MARKET UPDATE TRAVEL TRADE PUBLICATIONS MANAGING EDITOR Mary Kammitsi mary@traveltradeweekly.travel ASSISTANT EDITOR Maria Kazeli
STR Global: 11 Months of Growth for Lebanon Lebanon continues to experience increased demand for accommodation with March figures showing notable rises for the 11th consecutive month.
SENIOR JOURNALIST Rita Kasziba CONTRIBUTORS Ana Mladenovic Dominique Christou
B
PRESS Maria Demetriadou Pauline Shahabian Inna Armeanu
ased on data compiled by STR Global, during the period under review, occupancy rates in the country rose 27 percent to 48.5 percent, underscoring the destination’s gradual development since the GCC lifted travel advisories in May 2014. Among the key countries in the Middle East and Africa (MEA) region, Egypt witnessed the highest increases in both average daily rates (ADR), up 32.9 percent to USD86.64, and RevPAR, up 61.5 percent to USD45.28. All in all, occupancy in MEA soared 3.2 percent to 68.7 percent, RevPAR improved 0.7 percent to USD118.04 and ADR dropped 2.3 percent to USD171.82.
DESIGN & LAYOUT Elena Stylianou
DIRECTORS Andreas Constantinides Mary Kammitsi HEADQUARTERS T.T.W. Travel Trade Weekly LTD P.O. Box 25255, Nicosia 1308 Cyprus Tel: +357 22 021607, Fax: +357 22 103670 WEBSITE www.traveltradeweekly.travel EMAILS info@traveltradeweekly.travel sales@traveltradeweekly.travel editorial@traveltradeweekly.travel
Jeita Grotto, Lebanon
WEB DEVELOPER / IT Soteris Constantinou
Jazeera Airways Grants Dividend Jazeera Airways Group shareholders approved a board proposal for the cash distribution of KWD20 million (USD66.3 million) as special dividend for 2014.
MENA EXCHANGE RATES As of
5/6/2015
Currencies shown in blue are fixed against the US Dollar
2
COUNTRY
CURRENCY 1USD=
Bahrain (BHD)
Dinar
0.37
Jordan (JOD)
Dinar
0.71
Oman (OMR)
Rial
0.39
Qatar (QAR)
Rial
3.64
Saudi Arabia (SAR) Riyal
3.75
UAE (AED)
Dirham
3.67
Algeria (DZD)
Dinar
98.18
Egypt (EGP)
Pound
7.63
Iran (IRR)
Rial
28,953.86
Iraq (IQD)
Dinar
1,180.46
Kuwait (KWD)
Dinar
0.30
Lebanon (LBP)
Pound
1,525.01
Libya (LYD)
Dinar
1.38
Morocco (MAD)
Dirham
9.66
Syria (SYP)
Pound
188.82
Tunisia (TND)
Dinar
1.93
Yemen (YER)
Rial
214.89
T
he step is proof of the successful strategic decision the company’s management had taken in 2014 to further capitalise on the growth opportunities in its home market by focussing more on its core business – the passenger airline segment – and to exit the capital-intensive aircraft leasing segment. This was revealed by Marwan Boodai, chairman, Jazeera Airways Group, who also commented, “The transaction is reflected in our 2014 financial accounts and resulted in an additional cash surplus […]. As a result, the company today is cash-rich, asset-light and plans to be debt-free by the end of [this year] to pursue growth opportunities.” 6 JUNE 2015