DUBAI: Occupancy levels in Abu Dhabi hotels rose in April despite the lack of major events in the emirates that would have meant a high volume of bookings during the month.
In fact, according to industry watcher STR, it was the “second consecutive April with occupancy growth in Abu Dhabi.”
“In fact, the absolute occupancy level would be the highest for an April in the market since 2008,” STR said in its preliminary analysis for Abu Dhabi hotels.
Occupancy rate in Abu Dhabi hotels rose 2.7 percent to 80 percent in April, as demand rose 6.9 percent and supply increased 4.1 percent.
Average daily rate (ADR) was down 3.3% in 432.12 dirhams, which resulted into a 0.7 percent decline in revenue per available room (RevPAR) to 345.88 dirhams. ADR is an industry bellwether which measures realized room rental per day, while RevPAR is calculated by multiplying a hotel’s ADR by its occupancy rate.
“ADR decreases have been common in the market with supply growth a factor in that trend,” STR said.
Abu Dhabi is targeting to attract 8.5 million tourists a year by 2021 and has been ramping up efforts to promote the emirate as a culture and heritage destination, especially with the opening of Louvre Abu Dhabi, the only regional presence of the famous French museum.
The emirate expects to welcome 5.5 million hotel guests this year, up from about 5 million in 2017.
Abu Dhabi hotels report higher occupancy levels in April
Abu Dhabi hotels report higher occupancy levels in April
Pakistan hikes petrol price by Rs8 per liter for next fortnight
- Pakistan also increases price of high-speed diesel by Rs5.16 per liter, says energy ministry’s notification
- Latest price hikes takes place amid increased tensions in Middle East following US, Israel airstrikes against Iran
KARACHI: Pakistan’s government has increased the price of petrol by Rs8 per liter for the next fortnight, the Ministry of Energy announced in a notification this week.
The notification issued late Saturday night said the new price of petrol has increased from Rs258.17 to Rs266.17 per liter.
Meanwhile, the new price of high-speed diesel (HSD) has also increased by Rs5.16 per liter, pushing the new price to Rs280.86 per liter.
“The government has revised the prices of petroleum products based on recommendations of OGRA [Oil and Gas Regulatory Authority],” the notification reads.
Fuel prices in Pakistan are reviewed fortnightly and are influenced by global oil prices, exchange rate movements and domestic taxes. The pricing mechanism passes changes in import costs on to consumers.
Pakistan’s government also increased the price of petrol by Rs5 per liter and that of HSD by Rs7.32 per liter on Feb. 15.
The latest price hike takes place amid increased tensions in the Middle East, a day after the US and Israel launched airstrikes against Iran.
Iran retaliated by attacking US military bases in several Gulf nations. Analysts fear the conflict could rattle global markets, particularly if Iran makes the Strait of Hormuz unsafe for commercial traffic.
A third of worldwide oil exports transported by sea passed through the strait in 2025.
