FHS World 2024: Leading the charge for sustainable hospitality practices

As the largest edition to date, FHS World will gather over 1,500 industry leaders and feature more than 110 distinguished speakers, facilitating dynamic discussions and networking opportunities. File
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Updated 29 September 2024
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FHS World 2024: Leading the charge for sustainable hospitality practices

RIYADH: The Future Hospitality Summit World is returning to Dubai from Sept. 30 to Oct. 2 at Madinat Jumeirah, promising three days filled with insights, networking, and announcements for the hospitality and tourism sectors.

As the largest edition to date, FHS World will gather over 1,500 industry leaders and feature more than 110 distinguished speakers, facilitating dynamic discussions and networking opportunities.

Jonathan Worsley, chairman of The Bench and organizer of FHS World, told Arab News: “The Future Hospitality Summit has grown year on year since its inception, evolving from what was once a purely Middle East-focused event — the much-loved Arabian Hotel Investment Conference — to a world-leading summit that attracts over 1,500 international delegates and puts the global industry in the spotlight.” 

He added: “As our biggest and boldest event to date, FHS World 2024 reflects the continued growth of the hospitality and tourism sector and the evolution of FHS as the leading event of its kind.”

Under the theme “Invest in Our Future,” the summit will address critical issues shaping the global hospitality landscape, with a particular focus on innovation, sustainability, technology, and investment opportunities. Worsley emphasized the significance of investment and partnerships, stating, “This year’s theme emphasizes investment, innovation, and sustainability.”




Jonathan Worsley, chairman of The Bench and organizer of FHS World.

He elaborated: “Each year, we work alongside our highly experienced advisory board who guide us on topics, speakers, and event format to ensure we bring in the right people to discuss the most important factors affecting the hospitality industry and add the most value to industry players attending.”

This year’s agenda is packed with over 40 sessions across 20 conference tracks on four dedicated stages: Summit, Future, Exhibition, and Innovation. Topics will encompass environmental, social, and governance issues, sustainable development, human capital, real estate, technology, branding, and culture.

Worsley noted that the emphasis on sustainability has intensified annually. The 2024 agenda includes dedicated tracks where expert insights will guide the development of sustainable business models that prioritize environmental stewardship while enhancing profitability. 

The summit will also feature panels addressing urgent topics like scaling tourism with sustainable footprints, decarbonization, and achieving net-positive hospitality, aligning with the global movement toward responsible business practices.

A session “Greening Hospitality: ESG Law Compliance Impacting Hotel Real Estate Value” underscores the rising importance of environmental standards worldwide. 




Hala Matar Choufany, president for HVS Middle East, Africa & South Asia.

Hala Matar Choufany, president for HVS Middle East, Africa & South Asia, remarked: “Sustainability compliance is one of the biggest challenges facing the hospitality industry, as governments and investors push for more stringent environmental standards.”

FHS World 2024 will delve into technology and innovation, with Worsley highlighting, “Artificial Intelligence, the Internet of Things, and automation are transforming our industry in profound ways. FHS World will showcase how technology enhances everything from operational efficiency to guest personalization.” 

Choufany added: “Emerging technologies like AI and IoT are transforming hospitality operations by improving efficiency, reducing costs, and enhancing guest experiences. AI allows hotel operators to use predictive analytics to forecast occupancy, adjust staffing, and optimize inventory, while dynamic pricing algorithms help maximize revenue.”

Experts like Nicolas Nasra of Colliers will discuss AI’s transformative potential in hotel operations, and Piergiorgio Schirru of Blastness will emphasize the importance of revenue management systems in securing competitive market prices. Worsley further noted that “Robotics and Generative AI will also take centre stage as tools for creating more efficient systems; however, discussions to address ethics and data protection elements of these new technologies are essential.”

The summit will not only highlight technological advancements but also emphasize sustainability and pathways to achieving net-zero goals. Inge Huijbrechts, chief sustainability and security officer at Radisson Hotel Group, along with leaders from brands like Hilton and Accor, will explore how hotels can leverage data-driven platforms to track, report, and minimize their carbon footprints.

Worsley highlighted key presentations, including “Decarbonization and the Pathway to Net Zero,” “Net Positive Hospitality,” and “Leading with Purpose: Commitment to People, Planet, Profit.” 

A key feature of FHS will be the Branded Residences Forum, presented by Accor One Living, focusing on the rising trend of branded residences in the Middle East and beyond. Worsley stated this forum is “set to be one of the biggest draws at FHS World,” providing attendees with insights into the intersection of real estate, branding, and hospitality.

He explained: “Investors are increasingly looking for diversified assets that can weather market fluctuations, and this is driving interest in branded residences and mixed-use developments.” 

Choufany added: “The hospitality industry is witnessing several emerging trends that are shaping the future of investments. One notable trend is the rise of extended stay and co-living spaces.” She noted that as remote work and digital nomadism gain popularity, investments in these properties are expected to grow, blending home comforts with hotel-like amenities.

This year’s summit will also feature Country Pavilions exhibitions showcasing hospitality projects from Greece, Italy, Morocco, the Maldives, and Sri Lanka. 

Worsley stated: “Our country pavilions are a platform for countries to showcase their hospitality projects and investment opportunities to a global audience, helping investors identify new markets.”

Innovation and creativity will be celebrated with several industry competitions, including the semi-finals of the UN Tourism Women in Tech Start-Up Competition and the new Sustainable Cook-Off, spotlighting top UAE chefs creating culinary masterpieces from locally sourced ingredients. The finals of the Sustainable Hospitality Challenge, a student competition founded by Hotelschool The Hague, will also return, continuing the tradition of recognizing innovative practices in the sector. 

Worsley remarked: “One of our most popular events is the Sustainable Hospitality Challenge, which enforces true sustainability through collaboration and is judged by world leaders in their field.” 

FHS World will also tackle challenges such as labor shortages and sustainability compliance through solutions-based discussions. Worsley explained: “FHS World addresses these challenges by bringing together experts in green technologies, automation, and workforce development to provide attendees with a toolkit for tackling these issues while capitalizing on new growth opportunities.”

As FHS World expands, it continues to serve as a premier platform for industry leaders to connect, share ideas, and shape the future of hospitality and tourism. Worsley stated, “Our vision for FHS World is to continue to help shape the future of hospitality investment and provide a platform — one that bridges continents and drives innovation, where industry leaders gather to forge partnerships to advance their businesses sustainably.”

With more sessions, speakers, and features than ever before, FHS World 2024 promises to be a defining event for the global hospitality and tourism sector, offering attendees unparalleled insights, networking opportunities, and pathways to invest in the industry’s future.


Saudi stock market rises to 7th globally in size, says CMA chief

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Saudi stock market rises to 7th globally in size, says CMA chief

JEDDAH: The Saudi stock market has experienced significant growth, now ranking seventh globally and showcasing the resilience of the real economy, according to Mohammed bin Abdullah Elkuwaiz, chairman of the Capital Market Authority.

Elkuwaiz made these remarks at the 7th CEOs Forum, organized by the Small and Medium Enterprises General Authority, known as Monsha’at, on Sept. 30 in Riyadh. The event, themed “Opportunities to Enhance Business Growth,” was attended by over 1,200 executives across various sectors and sponsored by Saudi Commerce Minister Majid Al-Qasabi, who is also chairman of Monsha’at.

The forum featured local and international speakers, experts, and entrepreneurs, all aimed at empowering high-growth enterprises with insights into the latest developments and innovative practices in the SME landscape.

In a panel discussion, Elkuwaiz highlighted the remarkable growth of the Saudi stock market, which ranked 25th or 26th globally at the outset of Vision 2030. “Today, it stands as the seventh largest market in the world. Over the years, it has increasingly mirrored the real economy,” he stated.

He emphasized the market’s role as a key destination for entrepreneurs, attracting both local and global investors.

“We must facilitate the transition of companies into the Kingdom, enabling them to list and issue shares,” he said, noting that resolving challenges related to zakat and taxation remains a critical hurdle.

Elkuwaiz pointed out that the primary function of the stock market for entrepreneurs is to secure financing for expansion or exit strategies, allowing investors to engage in new ventures. He identified two primary funding avenues: equity financing and debt market financing.

While acknowledging the current maturity of the stock market, he indicated that several priorities remain, particularly the introduction of a technological system for managing subscriptions. This system, recently launched by the Saudi Stock Exchange, aims to streamline subscriptions, reduce costs, and shorten processing times, enhancing the market’s attractiveness.

Discussing the debt market, Elkuwaiz noted significant growth potential. “Recently, the authority proposed major amendments to the regulations governing the issuance and listing of securities, simplifying processes to enable more companies to participate,” he explained.

He also addressed the challenges faced by the Saudi parallel market, Nomu. “Efforts are underway in collaboration with Tadawul to enhance liquidity, increase listings, and broaden the investor base,” he said.

Elkuwaiz acknowledged the traditional reliance of Saudi Arabia's economy on oil exports, highlighting the recent presence of Aramco and various tech companies in the stock market, creating one of the most profitable sectors. He noted that SMEs account for 55 percent of listings on the Saudi stock market, leading to the launch of Nomu in 2017, which now features over 70 companies, primarily SMEs.

The forum included an investor area where more than 60 investment meetings were held, fostering collaboration and enhancing financing and investment opportunities for enterprises.


Closing Bell: Saudi indices close lower at 12,226 

Updated 59 sec ago
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Closing Bell: Saudi indices close lower at 12,226 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,226.10 points on Monday, losing 45.67 points, or 0.37 percent.      

The parallel market Nomu also shed 167.72 points, or 0.65 percent, to conclude at 25,442.94.       

The MSCI Tadawul 30 Index also fell 4.15 points to finish at 1,528.05.     

The main index posted a trading value of SR8.7 billion ($2.33 billion), with 81 stocks advancing and 149 declining. Nomu reported a trade volume of SR52.4 million.    

Despite TASI’s slowdown, Al-Baha Investment and Development Co. saw a growth in its stock as its share price surged 10 percent to SR0.22. CHUBB Arabia Cooperative Insurance Co. followed next with its share price jumping 5.39 percent to close at SR42.05.    

Tourism Enterprise Co. was also among the top performers, climbing 5.21 percent to SR1.01. Salama Cooperative Insurance Co. and Saudi Arabian Mining Co. increased 4.26 and 3.83 percent to SR28.15 and SR48.80, respectively.    

Conversely, Bupa Arabia for Cooperative Insurance Co. recorded the most significant dip, declining 5.82 percent to SR207.20.    

Saudi Fisheries Co. and Savola Group also experienced setbacks, with their shares dropping to SR29.15 and SR27, reflecting declines of 4.43 and 3.74 percent, respectively. Maharah Human Resources Co. and Saudi Kingdom Holding Co. also reported losses.   

Nomu’s top performer was Natural Gas Distribution Co., which saw a 9.71 percent jump to SR48. 

Edarat Communication and Information Technology Co. and Nofoth Food Products Co. also recorded notable gains, with their shares closing at SR515 and SR18.54, marking an increase of 7.29 and 5.94 percent, respectively. Future Care Trading Co. and Banan Real Estate Co. also fared well.    

On Nomu, Alqemam for Computer Systems Co. was the worst performer, declining by 9.52 percent to SR95. Other underperformers included Meyar Co. and National Building and Marketing Co., whose share prices dropped 7.46 percent and 5.83 percent to SR62 and SR210, respectively.    

Taqat Mineral Trading Co. and MOBI Industry Co. declined during the day to settle at SR11.20 and SR11.28, respectively.  


Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

Updated 48 min 47 sec ago
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Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

RIYADH: EVUM Motors, a German electric vehicle manufacturer, forecasts that its EVs will reach an environmental break-even point after three years of usage, as stated by CEO Martin Soltes.

During a presentation at the Future Hospitality Summit in Madinat Jumeirah, Soltes explained that this break-even is achieved when the environmental costs of manufacturing the vehicle are offset by its operational benefits over time.

This achievement is part of EVUM Motors’ broader commitment to sustainability, a key strategic focus for the company as well as its suppliers and subcontractors.

Furthermore, this initiative aligns with the global goal of reducing human-caused carbon dioxide emissions by approximately 45 percent from 2010 levels by 2030, with the aim of reaching net zero by 2050, as emphasized by international scientific consensus.

“We are planning for the vehicle to be used at least 10 years. So, you know, three years at the very beginning and it’s a kind of for the break-even point and then the next seven years we have a positive impact on the environment using it,” he explained.

During his talk, Soltes discussed the vital role of governments in promoting innovation in the electric vehicle sector.

He outlined two key approaches: providing subsidies to encourage new technologies and creating supportive environments for EV infrastructure development.

“The one way would be providing a kind of subsidies, which is always a short-term, you know, point to push a new technology in. And the second thing is creating environments where innovations and, especially EVs, can be in there. So, helping build up the infrastructure,” Soltes said.

He also mentioned that implementing stricter regulations on firms can propel the industry forward, emphasizing a user-centered design approach. “So, go to the customer, talk to him about how he’s driving around, how he’s using the vehicle, understanding what his needs are, what needs to be optimized, what needs to be done,” he stated.

In a separate discussion, Issam AbdulRahim Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing, addressed the increasing number of companies relocating to Dubai.

“We have a lot of new companies that relocate to Dubai, family offices that are set up in Dubai. More communities moving to Dubai to find the right opportunities for themselves and set up their life in Dubai as well,” Kazim said.

He added that these developments should contribute to the goal of doubling the gross domestic product over the next decade. “All of that should aid the doubling of the GDP in the next decade. So that’s the vision from one side.”

Kazim also noted an increase in hotel numbers since the launch of the tourism strategy, highlighting Dubai’s ongoing growth.

This year’s Future Hospitality Summit 2024 marks the largest edition to date, bringing together 1,500 industry leaders and featuring more than 110 distinguished speakers, facilitating engaging discussions and networking opportunities.

The three-day event continues to serve as a platform for industry leaders to connect, share ideas, and shape the future of hospitality and tourism.


AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

Updated 56 min 24 sec ago
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AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

RIYADH: Technological integration and advancements in artificial intelligence are driving efficiency at Dubai International Airport, helping position it as a leading global hub, a top official said. 

During a panel at the Future Hospitality Summit, CEO of Dubai Airports Paul Griffiths explained that with the facility expecting to serve a record 93 million passengers this year, innovation and strategic use of the hub’s geographic advantage are crucial to sustaining growth and enhancing customer experience.

“Dubai’s geocentricity plays a pivotal role in our success,” Griffiths said, adding: “A third of the world’s population is within four hours, and two-thirds within eight hours from Dubai. This makes DXB an unparalleled hub, offering connectivity to 104 countries and 256 cities globally.”

Speaking at the event in Dubai, the CEO added that the airport’s throughput has scaled with its growth, driven by a combination of technology and human capital, allowing it to remain competitive even amid rising global passenger numbers. 

DXB recorded a milestone of over 44.9 million passengers in just the first half of 2024, a significant increase from previous years, reaffirming its position as the world’s busiest airport for international travelers. 

Griffiths highlighted DXB’s Operations Control Center as a key technological innovation enabling this success. 

“We’ve established a center where every aspect of the operation is micromanaged in real-time. From monitoring aircraft turnarounds with AI-driven cameras to predicting weather-related disruptions, we ensure smooth, quick transitions for passengers,” he said. 

This data-driven approach, Griffiths explained, ensures that the airport can accommodate an ever-increasing number of passengers while maintaining high service standards. 

Griffiths also highlighted the importance of Al Maktoum International Airport in supporting the emirate’s long-term infrastructure and aviation strategy, aligned with the Dubai Economic Agenda D33, which aims to double its gross domestic product by 2033. 

 

The airport’s workforce has also evolved in parallel with its technological advancements. Griffiths discussed DXB’s’ graduate training program, launched in 2007. 

“We have invested in local talent, and today, 78 percent of our management team comprises UAE nationals, many of whom are women,” he said. 

The CEO stressed that this talent pipeline has been instrumental in maintaining high operational standards despite a significant reduction in staff numbers. “When I started, we had 5,500 employees managing 30 million passengers. Today, we handle 93 million passengers with just 1,800 staff, thanks to technology and highly motivated teams.” 

This increase in efficiency aligns with the broader transformation happening in Dubai, where the aviation, travel, and tourism sectors are central to the emirate’s economic growth. 

Ahmed Al-Maktoum, chairman of Dubai Airports, emphasized earlier this year the need for expanding Dubai’s infrastructure to keep pace with rising passenger traffic, which is projected to exceed 90 million by year-end. 

The integration of technology and the nurturing of local talent have not only boosted efficiency but also supported the airport’s broader ambition to position Dubai as a leader in global aviation. 

Griffiths further emphasized that the future of the airport would focus on enhancing connectivity and ensuring customer satisfaction without losing the personal touch. 

Looking forward, he expressed confidence in the continued growth of Dubai’s aviation sector. 

This milestone will further solidify Dubai’s position as the largest international airport in the world, driven by a combination of strategic location, cutting-edge technology, and an innovative workforce. 

“We are not just a transit point; we are setting new standards in global connectivity and customer service,” said Griffiths.


Central Bank of Egypt issues over $1bn in treasury bills 

Updated 30 September 2024
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Central Bank of Egypt issues over $1bn in treasury bills 

JEDDAH: Egypt’s central bank has issued treasury bills worth 50 billion Egyptian pounds ($1.06 billion) as the country seeks to manage liquidity and support government financing amid rising inflation. 

One tranche offers 30 billion pounds in 91-day bills maturing on Dec. 31, and while the other covers 20 billion pounds in 273-day bills due July 1, 2025. 

The move comes as part of the CBE’s broader effort to curb inflation and provide investors with short- and medium-term investment options. 

This follows a similar issuance on Sept. 26, when the Central Bank of Egypt offered treasury bills worth 50 billion pounds through two auctions. 

The first tranche, valued at 30 billion pounds, carries a 182-day tenor, maturing on April 1, 2025. The second, totaling 20 billion pounds, will mature in 364 days on Sept. 30, 2025. 

Earlier, on Sept. 22, the CBE auctioned treasury bills worth 60 billion pounds in two tranches. 

The central bank plays a key role in managing Egypt’s public debt and maintaining financial stability. 

Egypt’s inflation remains high, with urban consumer price index inflation hitting 2.1 percent in August, up from 0.4 percent in July. 

Annually, CPI inflation rose to 26.2 percent from 25.7 percent in the previous month. 

The central bank’s core CPI inflation measure showed an increase to 0.9 percent in August, compared to a negative 0.5 percent in July, with the annual rate rising to 25.1 percent from 24.4 percent. 

In its latest review, the International Monetary Fund reported that Egypt’s economy is showing signs of recovery as government efforts to restore macroeconomic stability begin to yield results. 

The IMF noted that while inflation remains high, it is gradually decreasing. 

Egypt has undertaken several economic reforms aimed at maintaining fiscal stability, including the unification of the official and parallel exchange rates in March. 

Since then, the economy has improved significantly, with the pound becoming market-determined, the foreign exchange backlog at banks cleared, and daily interbank exchange turnover increasing. 

However, the IMF highlighted that geopolitical challenges, such as the Gaza conflict and Red Sea tensions, are complicating the reform process.