GCC & the UAE
Limited corporate and MICE activity will continue to impact the energy markets such as Al Khobar, Abu Dhabi City, and Muscat. The RevPAR YTD June 2017 for these markets are trending 21%, 10%, and 7% below same time last year. Considering the H1 trends, the 2017 RevPAR forecast for markets like Al Khobar, Abu Dhabi, and Muscat is forecasted to be below last year by 10%-15% with no short-term recovery in sight.
Egypt
The Egyptian markets of Cairo and Alexandria are witnessing a strong growth in occupancy, however the recent currency devaluation has impacted the ADR and subsequently the RevPAR. The Red sea resorts of Sharm Al Sheikh and Hurghada continue to feel the repercussions of travel alerts from many European feeder markets, and are forecasted to close below last year by 46% and 45% for July to September 2016.
Jordan
The demand levels in Jordanian market of Aqaba have witnessed a strong growth in both occupancy and ADR and have benefitted from the return of the international market followed by some shift in demand from Egypt and Turkey. The Aqaba H1 RevPAR was 8% above same time last year driven by both occupancy and ADR. The same trend is anticipated to continue for rest of the year and the 2017 RevPAR is forecasted to close 13% above 2016.
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