Oman to organise first ICCA Oman Meetings Association Expert Forum
DUBAI/SINGAPORE: Qatar Airways said on Monday it had broadened its global reach with the acquisition of a 9.61 per cent stake in Cathay Pacific Airways Ltd, complicating the Hong Kong carrier’s share registry and sparking a sharp fall in its share price.
Hong Kong’s Kingboard Chemical Holdings said it had sold the stake to Qatar Airways for HK$5.16 billion ($661 million), making the Middle Eastern carrier the third-largest shareholder in Cathay.
For Cathay, the Qatar stake will give it a third strategic shareholder behind Swire Pacific Ltd and Air China Ltd, potentially complicating a restructuring plan aimed at slashing HK$4 billion in costs over three years.
Without domestic flights to underpin earnings, Asian carriers Cathay and Singapore Airlines Ltd have struggled against Chinese and Middle Eastern rivals, with Cathay already shedding 600 jobs since May.
For state-owned Qatar Airways, its first major stake in an Asian airline will allow it to boost its global influence and potentially traffic through its Doha hub, amid the worst political crisis in years among the Gulf Arab states.
The airline has been unable to fly to the previously lucrative markets of the United Arab Emirates and Saudi Arabia as part of an airspace rights dispute with neighbours, and has been looking to invest elsewhere to broaden its reach.
It was rebuffed by American Airlines Group Inc earlier this year.
Despite Cathay’s troubles, Qatar Airways Chief Executive Akbar al Baker described it as “one of the strongest airlines in the world... with massive potential for the future”.
Cathay shares have risen by 29.4 per cent since the start of January despite the airline in August posting its worst first-half loss in 20 years.
Shares of Cathay Pacific dropped as much as 4.7 per cent on Monday morning, as investors worried about its direction with Qatar Airways on its registry. The stock was 1.7 per cent down at 0342 GMT, while the broader market was down 1 per cent. — Reuters The recently launched Oman Convention & Exhibition Centre (OCEC) in collaboration with the Oman Convention Bureau (Ministry of Tourism) and the International Congress and Convention Association (ICCA) will be organising the first edition of the annual ICCA Oman Meetings Association Expert Forum supporting Oman’s 2040 tourism strategy.
The two-day forum will be held on November 20-21 in the state-of-theart Oman Convention & Exhibition Centre. The forum will comprise international associations that will share their expertise and embark on strategic working relationships with local associations in Oman.
The Sultanate of Oman is renowned for its authentic culture and heritage, and now with the rapid development of infrastructure for the meetings industry, Oman is becoming a soughtafter destination for association meetings in the Middle East region.
Khalid al Zadjali, Director of the Oman Convention Bureau commented: “This event is a part of the strategy implemented by the Ministry of Tourism through the Oman Convention & Exhibition Centre to promote and indorse the business tourism and conference sector in the Sultanate. The Ministry of Tourism is keen to cooperate with various organisations to achieve the economic and tourism objectives. We are delighted to host eight global leading associations in the forum who will share their best practices with our stakeholders and at the same time we will be able to showcase Oman to them as a great option for their future conferences.”
Senthil Gopinath, Regional Director (Middle East) of ICCA further added said, “The Middle East meetings segment has seen unprecedented growth in the last decade.
Establishing this forum gives ICCA the opportunity to connect Oman and the region with our global network of practitioners, allowing for knowledge sharing and understanding the needs of the meetings business in a deeper approach.
ICCA’s primary objective of the forum is to enhance the position of Oman within the global meetings segment, develop the expertise of the meetings industry and ensure capacity building. It’s a landmark forum in Oman which bring leading association experts together.”
Trevor McCartney, General Manager of Oman Convention & Exhibition Centre, said: “We are delighted to host such a vital forum in collaboration with ICCA, which is in line with the country’s vision to be a leading global destination for events, exhibitions and conferences. The central point of this strategy is the country’s new world-class venue, the Oman Convention & Exhibition Centre, which has just welcomed over 101 events within the first year of operation.”
OCEC currently offers 22,000 square metres of column-free exhibition space which will be followed by the soon to launch, 450-seat auditorium, two versatile ballrooms, 20 meeting rooms with a capacity of up to 360 delegates, hospitality suites, a VIP pavilion and finally a tiered theatre with 3,200 seats. A total of 600 hotel rooms including the Crowne Plaza Muscat OCEC opening this month and a five star JW Marriott will be within close proximity to the centre.