Interior Hotels to pay 10% dividend, plans expansion

27/03/2013 11:47 AST

The shareholders of Interior Hotels Company (IHC) have approved a 10 per cent cash dividend at an annual general meeting held recently. The meeting was chaired by the Chairman of IHC Usama Mohammed Ali Al Barwani.

The chairman thanked all the shareholders for their support in expanding the company as a result of which in the month of August 2012, the company was able to successfully acquire the Al Ahlam Hotel Management.

This company is under an International Management agreement with Rezidor SAS Hotels Middle East WLL for the management of the Park Inn Hotel in Muscat, said a company release.

He further added that as the company is expanding and already has its presence in Muscat and Nizwa and probably will have more hotels coming up in different regions of Oman, it is appropriate time to change the name of the company from "Interior Hotels Company SAOG" to "UBAR Hotels & Resorts SAOG," which was unanimously agreed and approved by all the shareholders during the EGM held on the same day".

The government's long-term economic plan to diversify income resources will make the tourism industry one of the important revenue-generating sectors in the coming years, and overall scenario of the tourism sector will generally be positive and is expected to grow in the coming year, according to the press release.

In accordance with the new Royal decree, the company has been encouraging the employment of Omanis and their continuous growth in various departments and is making concerted efforts to achieve the required Omanisation levels set by the government. Generate better results

The chief executive officer of the company Sandeep Jaitly said that he is confident that after the acquisition of Al Ahlam Hotel Management Co. LLC (Park Inn Hotel Muscat), the company will grow further this year and be able to generate better results for its shareholders.

Times News Service