A new company has been formed to attract more visitors to Abu Dhabi and develop its tourism sector.
Tourism 365 was set up by the Abu Dhabi National Exhibitions Company, which is part of state holding company ADQ and is involved in discussions over a proposed $5.45 billion merger with Abu Dhabi National Hotels.
Adnec said Tourism 365’s formation is in line with its "new, broader role to support the growth of Abu Dhabi as a tourism destination, increasing leisure visitors, enhancing guest experiences and extending their stay in the UAE’s capital”.
“Tourism 365 will work in concert with key stakeholders across Abu Dhabi’s tourism sector and the UAE,” said Adnec.
Abu Dhabi's economic growth is expected to be between 6 per cent and 8 per cent over the next two years, driven by government spending, financial services and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate's Department of Economic Development, said earlier this year.
The government’s Department of Culture and Tourism said this month that it will invest $6bn to broaden its remit to oversee the cultural and creative sectors of the economy.
This will include funding for the development of the Zayed National Museum and Guggenheim Abu Dhabi within the Saadiyat Cultural District, and financial support for the performing arts, music, media and gaming sectors.
Tourism 365 will incorporate a destination management arm known as Capital Experience and a premium travel operator called Capital Travel.
“Tourism 365 will contribute to enhancing Abu Dhabi’s vibrant tourism ecosystem, bringing significant returns on investment to the emirate,” said Adnec managing director and group chief executive Humaid Al Dhaheri.
“It will do so by launching a range of companies that will promote the tourism industry and other supporting sectors, securing major partnerships with dominant international and travel companies.”
The proposed merger between Adnec and Abu Dhabi National Hotels is expected to create one of the largest hospitality, events and catering companies in the region.
The merged entity would comprise 28 owned and operated hotels with a total of 6,700 rooms, three large exhibition centres in Abu Dhabi, Al Ain and London, several catering companies and food and beverage outlets.
Adnec named Roula Jouny as the executive director of Tourism 365. Ms Jouny has more than 20 years of experience in the travel, tourism and hospitality industry.
Adnec has five hotels in its portfolio – Anantara Sir Bani Yas Island, Anantara Qasr Al Sarab Desert Resort, Andaz Abu Dhabi Capital Gate, Aloft Abu Dhabi and Aloft ExCel.
It also owns and operates the Abu Dhabi National Exhibition Centre, the largest exhibition venue in the Mena region.
“Our subsidiaries will bolster the wider tourism offerings of not just Abu Dhabi but the UAE as a whole, increasing visitor numbers and promoting the nation’s tourism assets across the globe,” said Ms Jouny.
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
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MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
more from Janine di Giovanni
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
