Middle East Business News Review – 29 Apr

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A look at today’s important financial news and business updates from the Middle East region:

Dubai Health Authority signs MoU with Mubadala Healthcare

Dubai Health Authority (DHA) and Mubadala Healthcare signed a Memorandum of Understanding (MoU) to collaborate pertaining to areas such as knowledge-sharing, partnership initiatives and improved access to care for patients in Dubai. Click here to read more…

Dubai’s leisure market shows continued signs of recovery

Dubai’s leisure market showed signs of continued recovery with the luxury hotel operator Jumeirah Group reporting 84.4% average occupancy in the first four months of 2012, on its beach-front resorts. Revenue per available room (RevPAR), the hospitality industry’s standard for measuring hotel performance, grew 18.7% during the first quarter of 2012. The group also said that the City hotels had an average occupancy of 85.5% during the same period with RevPAR going up 8.4%. Click here to read more. (Source: Zawya.com)

Starwood Hotels and Resorts in Iraq after 20 years
Starwood Hotels and Resorts Worldwide, Inc. has signed an agreement with BCD Company to manage a newly-built Sheraton hotel in Erbil, northern Iraq. Erbil is the capital of the Kurdistan Autonomous Region and is emerging as the country’s commercial hub. The new Sheraton Erbil Hotel will comprise of 221 guest rooms and 39 suites. The hotel’s business facilities will feature a 720-square metre ballroom, a conference centre, four meeting rooms and a business centre including six private offices. Click here to read more.

Marriot International to add 12,000 jobs to Middle East, Africa tourism

Marriott International has announced it will recruit more than 12,000 staff in the Middle East and Africa region over the next five years. Alex Kyriakides, the US firm’s president and MEA managing director, said the group would double its number of employees to more than 24,000, from its current 11,800, by the end of 2017. Click here to read more…

Egypt reports big boost in Q1 tourism figures

Egyptian Minister of Tourism Mounir Fakhry Abd Elnour in a surprise announcement said the number of tourists visiting Egypt during the first quarter of this year has gone 32% up from 2011. Click here to read more…

Gulf Union will bring GCC more ‘bargaining power’, says Saudi FM

Saudi Minister for Foreign Affairs Prince Saud Al-Faisal insisted the proposed Gulf Union will safeguard member states from common security threats and help emerge the regional grouping as a powerful economic hub with a GDP exceeding more than $1.4 trillion, Arab News reported. Click here to read more…

Middle East, North Africa region countries to spend $118bn during next 3 years – report

Governments in the Middle East and North Africa region are likely to spend a fortune of $118.2bn per year on military hardware in order to ward off Arab Spring-like uprisings, a new report revealed. Click here to read more…

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