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The National Corporation for Tourism and Hotels (NCT&H) currently is the asset manager of 12 hotels inside and outside the UAE and the number will rise to 20 hotels by 2015.
NCT&H Asset Management Division, one of the most important divisions of the Corporation, asset manager those hotels which include around 3,000 rooms, mostly in Abu Dhabi, Al Ain and Dubai.
“The Asset Management Division is planning to manage 20 hotels by 2015,” NCT&H said, adding that the division has played a vital role in supporting the Corporation since it was created three years ago.
The division, along with other key sections at NCT&H, functions in line with the vision of HH Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, NCT&H chairman.
NCT&H noted that the Asset Management Division serves other assets and hotels owned by NCT&H too but added that it does now own the assets of the 12 hotels.
“The Asset Management Division is one of the five most important divisions at NCT&H along with the Industrial Catering, Liquor Division and Hospitality Division,” said Mr. Walid Nicolas Harouni, Hotels Division Director at NCT&H.
He said, “The Asset Management Division is set to grow further, thanks to the continuous support by Sheikh Hamdan and the strong investors’ confidence in the division and the Corporation following its good performance so far this year”.
He said that Sheikh Hamdan has given instructions to the Asset Management Division to work for supporting and developing the tourism sector in Abu Dhabi in particular and the UAE in general, adding that NCT&H is continuously working to upgrade its assets in the country and expand revenue for shareholders.
He noted that the Asset Management Division, managed by Mr. Ayman Mashhour, enjoys one of the best investment records within NCT&H given its ability to develop revenue and continuously upgrade performance.
According to NCT&H, the Asset Management Division enjoys a high reputation inside and outside the UAE, thanks to its veteran investment team members, who have a long relevant experience and speak various languages.
He noted that the Asset Management Division is reputed for its strong performance and record of achievements, adding that it controls a sophisticated database for monitoring investments in the region and abroad.
He said that the division now plays a vital role in maximizing NCT&H’s profits, which surged by around 13.4 per cent to Dhs 34.6 million in the first quarter of 2013 from Dhs 30.5 million in the first quarter of 2012.
The total revenue for Q1 2013 is Dhs. 174.5 million comparing to the same period last year Dhs 137.8 million, an increase of 26.6%.
NCT&H was founded in Abu Dhabi in 1996 with the aim of promoting Abu Dhabi as a major tourism destination, an objective it has successfully achieved over the years.
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