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Frasers Hospitality, a member of Singapore-listed Frasers Property, announced on Thursday (8 Mar) that it plans to more than double its properties in the Middle East over the next few years as the region is forecasted to attract more tourists and business travellers.
In addition to its six existing properties there, including the recently-opened Fraser Suites Riyadh, the company intends to launch three more properties in Dubai plus one each in Jeddah, Kuwait, Al Khobar and Oman.
“It is timely for us to scale up in the Middle East. We have a loyal base of corporate customers and this has contributed to the success of our properties in Bahrain, Doha and Dubai, which are enjoying average occupancies of over 85 percent,” said Frasers Hospitality CEO Choe Peng Sum.
In fact, Euromonitor International expects UAE, Saudi Arabia and Qatar to be the top three business travel markets in the region from now until 2020. Specifically, Bahrain is anticipated to see an influx of foreign businessmen as it’s set to host major events like the World Islamic Banking Conference.
The government of Saudi Arabia also plans to begin issuing tourist visas for the first time since it restricted visitors in 2010. It also intends to establish a 34,000 sq km world-class tourism hotspot along its Red Sea coastline.
“Saudi Arabia is expecting more than 31 million tourist arrivals by 2027 as it commits to implementing Vision 2030, its most ambitious economic reform programme to date,” he noted.
Due to the promising outlook, the company recently opened Fraser Suites Riyadh in Olaya near the 99-storey Kingdom Centre tower, which houses the country’s most luxurious brands.
The property comes with 95 fully furnished upscale serviced residences and features a massage facility, a 24-hour fully equipped gym and an Olympic-size swimming pool on the rooftop.
Furthermore, Frasers Hospitality plans to open Fraser Suites Muscat by Q2 2018. Located near the upcoming Mall of Oman, the 120-unit luxury property is within proximity to the diplomatic district and Ghala industrial estate.
The company first entered the Middle East with Bahrain’s Fraser Suites Seef in 2009. Its other existing properties in the region comprise Fraser Suites Dubai, Fraser Suites Doha, Fraser Suites Diplomatic Area Bahrain and Fraser Suites West Bay, Doha.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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