UBAR Hotels and Resorts approves 15% dividend

25/03/2014 08:28 AST

UBAR Hotels & Resorts, formerly known as Interior Hotels Company, has approved a 15 per cent cash dividend for its shareholders at the recent annual general meeting (AGM). The AGM was chaired by Usama Mohammed Ali Al Barwani, chairman of the Ubar Hotels & Resorts, according to a company release.

Usama pointed out that the company has achieved the highest ever revenues and profits since inception. The company showed a significant increase of 73 per cent in revenues and 118 per cent in profits, respectively, over the last year. This was mainly due to the acquisition of Al Ahlam Management which owns and operates Park Inn Hotel in Muscat.

Achievement

Usama added that this year marks a significant recognition for the Golden Tulip Nizwa Hotel as it has been chosen among the 'Hotel of the Year 2013' for the Middle East and North African (Mena) region by Golden Tulip Worldwide. "Through this award, the company has once again reaffirmed its reputation for providing excellence and memorable experiences to its guests."

"The tourism is geared for further growth following the construction of the new Oman Conference and Exhibition centre. The expansion of Muscat International Airport and development of other regional airports in Oman will further help in increasing tourist arrival and improve the convenience of domestic travel. In addition, the conversion of the commercial port into leisure port will further augment the flow of tourists to the Sultanate," noted Sandeep Jaitly, CEO of Ubar Hotels & Resorts.

The company has also been encouraging the employment of Omanis and their continuous growth in various departments and is making concerted efforts to achieve the required Omanisation levels.

Times of Oman