TIME Hotels press release March 2012

Press Release 29 th February 2012
For immediate release
TI’ME Hotels secure six management contracts
New Dubai-based hospitality company TI’ME Hotels Management announces six contract wins as UAE
hospitality industry continues to soar – nine million visitors expected in 2012
TIME Hotels Management, a new Dubai-based hospitality company has announced that it has
successfully secured the management contracts for six hotel properties in the UAE.
The properties include two hotels: TIME Oak Hotel & Suites in Al Barsha, and TIME Grand Plaza Hotel in
Al Qusais, and four hotel apartments: the Opal, Topaz and Crystal Hotel Apartments in Dubai, and the
Ruby Hotel Apartments in Sharjah. The properties comprise a total of 745 rooms, and employ over 385
staff.
TIME Hotels Management is well-capitalised with significant management expertise and has ambitions to
evolve into one of the leading hospitality businesses in the UAE.
Mohamed Awadalla, Area Vice President of TIME, said: “TIME Hotels is an ambitious, forward-thinking
hospitality company with plans to expand and strengthen our brand identity by using these six properties
as a platform for further growth in the region to target business and leisure travellers, particularly those
from neighbouring GCC states.
“Although all six properties will continue to operate as a matter of course, we will of course be looking to
improve efficiency and raise quality standards wherever possible, putting guests first.”
TIME Hotels Management are owned by the public shareholding company Gulf General Investment
Company (GGICO) and Investment Group Private Ltd (IGPL), and estimate a turnover of approximately
$27 million (AED 100 million) during the current financial year.
Mr. Mohamed Al Mazroei, Assistant Managing Director of GGICO, said: “This seamless transition in
management is an important chapter in our long-term business strategy, and one which means we can
now look towards our future with a new impetus.”

TIME’s entrance into the hospitality industry comes at a time when the travel and tourism, and hospitality
industries are thriving in the UAE.
“Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Economic Sector Committee, said recently
that the region’s future prosperity relies upon the ‘three t’s’ – tourism, trade and transport – underpinning
the long-standing commitment the Dubai government is giving the tourism and hospitality industries, as
visitor numbers to the region continue to increase.
“And as unrest continues in some parts of the Arab world, the UAE and in particular Dubai, is now
considered a safe haven for both regional and international travellers seeking an alternative destination,”
added Awadalla.
According to the latest industry forecast issued by international industry consultant Business Monitor
International (BMI), the number of foreign tourists heading to the UAE this year is expected to reach
almost nine million.
Furthermore, despite the continuous additional supply in the number of hotels throughout the UAE, STR
Global’s ‘Middle East/Africa Hotel Review’ shows that for the full year 2011 hotel average occupancy rose
to 71.4% - up from 66.2% in 2010. Occupancy in Dubai, for the same time-period, increased to 75.4% -
up from 70.5% in 2010.
It was a similar story in Dubai for average room rates and revenue per available room (RevPar). Average
room rates were up AED26 per night and RevPar was up an impressive AED59, per room per night.
And according to the latest industry projections from leading international consultancy – TRI Hospitality
Consulting – the current financial year is showing promising signs for Dubai, as room rates and
occupancy levels at hotels throughout the emirate are registering statistics comparable to the prerecession
figures of 2008.
-ENDS-
Photo Caption: Mr. Mohamed Awadalla, Area Vice President TIME Hotels Management LLC
Notes to the Editor:
About GGICO:
Gulf General Investment Company (GGICO) is a leading listed company in the UAE. Over the last 39
years, GGICO has built a diverse portfolio of businesses spanning manufacturing, financial and real
estate investments and a range of different service activities including insurance, retail, hotel
management & hospitality, freight transport and trading.
GGICO has leveraged its base in the UAE and Dubai in particular, as a trading and financial services
centre for the Middle East region, to successfully develop and grow its diversified business. The GGICO
Group consists of GGICO and its 25 subsidiaries, of which nine are wholly-owned.
About IGPL:
Investment Group Private Ltd (IGPL) was established in 1982 as a limited liability company in Sharjah.
Since its inception, the Group has grown to become one of the largest business houses in the UAE.
IGPL is licensed to carry out business activities including:
� Investment activities including the setting up of Industrial projects

� Trading, including oil and oil related products
� Real estate, both commercial and residential
The Group is actively managed by Mr. Abdalla Juma Al Sari, Mr Majid Al Sari and Mr. Mohammed Al Sari
supported by an experienced team of professionals.
Media contact:
Nathalie Viselé
Director
Shamal Marketing Communications
Dubai, United Arab Emirates
Tel: +971 4 3652711
Mobile: +971 50 457 6525
E-mail: nathalie@smc-pr.com
Website: www.smc-pr.com
OR
Thomas Billinghurst
Account Executive Shamal Marketing Communications
Dubai, United Arab Emirates
Tel: +971 4 3652711
Mobile: +971 55 827 6198
Email: Thomas@smc-pr.com