Ritz-Carlton DIFC to open in December



Ritz-Carlton plans to open its long-delayed hotel at the Dubai International Financial Centre (DIFC) in mid-December, the hotel management company said yesterday. The 341-room luxury hotel will be the company's second property in Dubai.

The other hotel, at Jumeirah Beach Residence, is being expanded. Pascal Duchauffour, the vice president of the Ritz-Carlton Hotel Company in Europe, the Middle East and Africa, said the DIFC hotel was still under the ownership of Union Properties, although the developer was selling the property, at a price of Dh1.5 billion (US$408 million).

Mr Duchauffour said Ritz-Carlton, which has five properties in the Middle East, should have a total of 15 hotels in the region within the next five years. "We're very focused on Oman, where we're working on a couple of opportunities, and our next target is really Riyadh," he said.

"After Riyadh, we'd love to be in Jeddah. Asia has been a very strong focus, and now we're opening those hotels. Now the next focus for the next two or three years will be the Middle East."

In Abu Dhabi, the company plans to open its Grand Canal hotel, which is being built opposite the Fairmont Bab Al Bahr property, by the end of next year, Mr Duchauffour said. The Venetian-themed property has more than 500 rooms.

rbundhun@thenational.ae

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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