(MENAFN) Jet Airways announced that its shareholders okayed the 24-percent stake sale to Etihad Airways, reported Arabian Business. Last month, the Abu Dhabi-based carrier announced that it will buy the stake in the Indian airline for USD370 million. According to Jet Airways' secretary, Arun Kanak, the airline postponed seeking shareholder endorsement for a new set of Articles of Association until it receives regulatory clarity. It is worth noting that Etihad is the first foreign carrier to make an investment in an Indian airline.
(MENAFN) STR Global announced that during the January-April period, hotels in the Omani capital posted a growth of over 15 percent in revenue per available room (RevPAR), reported Arabian Business. STR said that the figure ranks Muscat as the best performer in the region during the mentioned period. It added that occupancy climbed by 14 percent, reaching 77.3 percent. Moreover, ADR rose by 1.1 percent to USD248. On the other hand, occupancy rate in the Middle East and Africa region rose by 3.4 percent in April alone to 65.7 percent, while ADR gained 0.7 percent to USD171.29, and RevPAR rose by 4 percent to USD112.46. It is worth noting that hotels in Manama had the strongest growth in occupancy in the 4-month period, rising by 21.5 percent to 51.7 percent, whereas occupancy in hotels in Abu Dhabi jumped by 20 percent to 70.7 percent.
(MENAFN) Marriott International, Middle East and Africa, president and managing director, Alex Kyriakidis, stated that the hotel operator's revenue per available room (RevPAR) during the first quarter grew by over 11 percent, reported Arabian Business. Kyriakidis said that in the three-month period, occupancy rose by 4.1 percent. The US hotel company, which will increase its properties in the region by double in 4 years, inked agreements to launch properties that will add 1,027 rooms. They company's new planned launches comprise the 186-room Rabat Marriott Hotel that will open in 2014 in Morocco and a 181-room Constantine Marriott Hotel in Algeria. Furthermore, they include the 210-room Courtyard by Marriott Riyadh North in Saudi Arabia, to be launched in 2015.
(MENAFN) Fitch Ratings stated that in 2013, Qatar's gross domestic product (GDP) is projected to stand at 7 percent, reported Arabian Business. The agency said that during the period, Qatari banks are expected to stay well capitalized, with most of them taking advantage of high Tier 1 ratios. Furthermore, the year is projected to witness healthy profitability and margins, nevertheless, low interest rate environment and competition will continue to pressure margins. According to the rating agency, asset-quality ratios in the Gulf country are among the best in the region and are expected to stay healthy in the year, even though some higher impairments have been offset by credit growth.
(MENAFN) Bahrain is expecting an economic growth of at least 5 percent during the current year, reported Arabian Business. This expectation was due to the rebound in oil production and the growth in non-oil fields. Last year's GDP growth rate was 3.4 percent with non-oil fields expanding by 6.7 percent. The tradable fields should be at the middle of sustained economic growth in the country such as manufacturing, according to Dr Jarmo Kotilaine, chief economist at the Bahrain EDB.
(MENAFN) Air Arabia started its flights to Abha in Saudi Arabia, this new service is the eighth city in Saudi that will be reached by the Sharjah based carrier, reported Gulf News. The Airline arranged two flights to abha every week, which made it easier for passengers to come and go between the two cities. The total weekly flights from Sharjah international airport to Saudi Arabia is 88. It's worth mentioning that the Gulf carrier is working on enhancing its service to all Arab destinations and offering a choice for affordable traveling.
(MENAFN) The Mall of Qatar constructing is already in progress, and it's planned to be ready in 2015, reported Arabian Business. The Gulf country spent USD820 million on this project, which will make it the largest retail center in the country. The Doha based mall is being built on 400,00 sqm, with more than 400 outlets across the floor, and there will be a parking that can contain more than 7,000 cars. It's worth mentioning that it will include cinemas, 20 international restaurants, a luxury hotel, and three-storey high market place.