 2024. In contrast, spending on business travel is forecast to grow 6.0% y-o-y to BHD151.5 million in 2014 and expand at a CAGR of 4.2% to BHD228.4 million by 2024.

• Investment in travel & tourism industry to expand 4.5% in 2014–24: Capital investments in the travel & tourism industry are estimated to grow 6.6% y-o-y to BHD164.7 million in 2014. During 2014–24, investments would expand at a CAGR of 4.5% to 255.5 million.

• Infrastructure investments to stimulate tourism: Bahrain has developed a strategic plan to attract more tourists and investments to its tourism sector. The government plans to invest heavily in travel and tourism infrastructure, transport, and hospitality projects. Travel and tourism’s share in Bahrain’s total national investment is expected to increase from 6.7% in 2014 to 7.9% in 2024. The country has also strengthened its status as the

4 WTTC and Desk Research

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prime destination for Saudi tourists, which constituted almost 52% of total tourists in 2013.

• Relaxed visa policy: Bahrain plans to extend its visa on arrival policy to an additional 60 countries to enhance the country’s attractiveness as a tourism and business destination. The Bahrain Economic Development Board (EDB) revealed the new visa policy would allow nationals of almost 100 countries to obtain a visa on arrival. The policy is scheduled to be implemented in 2015 and has the potential to affect more than 2.5 billion people. Visitors would be able to obtain a one-month visa on arrival and renew it for an additional three months. Furthermore, the new visa policy will facilitate easier travel in and out of the country for expatriates that do business in Bahrain as well as provide a boost to the tourism industry.

• Manama, the Capital of Asian Tourism 2014: In November 2013, Manama was chosen as the first-ever Capital of Asian Tourism in the Asian Cooperation Dialogue Forum. The selection of Bahrain as the Capital of Arab Culture, the Capital of Arab Tourism, and the Capital of Asian Tourism from 2012 to 2014 has bolstered revenues, bookings, and flow of inbound tourists to Bahrain.

• Bahrain stages its 10th Grand Prix: The Bahrain International Circuit (BIC) held its 10th Grand Prix (4–6 April 2014), substantially boosting tourism as well as the country’s economy. Occupancy rates for hotels in Bahrain reached 87% during the Formula One Grand Prix. During this period, occupancy rates rose 14.4 pps for five-star hotels and 15.3 pps for four-star hotels.

• Annual Arabian Market: The Annual Arabian Market road show, held on February 9, 2014, emphasized the development of travel and tourism. It revealed a dedicated policy had been established to attract more tourists as well as additional investments to Bahrain’s tourism industry. The government aims to improve the hotel industry and increase the total available rooms to more than 12,000 rooms by 2015 from 10,000 rooms in 2013. Various seminars were conducted, covering a wide range of industry issues, such as travel technology, luxury travel trends, aviation, and the mid-scale hotel industry.

• Attracting cruise ships to Bahrain: The tourism authority plans to attract more cruise ships to Bahrain in 2014 to accelerate growth in the cruise tourism industry. Bahrain has restarted mixed-use projects worth $80 million at the Muharraq coastal site and King Faisal Corniche seafront.

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04 Theme: Shopping Tourism5 The Middle East is increasingly becoming a preferred destination for shopaholics. Dubai is the shopping hub of the Middle Eastern region; however, other cities, such as Jeddah and Doha, are gradually gaining prominence

• Shopping tourism in MENA reflects high potential: Shopping tourism has emerged as a growing component of the travel experience. MENA’s shopping industry is still in the nascent stage, providing opportunities that can be tapped to their full potential. The segment is expected to be driven by increasing disposable incomes, the rising middle class population, and expansion in several of the region’s major malls.

• Dubai, Middle East’s shopping capital: Dubai, with its high-technology buildings and various shopping malls, has become a shopping hub for people across the world. The city provides one of the finest experiences through The Deira Gold Souk, Carpet Oasis (a destination for antique souvenirs that is open during the annual Dubai Shopping Festival), Dubai Global Village (holds the Dubai Shopping Festival, which attracts more than five million visitors from almost 40 countries), Burjuman Centre (designer shopping destination), and Dubai duty free shopping.

• ‘Haya Jeddah’, Saudi Arabia’s shopping extravaganza: ‘Haya Jeddah’, the Jeddah Shopping Festival 2014, was organized from January 10 to February 8, 2014.

o The festival offered a unique range of retail experiences from street markets and traditional souks to world-class shopping malls. It featured diverse attractions ranging from shopping to entertainment, promotions, and mega raffles offering prizes up to SAR 2 million, with 1,200 awards, including 10 luxury cars.

o Almost 5,000 stores in 20 shopping malls participated in the event, which drew more than one million tourists during the 30-day festival. Visitors spent nearly SAR15 million at the festival in 2013 and this figure is estimated to have reached SAR75 million in 2014, implying 5x growth.

o In 2014, the festival was held at the same time as the Dubai Shopping Festival. However, the organizers aim to make Jeddah the preferred shopping festival in the region by offering substantial discounts, attractive promotions, and several entertainment options.

5 Desk Research

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• World Trade Festival in Qatar: The World Trade Festival 2014 (formerly Doha Trade Fair), one of Qatar’s biggest shopping carnivals, was organized during the 10-day period of January 3–13, 2014.

o More than 200 companies from 20 countries participated in the shopping-cum-entertainment festival. A wide range of products was available for sale at over 250 stalls.

o About 24 shops were allocated to certain local companies and community institutions at discounted prices to offer them the opportunity to market their products and compete with international players.

• Further developments in Qatar: The Doha Festival City Mall, part of the second phase of the Doha Festival City’s development, is scheduled to open in 2016. This mall will include more than 550 brands that will make their debut in Qatar, along with more than 85 restaurants and cafes as well as an entertainment park. In addition, the Mall of Qatar and 10 other malls are scheduled to open in 2015.

• Dubai Shopping Festival: The 19th edition of Dubai Shopping Festival (DSF) had more than 150 events scheduled over a one-month period (from January 2 to February 2, 2014). The festival included various exciting activities to highlight Dubai as an international family tourism destination that offers unique shopping experiences.

o More than 6,000 retail outlets and 70 malls across the UAE participated in the festival, providing offers and discounts of up to 75%.

o The first 18 shopping festivals attracted nearly 47 million visitors and brought AED114 billion into Dubai’s economy.

o Russians were observed to be the largest spenders at DSF, spending a total of $82.1million during DSF 2013.

• Abu Dhabi experiences boom in shopping tourism: Abu Dhabi ranked the highest in the Middle East and 18th globally among cities that are actively developing shopping center spaces. During 2013, Abu Dubai delivered 168,000 sq. m of retail space for shopping centers as compared with just 35,000 sq. m in Dubai. The city currently has 778,000 sq. m of retail space in development, including Yas Mall (scheduled to be completed in Q4’2014), Capital Mall in Mussafah, and Sowwah Central on Al Maryah Island.

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49,260

26,117

25,044

19,327

18,036

Upper Upscale

Upscale

Luxury

Unaffiliated

Others

Rooms under Contract by type

05 Hotel Pipeline and Expansions In May 2014, the hotel pipeline for the Middle East & Africa region expanded 21.9% y-o-y to 589, whereas hotel rooms increased 16.3% y-o-y to 137,784

HOTEL CONSTRUCTION PIPELINE6

• As of May 2014, MEA’s active hotel development pipeline comprised 589 hotels with 137,784 rooms vis-à-vis 483 hotels with 118,496 rooms in May 2013.

• In May 2014, the upper upscale segment contributed the largest share (36%) to total rooms under contract.

• In terms of rooms under construction, the upper upscale segment accounted for 36.2% (23,570 rooms) of total rooms, followed by the luxury (20.8%; 13,567 rooms) and upscale (20.2%; 13,174 rooms) segments.

6 STR Global News Release

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NEW HOTEL OPENINGS AND EXPANSIONS7

• In July 2014, Premier Inn (a UK-based economy hotel brand) announced its plans to open 30 properties in the Gulf region by 2020 to fill gap in the market, which is dominated by luxury hotels. Some of the proposed hotels in Dubai include the 372-room Premier Inn Ibn Battuta Mall, the 200-room Premier Inn Al Maktoum International Airport, the 215-room Premier Inn Dubai Healthcare City, and the 300-room Premier Inn Al Jadaf.

• In July 2014, Carlson Rezidor disclosed plans to develop five new projects in Saudi Arabia and increase its presence to 22 hotels and nearly 4,000 rooms in the Kingdom. Portfolio additions include the Radisson Blu Hotel & Residence, Jeddah Corniche (100 rooms and 60 apartments), the Radisson Blu Red Sea Palace Hotel, Jeddah (261 rooms), the Radisson Blu Plaza Residence, Jeddah Salihiyah (120 apartments), the Park Inn by Radisson Hotel Riyadh Nasiriyah (184 rooms), and the Park Inn by Radisson Dammam (90 rooms).

• In July 2014, InterContinental Hotels Group (IHG) announced the signing of two new hotels in Abu Dhabi. These will be the second InterContinental and second Holiday Inn properties in the UAE’s capital.

o IHG has signed a 20-year management agreement with the National Corporation of Tourism and Hotels for InterContinental Abu Dhabi – Grand Marina. The new 184-room hotel will comprise rooms and serviced apartments, along with various food & beverage and entertainment facilities. The hotel, scheduled to open in 2016, will also have an extensive meeting space targeting the MICE market.

o IHG signed a management agreement with Pearl Azure Hotel Management LLC for the 257-room Holiday Inn Abu Dhabi Downtown. This property is due to open by end of 2014 and will feature a restaurant, bar, pool, fitness center, and dedicated meeting space.

• In July 2014, Accor revealed plans to develop the largest economy hotel in the Middle East. The ibis Dubai World Trade Centre District, a 588-room facility, will be built at the Dubai World Trade Centre District and operated by Accor Hotel Services Middle East. The hotel is scheduled to be completed in Q4’2015 and open in Q1’2016. This property will target a wide range of international & regional business, leisure, and MICE visitors. The hotel will have three meeting rooms, a bar, and the ibis Wok & Co restaurant.

• In July 2015, Dubai-based Auris Group of Hotels announced plans to open six new properties between 2015 and 2017. Five of these would be located in Dubai and one in Africa. Within the Auris brand, the Auris Plaza Luxury Hotels will comprise five-star properties, Auris Inn four-star hotels, whereas three-star budget hotels will be grouped under Auris Lodge. The group currently has six properties across Dubai and Saudi Arabia. It aims to operate in 15 countries by 2020, with plans to expand to Jordan, Qatar, Sudan, Tunisia, and France.

7 Zawya News and Desk Research

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06 Trends in Hospitality and Tourism in GCC CAR RENTAL

GCC’s car rental and leasing sector is well positioned to capitalize on the region’s rapidly growing tourism and hospitality industry. The sector is poised to expand steadily, driven by various festivals, events, and initiatives

Key Statistics/Trends8

• The car rental and leasing sector in GCC has been growing rapidly and tourism continues to be the key driver. Most international tourists prefer to rent a car instead of using public transportation due to convenience, cost saving, and ease of flexibility in planning tours. Car rental companies are expanding to cater to the growing tourism in GCC.

• The UAE’s car rental market is forecast to expand at a CAGR of 9.24% from $227.0 million in 2013 to $354.0 million in 2018. This can be attributed to projected growth in international and domestic tourist volumes as well as an increase in online cost-saving packages offered by car rental companies.

• Car rental & leasing companies are increasingly participating in various events to showcase their offerings. For instance, the number of car rental and travel segment exhibitors at the Arabian Travel Market (ATM), held in Dubai during May 5–8, 2014, increased 58% and 22%, respectively.

• KSA’s car rental market is expected to reach SAR4.1 billion by 2016. Growth is estimated to be driven by an increased number of international pilgrims, Umrah performers, and business tourists. Steadily growing tourism has played a prominent role in improving the profits of car rental companies by attracting visitors during the summer season. Car rental companies run at full capacity during festivals such as Eid Al-Fitr and Eid Al-Adha to meet incoming demand. Rental rates for small cars range between SR130 and SR180 per day, whereas large cars can cost between SR200 and SR350.

8 Desk Research

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• Qatar has emerged as a new hub for unlicensed car rental businesses. Several licensed rental car drivers from Dubai are moving to Qatar due to higher job opportunities in the country’s unlicensed car leasing segment. Demand for unlicensed rental cars is high as rent charges are negotiable and marginally lower than those of licensed car rental companies.

• In Qatar, Qatar Tourism Authority (QTA) launched a 4x4 leasing company to rent out a fleet of vehicles to desert safari tour operators to reduce private and unlicensed dune driving. The body intends to provide financial assistance and free marketing to successful bidders to help support their businesses.

• Oman’s car leasing segment has been growing 5% y-o-y. More than 50% of the car rental segment is driven by tourism, whereas the rise in number of infrastructure development projects accounts for the remainder.

• The Travel & Tourism Competitiveness Report 2013 revealed Kuwait has nearly six major car rental companies and ranks 32nd among the 140 economies compared in the report.

Major Brands/Expansion Plans9

• In July 2014, Al Futtaim Vehicle Rentals (AVR) entered into a major leasing contract with Ali Bin Ali Group, a premium luxury goods retailer in Qatar, for the supply of 150 new Nissan cars. This deal is part of AVR’s expansion plans, declared in 2013, as a combination of vehicle rental and tailored corporate leasing solutions.

• In May 2014, Travelauto.com (the first online car rental service to be launched in the UAE) revealed its plans to develop a limousine service in the country targeting customers that require luxury cars. The company directly connects car rental service providers to renters. Due to the significant increase in demand for car rentals, Travelauto.com has established new partnerships to provide cheap car rentals to leisure and business travelers. This move is in an attempt to cover a wider audience by targeting international tourists and the UAE’s expatriate population.

• In 2013, Sixt rent a car Germany, a division of the Bin Hindi Transport Company, announced their new strategy to enhance their services in GCC by providing economical rental pricing and an innovative range of products that will cater to a wide clientele. As part of this strategic plan, Sixt has entered into a partnership deal with the Kempinski Grand hotel to operate a rent-a-car service counter at the hotel and provide limousine services to international tourists. Kempinski and Sixt are the first to offer this service in Bahrain.

• In 2013, Hertz UAE announced the launch of a new car rental location at Al Maktoum International Airport, Dubai World Central (DWC), the venue for Dubai World Expo 2020. This is Hertz’s 19th branch in the UAE and it plans to capitalize on the increasing air traffic and business flowing through DWC.

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Disclaimer:

This material is exclusive property of Aranca. The information, opinions, estimates,

and forecasts contained in this report have been determined or obtained from

public sources believed to be reliable and in good faith. Aranca has not

independently verified these data and makes no assertion as to its accuracy,

reliability, or completeness. Aranca will not be held liable under any circumstances

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