Frasers Hospitality is building on its Middle East growth and is on target to add six more properties to the region by 2015.
Responding to the increasing demand for premium serviced residences by expatriates and business travellers, with arrivals expected to hit 149 million in the Middle East by 2030, the new properties will be located in Bahrain, Saudi Arabia, Qatar and the United Arab Emirates.
These will more than double Frasers’ portfolio in the Middle East, which currently includes Fraser Suites Seef Bahrain, Fraser Suites Dubai and Fraser Suites Doha.
Fraser Suites DAR Tower in Bahrain and Fraser Suites Executive Tower Ai Riyadh in Saudi Arabia are scheduled to open later this year.
Frasers is also actively exploring plans to further expand its presence in Europe Middle East Africa (EMEA), which currently makes up 18% its global inventory, to 21% by 2019. This is in line with this global growth plan to double its inventory to 30,000 serviced apartment units over the next five years.
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“We are fully committed to deepening our presence in the Middle East, where we have been witnessing a fast-growing demand for our serviced residences," said Frasers Hospitality Pte Ltd CEO Europe and Middle East Guus Bakker.
He added: "With our diversified portfolio of brand offerings, which include three gold-standard serviced residences – Fraser Suites, Fraser Place and Fraser Residence – as well as Modena by Fraser and Capri by Fraser, we are very well positioned to meet the different accommodation needs of a region that continues to see strong foreign direct investment and growth in tourism and domestic travel."
Frasers Hospitality’s portfolio currently stands at 92 properties, in 49 key gateway cities, and more than 15,500 apartments worldwide, including those in the pipeline.
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