Hotels in Dubai have noticed an early increase in interest for stays during the Cop28 summit.
With about eight months to go before the climate talks, which run from November 30 to December 12, hoteliers say it is still too early to gauge precise numbers but enquiries have increased and some hotels plan to run daily shuttle buses to the Cop28 venue at Expo City Dubai.
Prices have already surged by about 200 per cent at some hotels for the summit's opening night and hoteliers and hospitality experts are expecting a busy time.
“Since the news of Cop28 was announced, we have been receiving ongoing queries from delegations planning to attend,” said Robert El Khoury, vice president of sales and marketing at JA Resorts and Hotels.
“There has been much interest, particularly in our flagship property of JA The Resort as it is located just 15 minutes away from Expo City.
"The resort has confirmed bookings and we are planning to offer shuttle transportation during this period to provide further convenience for our guests."
Tens of thousands of people are expected in Dubai for the summit. World leaders, ministers, negotiators and climate advocates and activists from the front lines of the climate crisis will converge on the city for about a fortnight of intense talks at Expo City Dubai to galvanise global efforts to tackle the emergency.
The climate summit will also coincide with the UAE’s National Day celebrations on December 2, and, while there are still rooms across a wide range of prices available on hotel websites and aggregators such as Booking.com, interest is starting to rise. For example, on Friday a stay in Ibis Barsha for the opening night on November 30 starts at about Dh1,000 ($272) before taxes, while the rate for the week before is less than a third of the price at about Dh320.
Driving strong demand for rooms
Rove Hotels, which has nine properties in Dubai ― including one at the Cop28 venue that is already booked out for the duration of the summit on Booking.com ― said it was also seeing early interest.
“We have started to receive some enquiries for Cop28 across Rove Hotels nearest to the event site,” said Paul Bridger, chief operating officer of Rove Hotels.
“However, we expect demand to fully ramp up during the summer period. We are extremely excited about the upcoming event, it is an amazing opportunity for Dubai and the UAE, and we believe that it will drive very strong demand for hotels across all segments, from luxury five-star properties to mid-market.”
It has already been a bumper few months for hotels across Dubai. In February it was reported that a packed events schedule and bustling tourism season has led to a 30 per cent price surge.
“While it is relatively early to anticipate exact trends, one thing is certain: the UAE’s hosting of Cop28 will prove one of the country’s most globally resonant events, and the arrival of delegates from around the world will provide a major opportunity for the hospitality industry,” said Jochem Jan Sleiffer, Hilton’s president for Middle East, Africa and Turkey.
“We are very excited at the prospect of welcoming Cop28 attendees in November, and are already gearing up across our UAE portfolio to prepare for their arrival as we put sustainability at the heart of our operations."
There are typically two main zones at Cop28 summits. The blue zone is off limits to the public and this is where the negotiations take place. The green zone, however, is usually open to the public. At Cop27 in Egypt last year, the green zone featured cafes and restaurants, booths displaying local sustainability initiatives and even areas for yoga.
Forecasting a busy time for Dubai
Sanjay Bhatia, managing director at investment banking advisory company Alpen Capital, said hotels were experiencing healthy occupancy levels on the back of the events season as well as a revival in tourism that had "eliminated any inhibitions of witnessing a situation of oversupply in the hospitality sector".
"The Cop28 summit, which is scheduled to take place during the peak tourist season of the country and expected to attract 80,000-plus, will push attendees of the summit and tourists to book much in advance to plan their visit to the country," said Mr Bhatia, whose company regularly releases hospitality reports for the GCC.
"The sector will also witness tie-ups between tour operators and hotels to facilitate ease of booking during this period of high demand. As a result, the hospitality sector in the UAE is expected to witness a rise in occupancy levels which will positively impact the sector."
20 stunning hotels coming to this Gulf in 2023 - in pictures
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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SECRET%20INVASION
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Wallabies
Updated team: 15-Israel Folau, 14-Dane Haylett-Petty, 13-Reece Hodge, 12-Matt Toomua, 11-Marika Koroibete, 10-Kurtley Beale, 9-Will Genia, 8-Pete Samu, 7-Michael Hooper (captain), 6-Lukhan Tui, 5-Adam Coleman, 4-Rory Arnold, 3-Allan Alaalatoa, 2-Tatafu Polota-Nau, 1-Scott Sio.
Replacements: 16-Folau Faingaa, 17-Tom Robertson, 18-Taniela Tupou, 19-Izack Rodda, 20-Ned Hanigan, 21-Joe Powell, 22-Bernard Foley, 23-Jack Maddocks.
RESULTS
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
Abu Dhabi Sustainability Week
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
