UBAR Hotels & Resorts SAOG approves 15% dividend
UBAR Hotels & Resorts SAOG formerly known as Interior Hotels Company SAOG (IHC) approved 15% cash dividend for its shareholders at its 19th Annual General Meeting (AGM) which was recently held. The AGM was chaired by Usama Mohammed Ali Al Barwani, Chairman, Ubar Hotels & Resorts SAOG.
Usama thanked all the shareholders for their support and informed that the company had achieved the highest ever revenues and profits since inception. The company showed a significant increase of 73% in revenues and 118% in profits respectively over the last year. This was mainly due to the acquisition of Al Ahlam Management LLC which owns and operates Park Inn Hotel in Muscat.
Usama Al Barwani, Chairman, Ubar Hotels & Resorts SAOG added, “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 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.”
Sandeep Jaitly, CEO, Ubar Hotels & Resorts SAOG, said, “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.”
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.