TI’ME Hotels secure six management contracts

New Dubai-based hospitality company TI’ME Hotels Management announces six contract wins as UAE hospitality industry continues to soar – nine million visitors expected in 2012 TIME Hotels Management, a new Dubai-based hospitality company has announced that it has successfully secured the management contracts for six hotel properties in the UAE. The properties include two hotels: TIME Oak Hotel & Suites in Al Barsha, and TIME Grand Plaza Hotel in Al Qusais, and four hotel apartments: the Opal, Topaz and Crystal Hotel Apartments in Dubai, and the Ruby Hotel Apartments in Sharjah. The properties comprise a total of 745 rooms, and employ over 385 staff. TIME Hotels Management is well-capitalised with significant management expertise and has ambitions to evolve into one of the leading hospitality businesses in the UAE. Mohamed Awadalla, Area Vice President of TIME, said: “TIME Hotels is an ambitious, forward-thinking hospitality company with plans to expand and strengthen our brand identity by using these six properties as a platform for further growth in the region to target business and leisure travellers, particularly those from neighbouring GCC states. “Although all six properties will continue to operate as a matter of course, we will of course be looking to improve efficiency and raise quality standards wherever possible, putting guests first.” TIME Hotels Management are owned by the public shareholding company Gulf General Investment Company (GGICO) and Investment Group Private Ltd (IGPL), and estimate a turnover of approximately $27 million (AED 100 million), during the current financial year. Mr. Mohamed Al Mazroei, Assistant Managing Director of GGICO, said: “This seamless transition in management is an important chapter in our long-term business strategy, and one which means we can now look towards our future with a new impetus.” TIME’s entrance into the hospitality industry comes at a time when the travel and tourism, and hospitality industries are thriving in the UAE. “Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Economic Sector Committee, said recently that the region’s future prosperity relies upon the ‘three t’s’ – tourism, trade and transport – underpinning the long-standing commitment the Dubai government is giving the tourism and hospitality industries, as visitor numbers to the region continue to increase. “And as unrest continues in some parts of the Arab world, the UAE, and in particular Dubai, is now considered a safe haven for both regional and international travellers seeking an alternative destination,” added Awadalla. According to the latest industry forecast issued by international industry consultant Business Monitor International (BMI), the number of foreign tourists heading to the UAE this year is expected to reach almost nine million. Furthermore, despite the continuous additional supply in the number of hotels throughout the UAE, STR Global’s ‘Middle East/Africa Hotel Review’ shows that for the full year 2011 hotel average occupancy rose to 71.4% - up from 66.2% in 2010. Occupancy in Dubai, for the same time-period, increased to 75.4% - up from 70.5% in 2010. It was a similar story in Dubai for average room rates and revenue per available room (RevPar). Average room rates were up AED26 per night and RevPar was up an impressive AED59, per room per night. And according to the latest industry projections from leading international consultancy – TRI Hospitality Consulting – the current financial year is showing promising signs for Dubai. Room rates and occupancy levels at hotels throughout the emirate are registering statistics comparable to the pre-recession figures of 2008, with a 5-10% boom in average daily rates (ADR) expected due to sustained high-levels of hotel occupancy. -ENDS- Photo Caption: Mr. Mohamed Awadalla, Area Vice President TIME Hotels Management LLC About GGICO: Gulf General Investment Company (GGICO) is a leading listed company in the UAE. Over the last 39 years, GGICO has built a diverse portfolio of businesses spanning manufacturing, financial and real estate investments and a range of different service activities including insurance, retail, hotel management & hospitality, freight transport and trading. GGICO has leveraged its base in the UAE and Dubai in particular, as a trading and financial services centre for the Middle East region, to successfully develop and grow its diversified business. The GGICO Group consists of GGICO and its 25 subsidiaries, of which nine are wholly-owned. About IGPL: Investment Group Private Ltd (IGPL) was established in 1982 as a limited liability company in Sharjah. Since its inception, the Group has grown to become one of the largest business houses in the UAE. IGPL is licensed to carry out business activities including: Investment activities including the setting up of Industrial projects Trading, including oil and oil related products Real estate, both commercial and residential The Group is actively managed by Mr. Abdalla Juma Al Sari, Mr Majid Al Sari and Mr. Mohammed Al Sari supported by an experienced team of professionals. Media contact: Nathalie Viselé Director Shamal Marketing Communications Dubai, United Arab Emirates Tel: +971 4 3652711 Mobile: +971 50 457 6525 E-mail: nathalie@smc-pr.com Website: www.smc-pr.com OR Thomas Billinghurst Account Executive Shamal Marketing Communications Dubai, United Arab Emirates Tel: +971 4 3652711 Mobile: +971 55 827 6198 Email: Thomas@smc-pr.com