DUBAI: Jeddah hotels performed strongly in September with room occupancy and room rates rising over the previous year, global hotel industry tracker STR said on Thursday.
For the month, hotel occupancy rates rose by 3.5 percent to 70.2 percent while average daily room rates (ADR) improved 12.3 percent to SR1,218.79 and revenue per available room (RevPAR) went up 16.2 percent to SR855.49, a preliminary report from STR said.
ADR is calculated by dividing the room revenue earned by the number of rooms sold while RevPAR is derived multiplying a hotel’s ADR by its occupancy rate.
“These performance increases are in comparison with a very weak September 2016. Jeddah recorded particularly strong performance levels during the IDC CIO summit, with RevPAR growth above 100 percent for September 27-28,” STR said.
STR will release full September results later this month.
An earlier report from property consultancy JLL noted that Jeddah remained one of the best performing markets in the region.
“The outlook for the hotel market in Jeddah remains positive due to the city’s prime location between the Holy cities of Makkah and Madinah, which should see increased demand for hotels,” JLL said.
Jeddah hotels turn in strong performance for September
Jeddah hotels turn in strong performance for September
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
