Marriott International announced a record-breaking year in 2024 across Europe, the Middle East, and Africa (EMEA), securing 291 hotel deal signings representing over 34,000 rooms.

The company also expanded its operating portfolio with more than 180 property additions, entering three new markets: Luxembourg, Angola and Senegal.

“We celebrated exceptional growth across the EMEA region in 2024 with a record-breaking number of deal signings, growth across all segments, and entry into emerging markets – further enhancing our portfolio and bringing even more unique travel experiences to the region,” said Satya Anand, president, Europe, Middle East & Africa, Marriott International.

“We remain focused on connecting people through the power of travel and look forward to building on this growth momentum to offer our owners, Marriott Bonvoy members, and customers even greater options to extend their horizons.”

The company’s total EMEA pipeline grew to 596 properties at year-end, encompassing 104,731 rooms — an annual increase of 10 per cent.

Conversions played a significant role, representing 45 per cent of total signings.

The company recorded strong development activity in Denmark, Germany, Saudi Arabia, Türkiye and the UK, which led the region in deal signings.

Marriott International’s expansion across segments

Jerome Briet, chief development officer, EMEA, highlighted Marriott’s growth trajectory. “Our achievements in the past year, particularly in the conversion space, reflect the trust our owners have in Marriott International and the power of our well-established brands, competitive affiliation costs, powerful revenue generation engines, and award-winning loyalty programme,” Briet said.

“This region continues to offer tremendous opportunities for us to expand into new segments and markets, catering to the evolving needs of both domestic and international travellers,” he added.

Marriott saw growth across all segments in 2024, including:

Luxury segment: 26 signings, expanding Marriott’s luxury pipeline in the EMEA region to over 80 hotels and resorts.

Midscale segment: Four Points Flex by Sheraton led with 34 signings in Europe, marking the highest number of signings among Marriott Bonvoy brands in the region.

Premium segment: Autograph Collection, Tribute Portfolio, and Marriott Hotels secured 50 signings combined.

Select service segments: Courtyard by Marriott, Four Points by Sheraton, and Moxy Hotels drove growth with 39 signings.

Branded residential segment:11 new projects were signed, bringing Marriott’s total EMEA residential portfolio to 72 locations (42 in the pipeline and 30 operational).

Key openings in 2024

The company added 181 properties and nearly 20,000 rooms to its operating portfolio in EMEA in 2024.

Key openings included:

• Ritz-Carlton Reserve: The debut of Nujuma, a Ritz-Carlton Reserve in Saudi Arabia’s Red Sea.
• W Hotels: Expansion with W Prague.
• St. Regis: Openings in Serbia and Oman with The St. Regis Belgrade and The St. Regis Al Mouj Muscat Resort.
• The Luxury Collection: Openings in Germany, France, Saudi Arabia, and Türkiye, including Hôtel du Couvent in Nice and Bab Samhan in Diriyah.
• Fairfield by Marriott: The brand’s European debut with Fairfield by Marriott Copenhagen Nordhavn.
• Moxy Hotels: Six new openings, including its first property in Spain, Moxy Barcelona.
• Market Entries: Marriott’s first properties in Angola and Senegal, with Protea Hotel Luanda and Courtyard Dakar Diamniadio.

The Abu Dhabi Fund for Development (ADFD) has launched the ‘Sofitel Legend Pyramids Giza’ project, a luxury five-star hotel aimed at revitalising Egypt’s tourism sector.

Valued at Dhs440m ($120m), the project underscores the UAE’s commitment to strengthening global economic partnerships and supporting sustainable development.

The hotel will feature 302 rooms equipped with state-of-the-art amenities, alongside a selection of international restaurants and entertainment facilities, positioning it as a premier destination for luxury hospitality in Egypt and the broader Middle East.

Strategic investment and funding structure

The project is financed through a strategic partnership between the private sectors of the UAE and Egypt. ADFD is contributing 84.28 per cent of the project’s capital through Abu Dhabi Tourism Investment Company (ADTIC).

Other stakeholders include Abu Dhabi National Hotels (10.22 per cent), Overseas Tourism Investment Company (0.4 per cent), Misr Hotels Company (2.73 per cent), and the Egyptian General Company for Tourism & Hotels (2.37 per cent).

The foundation was jointly laid by Mohamed Saif Al Suwaidi, director general of ADFD, and engineer Adel Al-Najjar, governor of Giza, in the presence of officials from both sides.

The project promises an exceptional hospitality experience that meets the highest international standards. Abu Dhabi Tourism Investment Company is partnering with Accor Group, a globally renowned hospitality brand, to manage the hotel and ensure excellence in service and guest experience.

ADFD project to support Egypt’s tourism sector

Mohamed Saif Al Suwaidi stated: “The ‘Sofitel Legend Pyramids Giza’ project is a significant step in strengthening Egypt’s tourism sector, offering a world-class hotel experience that underscores our commitment to sustainable investments in promising markets. Through our partnership with Accor Group, we aim to elevate the tourism industry while supporting economic and social development in Egypt.”

He emphasised that the investment reflects ADFD’s commitment to advancing sustainable development projects and fostering investment partnerships that drive economic growth in partner countries.

Engineer Adel Al-Najjar expressed gratitude for ADFD’s continued support: “The ‘Sofitel Legend Pyramids Giza’ project represents a transformative step in strengthening our tourism infrastructure, enabling us to attract visitors from around the world thanks to its strategic location near Egypt’s most iconic archaeological sites.”

He highlighted the project as a model for successful investment collaboration between Egypt and the UAE, adding: “We look forward to expanding such partnerships to further our sustainable development goals.”

The project’s strategic location near iconic landmarks is expected to attract visitors from around the world, creating new investment opportunities and driving sustainable growth in Egypt’s tourism sector.

Through investments in transformative infrastructure projects like this, the UAE reaffirms its commitment to supporting Egypt’s national development agenda while advancing the United Nations Sustainable Development Goals (SDGs), particularly Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure).

Read: ADFD invests Dhs23bn in 33 projects in Bahrain

DP World Limited reported a strong financial performance for the year ended December 31, 2024.

Revenue grew 9.7 per cent, driven by improved performance in ports and terminals and contributions from new acquisitions and concessions.

Revenue per TEU at ports and terminals rose 13.9 per cent on a like-for-like basis, with strong growth in the Middle East and the Americas.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 6.7 per cent to a record $5.5bn while net profit for the year was $1.5bn, down 2 per cent, primarily due to higher finance costs.

DP World group chairman and CEO Sultan Ahmed bin Sulayem commented: “We are proud to report record revenue of $20bn and record EBITDA of $5.5bn for 2024, a remarkable achievement given the complex geopolitical landscape. These results demonstrate the benefits of our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and disciplined cost optimisation.”

He added: “By enhancing efficiency, expanding our capabilities, and deepening partnerships, we are building a resilient business well-equipped to capitalise on new opportunities as global trade evolves.”

Read: DP World, Mawani inaugurate SAR3bn terminal in Jeddah

DP World expansion and investment

DP World’s global port capacity surpassed 100 million TEU, supported by selective infrastructure investments in key growth markets.

The company invested $2.2bn in capital expenditures across its portfolio in 2024, with a planned $2.5bn budget for 2025.

Key investment areas include Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal), and Jeddah (Saudi Arabia).

DP World continues to enhance its logistics portfolio, providing value-added capabilities and integrated supply chain solutions to cargo owners. The company is positioning itself to capitalise on the increasing demand for customised logistics solutions.

In numbers: Financial stability and sustainability commitments

1. Operating cash flow rose 18.9 per cent to $5.5bn.
2. Net leverage (pre-IFRS16) decreased to 3.4x from 3.7x in FY2023; post-IFRS16 leverage stands at 4.1x.
3. DP World issued a $100m blue bond, the first of its kind from the CEEMEA region, and launched its Ocean Strategy.
4. The company became the first regional logistics firm to have its emissions targets validated by the Science Based Targets initiative.
5. DP World exceeded its 10.5 per cent Scope 1 and Scope 2 carbon emissions reduction target and now sources nearly 65 per cent of its electricity from renewable energy.

Future outlook

Despite a strong 2024 performance, DP World remains cautious about global uncertainties, including geopolitical risks and shifting trade dynamics.

However, the company expects continued long-term growth, leveraging its integrated supply chain solutions and strategic investments to create value.

A very long time ago, atop the heights of Mount Olympus, a drama unfolded that would shape the human story: Zeus resented how the Titan Prometheus had become attached to humans, so decreed that no human could use fire on earth — a reminder of the gods’ ultimate power. Yet Prometheus, defiant, smuggled a spark of divine fire back to humanity.

That spark ignited the rise of civilisations and empires as humans harnessed its potential. Some became so confident in their mastery that they questioned the gods themselves, even believing they were gods. Zeus was furious. Not only had Prometheus stolen from the heavens, but he had upended the natural order of human subservience.

For Prometheus, it didn’t end well. Zeus exacted his vengeance, which led to the opening of Pandora’s box.

The lesson? Empowering humanity with fire led to extraordinary progress, but humans are nothing if not unpredictable. There are accidents, and there are arsonists.

Open-source artificial intelligence feels much the same: a Promethean spark with immense potential and significant risks.

Open-source AI refers to systems whose components — code, models, and sometimes datasets — are made publicly accessible. This openness allows individuals and organisations to use, study, and modify these AI resources freely. It democratises access to technology, accelerates innovation, and empowers smaller players.

Projects like LlaMa, Mistral, and, more recently, DeepSeek, illustrate the transformative power of this approach. These platforms foster collaboration across borders and industries, transforming Gen AI from an exclusive domain of the elite into a shared tool for global progress.

But just as fire-forged weapons alongside warmth, open-source AI carries ethical dilemmas. Its accessibility — the foundation of its power — can heighten risks if unchecked. With proprietary models, individuals and companies can be held accountable (albeit that is slightly diminished with the repeal of the Trustworthy Development and Use of Artificial Intelligence (EO 14110) Act).

With open source, we rely on a willing community of dispersed individuals to do the right thing. While openness fosters rapid innovation and transparency, it needs tools and assurances to prevent misuse.

DeepSeek’s low-cost, open-source AI disrupts the very foundation of the global AI race. Developed for a fraction of the cost of its rivals, its efficiency and openness challenge the assumption that massive resources are prerequisites for cutting-edge technology. Yet with openness comes a lack of control. Once released, models are no longer governed by their creators, leaving accountability elusive when harm occurs. This underscores the urgent need for the global AI community to develop tools — a suite of tests, monitoring systems, and ethical protocols — to ensure that open-source models behave responsibly and resist malicious manipulation.

Inspiration from DeepSeek’s example

The UK and Europe, with constrained AI budgets relative to the US and China, can take inspiration from DeepSeek’s example. By focusing on efficiency over scale, these nations could embrace open-source frameworks to pool talent and resources, fostering collective advancements rather than isolated efforts.

This approach aligns with the UK’s stated commitment to fairness, accountability, and transparency in AI development. Furthermore, the UK’s leadership in ethical AI could drive the creation of governance standards that enhance the safety and reliability of open-source models without stifling their potential.

History offers parallels. Open-source software, from Linux to decentralised cryptocurrencies, demonstrates how collective innovation can accelerate progress. But freedom without governance often invites chaos. Bitcoin democratised financial transactions, but it also fueled ransomware attacks and unregulated markets. In AI, the stakes are higher still.

A safety net is key

Artificial intelligence’s borderless nature accelerates innovation but complicates governance. A safety net is needed that ensures innovation does not outpace responsibility. This is where the AI community must come together to create tools that govern open-source models effectively. Navigating these challenges demands balance.

Developers must embed safeguards into their models, such as fine-grained permissions, ethical guidelines, and robust monitoring mechanisms. Initiatives like the Global Partnership on AI (GPAI) offer a collaborative platform to monitor developments and respond to risks.

Prometheus gave humanity fire, but he did so without a plan for its use. Open-source AI could rapidly bring transformational progress. But we must think of the consequences and prepare accordingly — something Prometheus, for all his brilliance, did not.

The writer is the chief external affairs officer and an executive board member at IFS, the industrial AI company serving the aerospace, manufacturing, engineering, construction, utilities and energy sectors. Previously, she was a correspondent and anchor at CNN in London.

The world must adopt positive energy and pragmatic policies to drive economic growth and power the rise of artificial intelligence (AI), UAE Minister of Industry and Advanced Technology said Dr Sultan Al Jaber during his recent address at CERAWeek in Houston, Texas.

Dr Al Jaber, who is also the managing director and group CEO of ADNOC, chairman of Masdar, and executive chairman of XRG, urged global leaders to implement durable, stable policies that are “pro-growth, pro-investment, pro-energy, and pro-people” to meet surging energy demand.

“The world is finally waking up to the fact that energy is the solution. Energy is the beating heart of economies, a key driver of prosperity and fundamental to every aspect of human development. If we want a pro-growth world, we need pragmatic actions,” Dr Al Jaber said.

Energy demand and the ‘and-and’ approach

Dr Al Jaber emphasised that global energy demand is set to increase significantly, with oil demand expected to rise from 103 million to at least 109 million barrels per day by 2035.

LNG and chemicals will expand by over 40 per cent, while electricity demand will surge by 70 per cent to reach 15,000 GW, he noted.

“We will need more LNG, more low-carbon oil, more nuclear, and more commercially viable renewables to meet all this demand,” he said, advocating for an “and-and” approach that embraces a diverse mix of energy sources.

Highlighting the UAE’s leadership in the sector, Al Jaber pointed to the country’s strategic investments in renewables, nuclear energy, and low-carbon solutions.

“We have diversified into new energies, investing in 51GW of commercially viable renewable energy globally through Masdar. We have also added nuclear to our energy mix, with four reactors now generating 5.6GW of electricity, covering 25 per cent of the UAE’s power needs.”

AI’s energy challenge

Dr Al Jaber linked the future of AI to energy availability, calling it a critical factor in the race for AI supremacy. “Applications like ChatGPT use 10 times as much energy as a simple Google search and are growing exponentially.

“By 2030, in the US alone, data centre power demand is expected to triple, accounting for more than 10 per cent of US electricity use. Simply put, the true cost of AI is not just in code, it’s in kilowatts. The race for AI supremacy is essentially an energy play.”

He highlighted the UAE’s plans to deepen partnerships with the US in energy-AI integration, positioning XRG, the UAE’s newly launched international energy investment company, as a key player in meeting AI’s growing power needs.

“XRG is designed to meet the fast-growing energy needs of AI in an ‘and-and’ world. Without energy, AI is just potential. With it, AI has the potential to reshape the world,” he added.

ADNOC’s AI strategy

Dr Al Jaber outlined ADNOC’s AI strategy, stating that the company has integrated artificial intelligence across its operations and developed proprietary AI solutions through AIQ, its homegrown AI company.

“Over 200 AI use cases are currently being implemented across ADNOC’s operations, from exploration to refining to logistics and strategic decision-making.

Our flagship AI initiative, ‘Energy to the Power of AI’, is applying agentic AI at an unprecedented scale. Using AI, we are speeding up our upstream seismic analysis from months to hours and increasing the accuracy of production forecasts by up to 90 per cent. We are on course to make ADNOC the most AI-enabled energy company in the world.”

Dr Sultan Al Jaber calls for global action, invites leaders to ADIPEC

Concluding his remarks, Dr Al Jaber invited global energy leaders to ADIPEC 2025 in Abu Dhabi, calling for a shift from discussion to action. “From this very stage, [US Energy] Secretary [Chris] Wright said, ‘We need more energy.’ I couldn’t agree more. We don’t just need more energy, we need more positive energy. So, I invite you to join me at ADIPEC 2025 in Abu Dhabi to turn positive energy into positive action. The modern world was built on energy; tomorrow’s world will be transformed by energy. Let’s energise the world with positive energy.”

CERAWeek runs from March 10-14, gathering the energy sector’s key leaders to explore solutions to the industry’s most pressing challenges.

ADIPEC will take place in Abu Dhabi from November 3-7, 2025.

Read: AIQ secures $340m contract to deploy agentic AI across ADNOC ops