Rotana in talks to re-enter Syria and confirms no job cuts despite war

Rotana, a hotel operator based in Abu Dhabi, is negotiating to re-enter the Syrian market as the nation attempts to reintegrate into the global economy following 13 years of civil war. Rotana's CEO, Philip Barnes, expressed his enthusiasm about returning to Syria, stating, "We would love to be back in Syria. We want to be back."

Rotana's chief development officer in Syria had even expressed interest in potential opportunities during a recent meeting with Barnes. The hotel operator left Syria in 2014 due to the country's instability. Syrian President Ahmad Al Shara, who visited Dubai recently, has been advocating for the country's return to the global economic stage.

Western nations have been gradually reducing sanctions on Syria, with Syria being removed from the US list of state sponsors of terrorism last month. Barnes noted that lifting sanctions would greatly impact the industry, making developers more enthusiastic and altering various restrictions, particularly those related to money movement and control.

Despite the ongoing Iran conflict, Rotana has managed to avoid any layoffs this year, although staff salaries were reduced. The company, which operates over 78 properties and has 40 more under development across the Middle East, Africa, Eastern Europe, and Turkey, is currently focusing on revenue streams and cost containment. As of August, Rotana's Dubai operation reached an 82% occupancy rate with a slight reduction in rates compared to the previous year, despite the challenging economic environment.

Barnes reiterated that there are currently no plans for an initial public offering (IPO) as the company remains family-owned. However, the possibility of an IPO remains a topic during board meetings, and Rotana has over 40 hotels in the pipeline for opening over the next five to six years. The company will prioritize expansion in regions close to its UAE base, including Africa, the wider Middle East, and parts of South Asia.