The group that owns the Radisson Blu in Dubai Media City and the Regent Emirates Pearl being built in Abu Dhabi has put other projects on hold until the market improves.
Atlas Hospitality said it was instead focusing on its existing assets and expanding its newly launched Pascal Tepper cafe brand.
"These days you need to focus on your projects and make sure they are all profitable," said Siegfried Nierhaus, the managing director of Atlas Hospitality.
"We'll concentrate on what we have. We were [originally] looking at much more than that. We were looking at two or three more hotels. We kept two other restaurant concepts on the side. The capital is not as available as before."
A combination of the global environment and local market conditions means projects that have been designed, such as the Dubai Tower, a hotel originally scheduled to open in 2009 in Dubai Media City, will remain on hold.
Another hotel the company was considering in Abu Dhabi has been shelved too, Mr Nierhaus said.
This year, the company, which is part of the Atlas Group, launched its first Pascal Tepper French Bakery cafe in Dubai Media City.
Atlas Hospitality, which also owns the Certo restaurants in Dubai and Abu Dhabi, now has plans to roll out the patisserie-style cafes, overseen by the French master baker Pascal Tepper, across the Middle East and Asia, with locations including Saudi Arabia, Qatar, Lebanon, Thailand and South Korea under consideration.
The company is likely to partner other investors as it grows the chain outside the UAE. The Dubai outlet is the first Pascal Tepper store outside France.
A flood of food and beverage brands have recently expanded or launched in Dubai, including The Ivy and the home-grown Lime Tree Café. The casual dining segment in the UAE is valued at Dh2.2 billion (US$599 million) a year and is expected to increase 47 per cent to Dh3.24bn by 2015, according to a report by Horizons.
Meanwhile, the Dh500m Regent Emirates Pearl, a joint venture between Atlas and Abu Dhabi's Tourism Development and Investment Company (TDIC), is going ahead despite delays.
It is hoped the luxury property will open by the end of next year, Mr Nierhaus said.
"In Abu Dhabi it will be a very competitive market for sure. You will have now in the last quarter a lot of inventory coming, and in the first quarter of 2012 new inventory coming. We have to see how the market is behaving. The business cycle goes up and down."
Analysts and hoteliers expect hotel rates to come under pressure as new properties open their doors.
TDIC said this year some of its projects had been scaled back or put on hold.
Atlas is in discussions to sign a deal for a three-star hotel in Abu Dhabi where it believes there is a gap in the market for cheaper properties, with so much development having been at the luxury end in recent years, said Mr Nierhaus.
rbundhun@thenational.ae
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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Range: Up to 610km
Power: 905hp
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UAE currency: the story behind the money in your pockets
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How Sputnik V works
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
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Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
