Al Rakaez Investment reports resilient 2024 performance despite tourism challenges
By : JD Financial Editor
Jordan Daily – Al Rakaez Investment, the owner and operator of Ayass Hotel in Amman, reported a resilient financial performance in 2024 despite challenges in the tourism sector caused by regional instability.
The company said in its annual report, seen by the Jordan Daily, that the war in Gaza, which began in late 2023 and continued throughout 2024, led to a decline in tourist arrivals, particularly from European and American markets. Security concerns and political tensions resulted in widespread hotel booking cancellations and a drop in demand for major tourist sites, including Petra and Wadi Rum.
“The tourism sector in the Kingdom has suffered due to the war in Gaza,” said Falah Alkadi, Chairman of the Board of Directors. “This was reflected in hotel occupancy rates and a general decline in average room rates.”
Despite these challenges, the company implemented “innovative and flexible strategies” to counteract declining demand. Al Rakaez, a public shareholding company established in 2006, focused on attracting new market segments and maintaining high service quality, which helped increase customer loyalty and generate positive reviews.
As a result, Ayass Hotel’s occupancy rate reached 64.8%, with total revenue amounting to JD 2.33 million. Profit from hotel operations stood at 229,460 dinars, and operational cash flow remained strong, allowing the company to meet financial obligations on time.
“With the support of our dedicated team, our company has continued its journey towards a great position amongst four-star hotels in Amman,” Alkadi said. “As we begin 2025, we will further strengthen our position by developing innovative marketing plans and expanding our services.”
Looking ahead, Al Rakaez plans to enhance service standards, invest in workforce development, and adopt advanced hospitality technologies.
Alkadi expressed gratitude to shareholders for their continued confidence and support. “Your support is the fuel that drives us forward to achieve more,” he said, also extending appreciation to company employees for their contributions.
