Muscat: The overall occupancy rate in Dubai was at 80 per cent year-to-date, rising two per cent from same period of last year, acording to the latest survey by Ernst & Young. "In terms of the monthly performance, Dubai's overall occupancy rate increased to 90.9 per cent, marking a 3.7 per cent increase from November 2011. Additionally, room yield (RevPAR) increased by 10.8 per cent year-to-date, with average room rate increasing by 7.5 per cent year-to-date," Yousef Wahbeh, Mena Head of Transaction Real Estate at Ernst & Young, said while commenting on the survey.
Compared to November 2011, rooms yield (RevPAR) increased by 3.8 per cent and average room rate marginally decreased by 0.4 per cent in November 2012. The increase is attributed to the high number of forums and conferences from the banking and finance sector, securities sector and the oil and gas sector held in Dubai during the month of November. With regard to the wider Middle East and North Africa (Mena) region, there has been a notable changes in the city of Amman, where overall occupancy rates increased by 16.0 per cent year-to-date, he said.
"The increase may be attributed to the onset of milder climate conditions, in addition to increased political stability which attracts tourists from the neighboring Levant region. The year-to-date room yield in Amman is 31.7 per cent higher than it was year-to-date in 2011, with the average room rate 3.1 per cent higher than it was year-to-date in 2011," he added.
Bahrain also witnessed positive changes in its hospitality Key Performance Indicators, where the overall occupancy rates increased by 7.0 per cent year-to-date. This change is due to several expositions taking place in the Kingdom during the month of November, including the Jewellery Arabia Exhibition, the Oil & Gas Trade Forum and many security talks which included regional heads of state.
The year-to-date room yield in Bahrain has increased to 20.7 per cent from the 2011, while the average room rate witnessed a mild 0.4 per cent drop compared to the same time period last year. There were no noticeable changes in Egypt, where cities such as Cairo, Sharm El-Sheikh and Hurgada remained stable in their overall occupancy rates, with Cairo's occupancy rising 7.0 per cent year-to-date, Sharm El Shaikh's occupancy grew 12.0 per cent year-to-date, and Hurghada's occupancy rate grew 8 per cent year-to-date.
Additionally, Saudi Arabia experienced noticeable increases in occupancy rates, with Jeddah increasing by 7.0 per cent year-to-date, and Madina increasing 2.0 per cent year-to-date. Compared to November 2011, Riyadh's occupancy rate increased by 17.0 per cent in November 2012. This is accredited to the various initiatives undertaken by the city to showcase lost artifacts and the introduction of new cultural experiences to the city.