Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. The information in the presentation should not be construed as investment, tax, accounting or legal advice.

Middle East hotel performance update

Philip Wooller – Area Director MEA

Source: STR. 2020 © CoStar Realty Information, Inc.

Where is the world

in the recovery

cycle?

Source: STR. 2020 © CoStar Realty Information, Inc.

What are the occupancies of the hotels still open?Occupancy Rolling 28 days until 16 May 2020, STR Submarkets

3

Source: STR. 2020 © CoStar Realty Information, Inc.

August starts much stronger for many markets around the worldOccupancy of STR sub-markets (reporting methodology). Rolling 7 days to 01 August 2020

4Source: STR. 2020 © CoStar Realty Information, Inc.

Source: STR. 2020 © CoStar Realty Information, Inc.

We’re a long way from May and continuing to get betterSub-Markets, Occupancy actuals 25% buckets. Rolling 7 days

5

R7 until 30 May R7 until 04 JulyR7 until 02 May R7 until 01 August

Source: STR. 2020 © CoStar Realty Information, Inc.

China leading the way - a benchmark most would be happy withOccupancy actuals, open hotels (reporting) & full inventory (economic), Week ending August 2nd

6

Northern Africa

18%

Europe

48%

13%

41%

22%

Australia & Oceania

39%

Central America

South America excl. Venezuela

40%19%

63%

34%Asia (excl. Mainland China)

Middle East

North America

45%

5%

9%

15%

30%

10%

33%

63%

27%

36%

Southern Africa

Mainland China

Reporting OccEconomic Occ

Source: STR. 2020 © CoStar Realty Information, Inc.

Second wave

China bounces back, US stalls, ME stuck at 40%, Europe recoveringAbsolute Rolling 7 days Occ % of (reporting methodology) to the August 2nd 2020

63.4

40.8

40.4

49.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

China Europe Middle East United States

4 weeks

5 weeks

13 weeks

Source: STR. 2020 © CoStar Realty Information, Inc.

Domestic Short-haul Medium-haul Long-haul

#3 Phased Recovery Short-haul and domestic markets to recover quicker than highly International markets

8

Low reliance on domestic High reliance on domestic

© 2019 STR. All Rights Reserved.

The Middle East

Source: STR. 2020 © CoStar Realty Information, Inc.

MEA RecoverySub-Markets, Occupancy actuals 25% buckets. Rolling 7 days

10

R7 until 06 June R7 until 11 JulyR7 until 09 May R7 until 08 August

Source: STR. 2020 © CoStar Realty Information, Inc.

Middle East - Room Demand stagnates but finally breaks up in AugustTotal actual demand by Week

0

5

10

15

20

25

2 Feb 23 Feb 15 Mar 5 Apr 26 Apr 17 May 7 Jun 28 Jun 19 Jul 9 Aug

x 1

000

00

19 weeks Under 1 mil rooms sold

12Source: STR. 2020 © CoStar Realty Information, Inc.

Occupancy ranges from 5% to 57%Week ending 9th Aug 2020, Occupancy vs same week last year

Muscat

JeddahAbu Dhabi

DubaiManama

Doha

Amman

Riyadh

18

18

57

5343

4140

10

Kuwait City 15

Makkah 5

Source: STR / 2020 © CoStar Realty Information, Inc..

GCC Markets Occ, ADRJuly 2020, USD

56% 56%

48%

38%

32% 31%

19%17% 17%

12% 11%10%

7%

$0

$50

$100

$150

$200

$250

$300

Al Khobar &Dammam

Abu Dhabi Qatar Riyadh Jeddah Dubai Amman Kuwait City Manama Cairo & Giza Muscat Medina Makkah

ADR Occupancy

Source: STR. 2020 © CoStar Realty Information, Inc. 14

55%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dubai Occupancy spikes during Eid al-Adha weekend

Daily Data, Mar to Aug –2020 vs 2019

Source: STR. 2020 © CoStar Realty Information, Inc. 15

The sun always shinesJuly 2020 v July 2019 in AED

Source: STR. 2020 © CoStar Realty Information, Inc.

Occupancy

51%ADR

1190RevPAR

608DesertHotels

UAE

in the desert

+36.8% +20.2% +64.6%

Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. The information in the presentation should not be construed as investment, tax, accounting or legal advice.

Thank You