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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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Dusit International makes its grand debut in Qatar

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With a view to capture major market share in Qatar’s hospitality sector, Dusit International, one of Thailand’s leading hotel and property development companies, is set to make its Qatar debut with the launch of Dusit Doha Hotel on 25 April 2019.

Located in the heart of Doha’s vibrant West Bay area, adjacent to the breezy Corniche, Dusit Doha Hotel is a five-star modern oasis only 20 minutes by car from Hamad International Airport, and just a five-minute walk from Doha Exhibition and Convention Centre, the City centre Mall and The Gate Mall, making it a perfect stopover for business and leisure travellers alike.

Designed to provide luxury experiences at excellent value, the full-service property comprises 261 well-appointed guestrooms and suites and 96 elegant apartments for short- and long-stay guests. Dusit’s unique brand of Thai-inspired gracious hospitality, honed and developed over more than 70 years, ensures guests can expect memorable, personalised service delivered with genuine care, warmth and respect. Rooms and suites at Dusit Doha Hotel are designed to provide the utmost in comfort and convenience, with expansive living areas ranging in size from 41 sq m for a Superior Room to 131 sq. m for a Suite. Apartments are available in one-to three-bedroom configurations and provide spacious living areas ranging from 95 to 193 sq. m.

Leisure and recreation facilities include a rooftop swimming pool, children’s pool, and a sundeck area offering panoramic views of West Bay. Guests will also find a wealth of dining outlets to choose from, including three restaurants, a classic French café, and a relaxing rooftop lounge.

Ready to welcome guests by the hotel’s opening date is Taste, a contemporary all-day dining restaurant serving tantalising dishes from around the globe and also hosting regular theme nights. This will soon be joined by Dusit’s signature Thai restaurant, Benjarong, which serves Royal Thai cuisine made using the finest local and imported ingredients.

Other upcoming outlets include Antoinette’s Café, bringing a taste of Europe to Doha via fresh French pastries and other baked treats, and The House, offering premium steaks and seafood.

Ideal for weddings, corporate meetings, and memorable social gatherings, the hotel also offers a versatile 574 sq. m ballroom which can accommodate up to 500 people. Spacious and bright with abundant natural light, this atmospheric venue features its own private terrace and can be divided into two smaller venues, each with a separate entrance.

Dusit’s signature Devarana Spa is also set to open at the hotel, offering a wide range of luxury massage therapies and wellness treatments conducted in elegant, private treatment rooms. Designed to promote maximum relaxation, the elegant spa will occupy the entire 29th floor of the hotel, offering separate male and female sections.

“A modern oasis for people to meet, dine, stay and relax, Dusit Doha Hotel delivers the ultimate in luxury and comfort for locals and international visitors alike,” said Mr Gerhard Stutz, Cluster General Manager, Dusit Doha Hotel. “Qatar is one of the fastest growing countries in terms of tourism, and its reputation as a destination of choice is only set to be cemented further when the FIFA World Cup is held here in 2022. As such, there could not have been a more opportune time to launch Dusit Doha Hotel. We now look forward to delighting guests with our unique brand of Thai-inspired gracious hospitality while positioning the hotel as the market leader in Doha.”

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Mediterranean Resort & Hotel Real Estate Forum returns to Greece

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Now in its fifth year, the Mediterranean Resort & Hotel Real Estate Forum (MR&H) will return to Greece for the second year in succession this October. The event, hosted by Questex, is dedicated to the investment, development and operation of resorts and hotels within the Mediterranean region. This niche, but highly specialized area, comprises various elements; hotel, residential, marinas, health clubs, children’s activities, retail, sports facilities, F&B, all of which need to be carefully woven together with seamless operation to create a successful resort.

The conference will be held at the Hilton Athens on the 29-31st October 2019. A fitting venue for Hilton’s celebration of 100 years in hospitality and the continuation of the premise that the group was founded on; “travel can make the world a better place”.

The dynamic growth of tourism in Greece continues to boost investment activity throughout the country and throughout the wider Mediterranean region. Speaking at MIPIM last month, Secretary General for Tourism Policy and Development George Tziallas said; “Half of all funding under Greece’s 2016 development law has been channeled into tourism ventures, while more than 400 investment plans have been submitted in the last three years to the tourism ministry for approval.”

This statement is supported by data recently released by Horwath HTL during the International Hotel Investment Forum (IHIF) which revealed Greece is a prime investment opportunity for international hotel chains as only 1.7% of total units currently operate under an international brand. Results from the joint investor sentiment survey from Tranio and IHIF showed Greece listed as one of the European countries that is most attractive for hotel real estate investment.

Stakeholders from leading operators including Thomas Cook, Club Med and Nobu attend the event alongside investors from KSL, Starwood Capital Group and Dolphin Capital all recognizing the value of coming together as a collective to debate, converse and discuss.

Registration for MR&H 2019 is now open and delegate tickets can be purchased at the best value Early Bird rate until the end of May.

Enterprise Greece have pledged their continued support for MR&H and Grigoris Stergioulis, Chairman & CEO at Enterprise Greece said in relation to the ongoing collaboration; “Building on the success of the event last year, the positive working relationship with Questex and the significant opportunities that exist for investors in the Greek hotel market, we’re thrilled to once again partner with MR&H and look forward to welcoming the event to Greece for the second year.”

Alexi Khajavi, Managing Director of EMEA Hospitality + Travel Group, Questex said; “The tourism and hospitality prosperity that Greece is enjoying is leading to significant activity from serious investors and developers. As a conference host, our role is to facilitate these meetings, connections and interactions in an environment that is educational and energizing. With the continued support from Enterprise Greece, Hilton providing the setting, and amongst very encouraging industry data, we’re confident that MR&H will prove to be an event not to be missed for those currently active or keen to do business within the Mediterranean resort and hotel space”.

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China announces Great Wall “emergency repair” over next 5 years

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China’s government has formulated an emergency work plan to repair dilapidated sections of the Great Wall in the next five years, according to the municipal cultural heritage authorities.

The work plan has set 2,772 meters of the Great Wall and 17 towers as the priority for “emergency repair” over the next three years.

Beijing boasts a total length of 520.77 km of the Great Wall, which is more than 21,000 km long and traverses through 15 provinces and cities.

Since 2000, Beijing has earmarked 470 million yuan (70 million U.S. dollars) for the Great Wall protection fund.

In the next stage, the city has planned to comprehensively protect and develop the Great Wall Cultural Belt, with a total area of 4,929.29 square km, which includes both heritage protection and ecological conservation.

Shu Xiaofeng, director of the Beijing municipal administration of cultural heritage, said Beijing will make use of scientific and technological means, such as unmanned aerial vehicles and sensors, to protect and monitor the Great Wall, and carry out archaeological research.

He said the protection of the Great Wall is not only to protect the wall itself, but also to protect cultural relics along the cultural belt.

The Great Wall, a UNESCO World Heritage Site, consists of many interconnected walls, some dating back 2,000 years.

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Thomas Cook selling its travel business: Chinese investment fund interested

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Thomas Cook is the world’s oldest tour operator and was founded in Market Harborough in 1841 by businessman Thomas Cook. It started off with organized railway outings for members of the local temperance movement.

The travel company received approaches for parts of its business and the company as a whole, according to reports. The business put its airline up for sale in February and it said last month it would close 21 stores across the country and cut more than 300 jobs.

Chinese investment firm Fosun International could be a bidder for the company’s tour operating business, which runs a joint venture with Thomas Cook in China. It could be months before any formal offer is lodged, and there is no guarantee one will be made.

Thomas Cook now has annual sales of £9bn, 19 million customers a year and 22,000 staff operating in 16 countries.

In September, Thomas Cook said profits would be hit after the summer heat wave saw many take their holidays in the UK. It issued a second profit warning in November, when it said winter bookings were also down.

The shop closures will take the number of Thomas Cook outlets down to 566. It said a consultation with staff and unions had begun.

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TIME Hotels to open five new properties across Middle East in 2019

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TIME Hotels, the UAE-headquartered hospitality company and hotel operator, is set to announce plans to open five new properties across the Middle East during 2019 – as it targets 35 properties by 2025.

The properties, which will see the growth and launch of existing as well as new TIME Hotel brands to key territories throughout the region, will be unveiled during Arabian Travel Market 2019, which takes place at Dubai World Trade Centre from 28 April – 1 May.

Mohamed Awadalla, CEO TIME Hotels, said: “Our pipeline of hotels and residences meet the demands of multiple value-driven markets by offering a high-quality experience right across all of our branded properties.

“We currently have 15 properties in operation across the UAE and wider GCC with new additions in Dubai, Sharjah and Saudi Arabia scheduled for this year as well as extending our presence to Egypt – further supporting our strategic business plan to increase our total portfolio to 35 properties across the Middle East by the end of 2025.”

TIME Hotels will debut its TIME Express Hotels brand with the opening of a property in Sharjah, during the third quarter of 2019. The three-star TIME Express Hotel Al Khan will feature 55 keys in total and is located 15 minutes from Dubai International Airport, 20 minutes from Sharjah International Airport and a 15-minute walk from Al Khan Beach.

In Dubai, TIME Asma Hotel is scheduled to open during the second quarter of 2019. The four-star property, located in Al Barsha, will feature 232 rooms including 12 suites, a gym, swimming pool, jacuzzi, four meeting rooms, a business centre and two restaurants.

“Plans are in place for two floors of the hotel to be reserved exclusively for female travellers, with dedicated services, including: personalised room service, a female-only check-in counter, dedicated ladies-only guest relations, in-house baby-sitting services, and in-room tablets highlighting all of the services offered for women as well as enhanced bathroom amenities in each room,” said Awadalla.

Meanwhile, TIME Hotels’ international openings in Saudi Arabia and Egypt demonstrate the brand’s strength and popularity in markets outside of the UAE.

TIME Hotels opened its second property in Saudi Arabia at the beginning of April. Featuring 28 deluxe apartments – comprising four one-bedroom units and 24 two-bedroom units – TIME Dammam Residence is located 35 minutes from King Fahad International Airport and just minutes from various shopping and dining destinations in Dammam.

Joining TIME Dammam Residence in the kingdom will be TIME Golden Tower Al Khobar. Scheduled to open August 2019, the 65-key property will be strategically located on Al Khobar Main Street and within close proximity to Al Khobar Waterfront. The property will feature a roof-top garden lounge, a gym and a high-tech business centre.

In Egypt, TIME Nozha Beach Aqua Park Hotel & Resort will open its doors during Q3 2019. The four-star property – located in Ras Sudr, on Egypt’s Red Sea Coast – will feature 52 rooms and four suits as well as five castles, 93 villas, 891 chalets and 136 studios.

Located along a 945 metre stretch of white sand beach, the resort will feature the largest aqua entertainment complex in Ras Sudr, complete with various water slides, wave pools and water sport activities.

Awadalla, said: “This is a very exciting chapter in TIME Hotels’ short history as we open TIME Nozha Aqua Park & Resort, our first beach resort and first property in Egypt. Built with leisure and adventure visitors in mind, this resort is fully-equipped with everything the modern traveller requires for the perfect family getaway.”

These scheduled openings follow the signing of a new management agreement by TIME Hotels Management to operate Dunes Hotel Apartments’ three properties located throughout Dubai.

TIME Hotels took over day-to-day operations of TIME Dunes Hotel Apartment Al Barsha, TIME Dunes Hotel Apartments Al Qusais and TIME Dunes Hotel Apartments Oud Metha following the signing of the agreement on 24th January 2019.

“It has been a busy year for TIME Hotels with a raft of properties announced with several of them due to come online within the next 12 months. We have been very strategic with our openings, identifying and assessing the demand within the market and implementing the most suitable brand from the TIME portfolio, that best matches that demand and we’re looking forward to bringing more properties into our portfolio,” added Awadalla.

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A new Tourism potential in Tanzania: The Southern Circuit

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A new Tourism potential is about to be unlocked In Tanzania. All roads and international air routes will in the near future, be leading to the Southern circuit, as the tour operators have major plans to open new tourism revenue streams.

Complimenting the Government’s drive to transform the Southern tourism circuit, the key tourism players are currently scouting for apt partners to invest heavily in accommodations as part of a strategy to open up the area for travel.

It is understood, the Fifth Government under President Dr John Pombe Magufuli is working overtime to put up hardware infrastructures as it seeks to unleash the full economic potential of the area.

Impressed by the government move to designate Iringa as the Southern circuit hub, Tanzania Association of Tour Operators (TATO) last week deployed a delegation led by its Vice-Chairman, Mr Henry Kimambo to identify new potential members in its effort to establish a chapter in the area to cater for the entire Southern circuit.

“We want to replicate the best practices from the northern tourism circuit to Southern shred,” Mr Kimambo told the tour operators in Iringa during the engagement meeting.

He revealed that TATO plans to bring its services close to its members in Southern circuit, comprising Morogoro, Iringa, Njombe and Mbeya anytime soon.

This implies that the 36-year-old advocacy agency for a multi-billion dollar industry, with its base in northern safari capital of Arusha, will soon have a liaison office in Iringa to take care its Southern circuit members.

Mr Kimambo said that his association was aware that the Southern circuit based tour operators not only have their own different issues but also need strong ties with their northern tourism circuit peers if the tourism potential is to be unleashed.

Presenting the benefits before the Southern Circuit tour operators, TATO Chief Executive Officer, Mr Sirili Akko said lobbying and advocacy is a core service offered by his association.

“Members enjoy the conducive business environment as TATO represent a collective voice for private tour operators in lobbying and advocate towards the common goal of improving the business climate in Tanzania” Mr Akko explained.

TATO also provides unparalleled networking opportunities for its members, allowing individuals tour operators or company to connect with their peers, mentors, and other industry leaders and policymakers.

As a member, one is in the unique position to attend conventions, seminars, award dinners and other related events with like-minded professionals in the field. These events are attended by the brightest minds and are a hotbed of ideas and collaborative efforts.

“An association’s annual General meeting represents an incredible opportunity for members to meet and network with the largest gathering of their peers during the year” Mr Sirili explained.

TATO also trains its members on key issues such as labour laws, tax compliance, corporate social responsibility, conservation issues, among others, he noted.

As if that was not enough, TATO members also enjoy the service of having a platform where they channel their operational or policy related challenges to the government for a solution.

Members are also bonded together as they advocate for their peers and share their challenges and triumphs with one another, TATO CEO explained.

“Indeed, TATO provides members with a competitive advantage because they become active, informed members of their industry” Mr Sirili said, stressing that his members also get updates on all issues on tourism and related sectors by providing resources, information, and opportunities they might not have had otherwise.

Thanks to USAID PROTECT Project for building the capacity of TATO, an umbrella organization with over 300 members, for it to become an efficient advocacy agency for the tourism sector.

Project coordinator, Mr Jumapili Chenga said the scaling up membership base for TATO is one of his scheme’s components.

Iringa Region Tourism Officer, Ms Hawa Mwichaga was grateful that at the long last a strategy to unlock the Southern tourism circuit has stepped up a gear.

Tour operators from Iringa, Mbeya and other regions namely Ernest Luwala, Nancy Mfugale, Modestus Mdemu, Serafina Lanzi supported the idea of joining TATO as a concrete step to spur tourism in southern circuit.

Natural Resources and Tourism Ministry’s officer-in-charge for Southern Circuit, Ms Tully Kulanya said her zone has a great potential for tourism business.

“The Southern Parks are the perfect destinations for travelers looking for plentiful and rare wildlife in a remote area of Africa” Ms Kulanya noted.

The national parks namely Mikumi, Udzungwa, Kitulo Ruaha, as well as Selous Game Reserve, have fewer visitors and give the feeling of being all-alone. Activities include game drives in open vehicles, boat safaris, and walking safaris. These safaris include flights between the parks.

Tanzania’s earnings from tourism jumped 7.13 percent in 2018, helped by an increase in arrivals from foreign visitors, the government has said.

Tourism is the main source of hard currency in Tanzania, best known for its beaches, wildlife safaris and Mount Kilimanjaro.

Revenues from tourism fetched $2.43 billion for the year, up from $2.19 billion in 2017, Prime Minister, Mr Kassim Majaliwa said in a presentation to parliament.

Tourist arrivals totaled 1.49 million in 2018, compared with 1.33 million a year ago, Majaliwa said.

President John Magufuli’s government said it wants to bring in 2 million visitors a year by 2020.

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Syrian Tourism Minister: Work in progress to attract tourists from Russia

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Syria’s authorities are making persistent efforts to attract guests from Russia, with religious tourism viewed as a major area, Syrian Tourism Minister Rami Radwan Martini said on Friday.

“Work is in progress to attract tourists from Russia. The first area is religious tourism. Russians may be interested in such places as Maaloula, Saidnaya, Aleppo and Damascus,” he said.

According to the minister, the second area is the development of the coastal tourism infrastructure. Russia’s capital is being attracted to do that, he noted.

“Our participation, that is, of the Syrian Tourism Ministry and travel companies, in an exhibition in Moscow is expected. At that exhibition, we will present videos, booklets and other materials about Syria’s places of interest that we offer to visit,” the minister said.

He added that the restoration of antiquities was in full swing. According to Martini, the Syrian authorities have given new life to the historical markets in Homs.

“Also, a large number of churches has been restored in the Old City of Homs. The biggest mosque in the region, Khalid ibn al-Walid Mosque, was completely destroyed. We have been able to restore it,” he added.

As for Aleppo, the Old City has been fully restored there. “We include every district that has been restored in our tourist plan to make sure there is a tourist flow there,” the minister said.

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Japan’s first domestic passenger plane since 1960s to challenge Boeing and Airbus

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Mitsubishi Aircraft Corporation, an aviation unit of Japanese industrial giant, is planning to start deliveries of Japan’s first domestically-produced passenger plane since the 1960s as soon as next year.

The 88-passenger jet has a flight range of about 2,000 miles, while a smaller variant can fly up to 76 people for about the same distance. The MRJ (Mitsubishi Regional Jet) made its maiden flight in November 2015 with the first deliveries slated for mid-2020.

Mitsubishi Aircraft Corporation initially planned the first deliveries of the jet for 2008. However, the date was pushed back five times due to production difficulties. Orders for the aircraft that once totaled 474 units from US and Japanese carriers have been reportedly reduced to 407 jets so far.

The Japanese conglomerate, a longtime supplier of aircraft components to Boeing, invested over 600 billion yen ($5.36 billion) into MRJ as of March 2018 with another 200 billion yen ($1.8bn) expected to be pumped into the project by the end of 2020. In October, Mitsubishi announced plans to invest an extra 170 billion yen ($1.5bn) in capital into its aircraft unit, canceling 50 billion yen ($446mn) of the debt owed by the division.

The long-anticipated MRJ, which is designed for local air transportation, may become a peer competitor for such mainstays as Canada’s Bombardier, whose C Series regional planes are marketed as the Airbus A220, after the 2017 acquisition of the unit by the European aerospace giant. The Japanese jet is also expected to provide keen competition to Brazil’s Embraer that announced plans to create a joint venture for Embraer’s airliners in 2018.

The newcomers in the sector of regional air service, such as the Russian Sukhoi Superjet-100 and the Chinese Comac ARJ21, which are currently undergoing test flights, may also challenge Airbus and Boeing.

Mitsubishi is currently involved in legal proceedings with Montreal–based Bombardier. In October, the Canadian aircraft manufacturer filed a lawsuit, accusing the Japanese corporation of stealing secret information and causing Bombardier “to suffer irreparable financial loss.”

Mitsubishi counter-sued, saying that the Canadian aircraft producer had violated antitrust regulations through “a multifaceted scheme to expand its power within the regional jet market by impeding the entrance of a new competing aircraft.”

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Dusit Princess Residences Dubai Marina opens at the end of April

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Dusit International has signed a Franchise Agreement with Al Masar Hotel Management LLC, to upgrade the former Dusit Residence Dubai Marina to the Dusit Princess Residences Dubai Marina.

Located at the Marina, a popular tourist destination and preferred residential area just off the Dubai Technology and Media Free Zone, which includes Dubai Internet City, Dubai Media City and Dubai Knowledge Village, the 146-key property is currently being refurbished and will comprise Serviced Apartments, Holiday Homes and Residential units in a choice of one, two or three-bedroom configurations.

Designed to facilitate business and leisure, the upgraded property will feature meeting facilities, a fully equipped gym, a spa, a wellness-focused restaurant serving healthy and organic foods, and a bakery.

Damac Metro and Tram Stations, the Marina Mall, and The Beach Mall are all within walking distance. Attractions such as Mall of Emirates, Ski Dubai, Ibn Battuta Mall, Emirates Golf Club, Palm Jumeirah, Jumeirah Beach Park and Wild Wadi Water Park can all be reached in 10 – 15 minutes by car. The Dubai World 2020 Expo site is also only a short drive away.

“We are delighted to sign this franchise agreement with Al Masar Hotel Management LLC for Dusit Princess Residences Dubai Marina,” said Mr Lim Boon Kwee, Chief Operating Officer, Dusit International. “The comfort and convenience of the Dusit Princess brand, and the property’s prime location, make it an attractive proposition for anyone looking for a short- or long-term base in the city, especially with the Dubai Expo 2020 coming up.”

H.E. Abdulla Alnuaimi, Chairman, Al Masar Hotel Management LLC, said, “By signing this franchise agreement we can further position the property to delight residents and guests with Dusit’s unique brand of Thai-inspired gracious hospitality. And we look forward to establishing Dusit Princess Residences Dubai as the premier place to live, stay, visit and conduct business.”

Known globally for its distinctive brand of gracious hospitality inspired by authentic Thai values, Bangkok-based Dusit International opened its first hotel in the Middle East more than 15 years ago, in Dubai. Today, the company operates five hotels across the region, including three in the GCC – namely Dusit Thani Dubai, Dusit Thani Abu Dhabi, and dusitD2 Kenz Dubai. According to its plans, Dusit will have nine hotels in operation in the GCC by the end of the year.

Dusit Princess Residences Dubai will be the third Dusit-branded property in Dubai, following Dusit Thani Dubai and dusitD2 Kenz. A fourth Dusit-branded property, Dusit Princess Rijas, is slated to open in 2020.

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