Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

Market Report, "Kenya Tourism Report Q1 2014", published


Print article Print article
2013-12-14 12:24:16 - Recently published research from Business Monitor International, "Kenya Tourism Report Q1 2014", is now available at Fast Market Research

Following the terrorist attack carried out by Islamist militants belonging to al-Shabaab terrorist organisation on Nairobi's Westgate shopping mall in September 2013 BMI has revised its 2013 tourist arrivals forecast down sharply. We now feel that a 20% fall in tourist arrivals is likely, with risks remaining to the downside, should the security situation remain precarious.

Even before the deadly attack on Westgate, the most lethal attack by Islamist terrorists in 15 years in Kenya, the government had announced that H113 tourist arrivals were down by 12%, at 495,978, according to an October 2013 report by Bloomberg. Tourism revenues were also down by 7.4%, over FY12/13 (July-June) to reach KES96.24bn, according to a September 2013 report on the local Capital FM

website.

Full Report Details at
- www.fastmr.com/prod/752043_kenya_tourism_report_q1_2014.aspx

Given that H213 has now seen not only this dreadful attack on civilians in the country's capital, but also a significant fire at Jomo Kenyatta International Airport (JKIA) in August, it is clear that 2013 will likely see a sharp fall in tourist arrivals. Several governments, including the US and the UK, have also reissued earlier travel advisories warning against the threat of terrorism within Kenya.

Beyond 2013 much will depend on how quickly the authorities can regain control of the domestic security situation. Most analysts, including BMI, believe that the Westgate attack was a 'one-off' incident, with a low probability of a similar event happening again over the short term. That said, the blow to tourist confidence will clearly be felt for several months, especially as the Westgate was popular with both tourists and expatriates in Nairobi. Indeed, there were several foreign nationals killed in the attack.

Over the medium term, BMI would expect the tourism industry to recover from its current difficulties and we continue to predict steady growth (in the order of 3.675% a year) over 2014-17. However, even with this growth, this would still indicate that tourist arrivals will not return to their 2011 peak over the course of our five-year forecast period.

In terms of key source markets for inbound tourism, BMI expects the UAE and the UK to remain key contributors of tourists to Kenya. The UAE will be the largest single source market for inbound tourism, according to our calculations, as the two countries develop further business and cultural ties. We also believe that there will continue to be strong growth in arrivals from new markets, such as India and China, which will more than offset declines in arrivals from traditional source markets.

* BMI believes that the number of hotels and other accommodation establishments in Kenya will increase across our forecast period to 2017. The country is still perceived as offering extremely attractive investment opportunities for hotel groups and other tourist-related industries, largely due to rising domestic tourism and regional tourism, supported by an increase in higher disposable incomes.
* Among new hotel openings scheduled for the coming two years are two Rezidor Hotel Group properties (one Park Inn and one Radisson Blu).
* Recent high-end openings include the 45-suite Hemingways Nairobi in April 2013 and the 200-room Villa Rosa Kempinski, which opened at the start of August 2013.
* Speaking in September 2013, Marriott Hotels' President for Middle East and Africa, Alex Kyriakidis, stated that the recent Nairobi terrorist attack was an 'isolated incident' that would be unlikely to have a long-term impact on Kenya. As such, Marriott remains committed to building two new properties in Nairobi.
* Also in September 2013, Mohammed Hersi was named as the new CEO of Heritage Hotels. Hersi has told local media that he is looking to open a property in Nairobi, to tap into the business travel sector. There are also reports that Heritage may look to invest elsewhere in East Africa in the years ahead.
* Fellow domestic hotel company TPS East Africa is also investing, with the company having finally received approval to acquire the Sweetwaters Tented Camp from Ol Pejeta Ranching by Kenya's Competition Authority in late October 2013.
* Lastly, Kenya's Tourism Rating stands at 45.81 out of 100, down slightly on Q413.

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.


Author:
Bill Thompson
e-mail
Web: www.fastmr.com
Phone: 18008448156

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com