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International events help boost Dubai hotels' profits – Arab News

https://arab.news/wnuqe
RIYADH: Hotels in Dubai are raking in huge profits due to high-profile international events taking place in the emirate.
Expo 2020 and T20 Cricket World Cup boost Dubai hotels’ gross operating profit per available room to SR668 ($178) while the total revenue per available room of hotels amounted to $316 in October, according to an industry report cited by Khaleej Times.
“The average occupancy rate across the UAE in October registered at 78.8 percent, the highest level recorded since October 2015. As of October 2021, Dubai recorded the highest occupancy rate of 80.7 percent.” the report said.
RIYADH: Dubai Expo 2020 exhibition added about 2 percent to the gross domestic product of the UAE, and played a major role in its recovery from the pandemic.
The Expo is also a major contributor to the digital transformation in Dubai, Emarat Alyoum local paper reported, citing a report by Dubai’s Chamber of Commerce.
The exhibition attracted millions of visitors and will continue until March 31, 2022.
 
RIYADH: Outbreak of instability in the energy sector prevails despite the sectors’ record year.
Looking at the Bigger Picture:
Through a micro lens:
RIYADH: The Saudi stock market rebounded slightly from two consecutive days of losses as it saw a series of dividend announcements earlier today.
As of 10:17 a.m. Saudi time, the main index TASI went up by 0.5 percent to 11,217 points, while the parallel market Nomu rose 0.27 percent to 26,308 points.
The top gainer as of morning trading was Wafrah for Industry Co. which continued its gains momentum from the previous session, rising nearly 5 percent to SR153 ($40.7).
Shares of Saudi Arabian Amiantit surged by 4 percent after its board of directors resolved to use the fair value to re-evaluate real-estate and investment properties, which will result in a surplus of SR390 million effective April 1, 2022.
AlRajhi Bank, Sipchem, and Alinma Bank all saw gains in early trading, up almost 0.85 percent each to SR140, SR42.2, and SR23.9, respectively.
Following its decision to distribute dividends of SR45 million for the second half of 2021, Bawan Co.’s stock was among the top five gainers, up 2.5 percent to SR35.4.
Similarly, Saudi Automotive Services Co. rose to SR31.6 on the board’s dividend announcement earlier – planning to payout SR12 million for the third quarter of 2021.
Losses were trivial when compared to the session’s gains so far, with the top decliner, Mouwasat Medical Services Co., down 0.8 percent to SR173.
 
RIYADH: As concerns over the spread of Omicron mounted and investor uncertainty aroused, most of the Gulf Cooperation Council’s stock exchanges ended lower on Monday, including Saudi Arabia.
Saudi bourse’s main TASI index edged down slightly to 11,161 points, while the parallel market, Nomu, declined around 1 percent to 26,237 points.
The Qatari index, QSI, and Oman’s index, MSX30, went down in the range of 0.3 to 0.4 percent.
Bourses of the UAE, Abu Dhabi, and Kuwait all saw fractional gains, while that of Bahrain ended flat.
The wave of initial public offerings and dividend announcements that started last week is still ongoing.
As many as 50 applications for IPOs have been received at the beginning of December, Asharq reported citing Tadawul’s chief Khalid Alhussan.
Financial analyst Majid Al-Suwaigh expects the Saudi stock exchange to witness 20 to 25 IPOs next year, with proceeds amounting to SR25 billion to SR30 billion, Asharq added.
As of 9:23 a.m. Saudi time, Brent crude oil was up $0.14, or 0.18 percent, to $78.74 per barrel, while US WTI crude rose by 0.28 percent to $75.78 per barrel.
Stock news:
Dec. 28, 2021:
Dec. 29, 2021:
Dec. 30, 2021:
 
RIYADH: The board of directors of the Royal Commission for Riyadh City has delayed the launch of the 2030 strategy for the Kingdom’s capital until next year due to its huge size and some “incomplete key elements”, Saudi Press Agency reported, citing a statement.
The strategy for the Kingdom’s capital is to be “finalized” in 2022 and it will be announced accordingly, SPA reported. 
 

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