TIME Hotels press release March 2012

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