The third annual Hotel Show Saudi Arabia 2015 opened in Jeddah on Sunday, to thousands of hospitality professionals from throughout the Kingdom and beyond.
Being held with the support of Prince Abdullah bin Saud bin Mohammed Al-Saud, chairman of the Tourism Committee, at the Jeddah Centre for Forums and Events, the three-day event that ends on Tuesday is considered to be “the leading platform for international brands.”
It showcases latest products and services to the booming Saudi hospitality market, which is estimated to be worth $93 billion in the next five years.
“We are honored to have had Prince Abdullah bin Saud bin Mohammed Al-Saud, chairman of the Tourism Committee, open the 2015 event and take the time to tour the exhibition,” said Christine Davidson, The Hotel Show director at dmg events.
“Saudi Arabia’s hospitality industry is experiencing extraordinary growth with recent industry reports forecasting 16,000 new hotel rooms in Riyadh and Jeddah by 2018, and a 400 percent increase in domestic tourism by 2019.
The Hotel Show is a must-attend event for hospitality professionals looking to establish a presence in Saudi Arabia.”
Thousands of key decision-makers from the industry are attending the event, including from the Holiday Inn, Crowne Plaza and InterContinental hotels in Jeddah, from the Kingdom’s InterContinental Hotels Group.
Pascal Gauvin, chief operating officer, India, Middle East & Africa, IHG said: “Saudi Arabia has been one of our strongest markets and a key focus for us within the region since we entered 40 years ago.”
Hundreds of global brands are exhibiting from over 20 different countries worldwide, representing all of the product sectors that make up the hospitality industry. Global giants, including LG Electronics, have announced the launch of innovative new products and services at the show this year.
Meanwhile, The Hotel Show Saudi Arabia’s first Vision Conference is providing a platform for global experts from the likes of Samsung, Deloitte and Al-Kamal International to inform the Saudi market on the latest industry trends.
Jeddah hotel show exhibits latest products, services
Jeddah hotel show exhibits latest products, services
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
