Industry development in the Middle East
Author: Anton Bawab, James Kirk (yBC.tv)Categories: Asia, Cultural, Europe, Latin America, Middle East
Tags: affluent market, languages, luxury, Mobile, new generation, Viceroy Hotels and Resorts, young people
Industry development is no great challenge in the Middle EastThe Middle East has been full or has been occupied by the traditional hotel operators and then you’ve got the luxury hotel operators on the other end of the spectrum. And our positioning – our unique positioning is still right for taking. And one of the advantages of the Viceroy Hotel Group, or Viceroy Hotels and Resorts, our properties, is that there aren’t many hotels or operators offering the same product that we have. So it’s a green field for us wherever we go. Everybody is very optimistic that 2014 is going to be a significant shift from what 2013 promised to be. We have put in significant investment in growing our capabilities in the region providing expertise in the market for the market. So we’ve got a fully capable corporate office out of Abu Dhabi serving the Middle East. And that will propel our growth and support our new projects coming out of the region there. I wouldn’t say it’s a challenging place to do business. I think it’s a challenging place to do business for those that have not been to the Middle East. But once you get there and you understand the culture and you’ve spent some time there and met and found new partners, I wouldn’t think it’s more challenging than some parts of Europe, Latin America or Asia. It’s just got its own nuances, it’s got its own differentiators. And you’ve got to know the way business is done or who to partner with, who not to partner with and what things to look out for when striking partnerships. But otherwise there’s nothing there’s no secret about doing business in there. It’s a growing market, affluent market, 40% of the population is below the age of 20, highly mobile, speaks multiple languages and is keen and eager to have new experiences, travel, spend on luxuries. And the Middle East is a big turn on, we’ve got the GCC, that’s vastly different from the rest of the Levant area.
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