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FINANCIAL NEWS
French Accor to postpone UAE projects in 2012
28 Feb 2012
(MENAFN) French hotel group Accor said that due to the political unrest in the Middle East, the company might postpone its expansion plans in the UAE, reported Gulf News.
The firm added that it has plans to launch 23 hotels in the region until 2015, of which 12 would be in the UAE, and 10 of these are due to open during the
current year.
It also said that some of the hotels that were supposed to open in 2012’s first or second quarter were pushed back to the third quarter; however, Accor wouldn’t cancel any projects in the UAE this year.
Moreover, the company, which runs 15 properties in the UAE, plans to launch another 7 hotels in the country, in addition to future plans to open 4 hotels in Saudi, 3 in Syria, 2 in Qatar, and 1 each in Egypt and Bahrain.
It is worth noting that in 2011, Accor achieved net profit of USD36.25 million globally, whereas revenues reached USD8.05 billion.
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