GCC Hospitality Industry to Sustain its Current Growth Momentum
The Alpen Capital report evaluates the current demand and supply situation, growth dynamics, future prospects as well as the challenges faced by the GCC hospitality industry.
“The focus of GCC economies on education, healthcare and MICE activities supported by the aviation sector, have fueled the growth of the dynamic Hospitality sector. The sector will continue to grow driven by factors such as the shift in global activity from the West to the East.
The industry does face some key challenges which include, maintaining demand beyond the planned mega events, competing with newer projects and attracting skilled labour to the region.
However, we feel that the growth of the sector will be driven by supportive policy initiatives undertaken by GCC governments”, says Sanjay Bhatia, Managing Director, Alpen Capital
The GCC hospitality industry is expected to grow at an annual rate of 9.5% to US$ 35.9 billion by 2018 compared to the US$ 22.8 billion in 2013. Average occupancy rates are likely to be in the range of 68% and 74% between 2013 and 2018 while ADR is likely to average between US$ 225 and US$ 263 during the same period.
Saudi Arabia is expected to continue its dominance as the largest market in terms of revenues, followed by the UAE.
IFC Launches She Works Partnership to Advance Women’s Employment in the Private Sector
IFC, a member of the World Bank Group, launched a private sector partnership that will improve employment opportunities for more than 300,000 women over the next two years.
The She Works partnership brings together 10 leading companies that have pledged to implement measures proven to enhance women’s employment opportunities – such as mentorship programs, flexible working arrangements, and leadership training to increase diversity in management.
Participating companies include Belcorp, Care.com, The Coca-Cola Company, Ernst & Young, Gap Inc., Intel Corporation, Kuwait Energy, Odebrecht Group, Ooredoo Group, and Zulekha Hospitals.
Working with key partners, including the EDGE Certified Foundation, International Labour Organization, and the UN Global Compact, IFC will identify best practices and develop practical approaches that companies can implement to improve gender equality in the workplace.
Better jobs for women leads to better development outcomes, because women spend more on children’s health, education, and nutrition.
In support of these efforts, leading telecommunication company Ooredoo, which has a presence across the Middle East, North Africa and Southeast Asia, has committed to key pledges to enhance talent development across its operations.
The private sector, which accounts for nine out of 10 jobs in developing countries, plays a critical role in creating better employment opportunities for women. She Works is part of IFC’s broader effort to help companies address gender gaps in employment, and thereby drive gains in productivity, competitiveness, and innovation.
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8 | TRAINING MAGAZINE MIDDLE EAST NOV 2014