Omani Guests - Oman Ministry of Tourism
Omani Guests - Oman Ministry of Tourism
Omani Guests - Oman Ministry of Tourism
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Oman</strong> Hotel Information<br />
Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong> and<br />
June 2008<br />
Audit.Tax.Consulting.Financial Advisory.
Table <strong>of</strong> Contents<br />
1 Existing Hotels - Their Classes<br />
2 Existing Hotels - Their <strong>Guests</strong><br />
3<br />
Existing Hotel <strong>Guests</strong> - Their Stay Patterns<br />
4<br />
<strong>Tourism</strong> - A Key Factor Driving Hotel Growth<br />
5 Pr<strong>of</strong>orma Future Hotel Requirements Analysis at<br />
31 March 2008
1. Existing Hotels – Their<br />
Classes<br />
A<br />
B<br />
C<br />
D<br />
E<br />
F<br />
Hotels – by class<br />
5 star – by region<br />
4 star – by region<br />
3 star – by region<br />
2 star – by region<br />
Other hotels – by region
A. Hotels – By Class<br />
5 star hotels, though low in number<br />
(12) account for 26% <strong>of</strong> rooms in the<br />
Sultanate<br />
Almost 55% <strong>of</strong> hotels are either 1<br />
star or unclassified; they account for<br />
25% <strong>of</strong> the hotel rooms<br />
101 (55%)<br />
Hotels by class<br />
12 (7%)<br />
17 (9%)<br />
22 (12%)<br />
Hotel rooms by class in <strong>Oman</strong><br />
5 Star<br />
32 (17%)<br />
2,295 (25%)<br />
1,221 (14%)<br />
2,348 (26%)<br />
1,812 (20%)<br />
4 Star<br />
3 Star<br />
2 Star<br />
Other<br />
1,367 (15%)<br />
Source: Research by Deloitte © 2008<br />
2
B. 5 Star – By Region<br />
Muscat home to almost 79% <strong>of</strong> 5 star hotel rooms in <strong>Oman</strong><br />
Next highest is Dh<strong>of</strong>ar followed by Al Batina and Musundam<br />
3%<br />
5 star hotel rooms by region<br />
13%<br />
5%<br />
Muscat<br />
Al Batina<br />
Dh<strong>of</strong>ar<br />
Musandam<br />
79%<br />
Source: Research by Deloitte © 2008<br />
3
C. 4 Star – By Region<br />
Highest concentration <strong>of</strong> 4 star hotel rooms in Muscat<br />
More or less equal distribution <strong>of</strong> 4 star hotel rooms among other regions – Al Batina,<br />
Dh<strong>of</strong>ar, Musundam and Al Dakhliya<br />
6%<br />
7%<br />
4 star hotel rooms by region<br />
7%<br />
Muscat<br />
Al Batina<br />
8%<br />
Dh<strong>of</strong>ar<br />
Musandam<br />
72%<br />
Al Dakhliya<br />
Source: Research by Deloitte © 2008<br />
4
D. 3 Star – By Region<br />
Muscat home to highest proportion (40%) <strong>of</strong> 3 star hotel rooms<br />
Other important regions <strong>of</strong>fering 3 star experiences include Dh<strong>of</strong>ar, Al Sharqiya and Al<br />
Dhahira<br />
3 star hotel rooms by region<br />
17%<br />
40%<br />
Muscat<br />
Al Batina<br />
11%<br />
Dh<strong>of</strong>ar<br />
Al Dakhliya<br />
4%<br />
Al Dhahira<br />
Al Sharqiya<br />
26%<br />
2%<br />
Source: Research by Deloitte © 2008<br />
5
E. 2 Star – By Region<br />
Concentration <strong>of</strong> 2 star hotel rooms highest (44%) in Muscat<br />
Dh<strong>of</strong>ar home to next highest proportion (27%) <strong>of</strong> 2 star hotel rooms<br />
10%<br />
2 star hotel rooms by region<br />
5%<br />
12%<br />
2%<br />
44%<br />
Muscat<br />
Dh<strong>of</strong>ar<br />
Musandam<br />
Al Dakhliya<br />
Al Dhahira<br />
Al Sharqiya<br />
27%<br />
Source: Research by Deloitte © 2008<br />
6
F. Other Hotels – By Region<br />
Muscat hosts a high proportion (41%) <strong>of</strong> other hotels – 1 star and unclassified<br />
Important regions home to other hotels include Dh<strong>of</strong>ar, Al Dhahira and Al Sharqiya,<br />
among other regions<br />
2%<br />
Other hotel rooms by region<br />
12%<br />
Muscat<br />
41%<br />
Al Batina<br />
Dh<strong>of</strong>ar<br />
16%<br />
Musandam<br />
Al Dakhliya<br />
Al Dhahira<br />
7%<br />
Al Sharqiya<br />
Al Wusta<br />
1%<br />
14%<br />
7%<br />
Source: Research by Deloitte © 2008<br />
7
2. Existing Hotels – Their<br />
<strong>Guests</strong><br />
A<br />
B<br />
C<br />
D<br />
E<br />
Source markets for 5 star hotels<br />
Source markets for 4 star hotels<br />
Source markets for 3 star hotels<br />
Source markets for 2 star hotels<br />
Source markets for other hotels
A. 5 Star – Key Source Markets<br />
5 Star Hotels continue to entertain guests from GCC and Europe<br />
<strong>Guests</strong> from <strong>Oman</strong> and other regions (Americas and Ocaenia included) are growing<br />
segments<br />
Source markets for 5 star hotels<br />
300,000<br />
Number <strong>of</strong> guests<br />
250,000<br />
200,000<br />
150,000<br />
100,000<br />
50,000<br />
0<br />
<strong><strong>Oman</strong>i</strong> GCC Other Arabs Europeans Asians Others<br />
2002 2003 2004 2005<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
9
B. 4 Star – Key Source Markets<br />
4 Star Hotels receive guests from most source markets<br />
European and Asian guests have increased over the years<br />
Source markets for 4 star hotels<br />
120,000<br />
100,000<br />
Number <strong>of</strong> guests<br />
80,000<br />
60,000<br />
40,000<br />
20,000<br />
0<br />
<strong><strong>Oman</strong>i</strong> GCC Other Arabs Europeans Asians Other<br />
2002 2003 2004 2005<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
10
C. 3 Star – Key Source Markets<br />
3 Stars fueled by strong local demand<br />
<strong>Oman</strong>, Europe and Asia are key source markets for 3 Star Hotels<br />
Source markets for 3 star hotels<br />
Number <strong>of</strong> guests<br />
45,000<br />
40,000<br />
35,000<br />
30,000<br />
25,000<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
0<br />
<strong><strong>Oman</strong>i</strong> GCC Other Arabs Europeans Asians Other<br />
2002 2003 2004 2005<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
11
D. 2 Star – Key Source Markets<br />
Surge in <strong><strong>Oman</strong>i</strong> guests for 2 Star Hotels over 2002- 2005<br />
GCC, Europe and Asia are other important growing segments<br />
Source markets for 2 star hotels<br />
Number <strong>of</strong> guests<br />
40,000<br />
35,000<br />
30,000<br />
25,000<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
0<br />
<strong><strong>Oman</strong>i</strong> GCC Other Arabs Europeans Asians Other<br />
2002 2003 2004 2005<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
12
E. Other Hotels – Key Source Markets<br />
Large proportion <strong>of</strong> guests are <strong><strong>Oman</strong>i</strong> in other hotels<br />
Significant usage <strong>of</strong> other hotels by guests from GCC, Europe and Asia<br />
Source markets for other hotels<br />
Number <strong>of</strong> guests<br />
160,000<br />
140,000<br />
120,000<br />
100,000<br />
80,000<br />
60,000<br />
40,000<br />
20,000<br />
0<br />
<strong><strong>Oman</strong>i</strong> GCC Other Arabs Europeans Asians Other<br />
2002 2003 2004 2005<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
13
3. Existing Hotel <strong>Guests</strong> –<br />
Their Stay Patterns<br />
A<br />
B<br />
C<br />
D<br />
E<br />
F<br />
<strong><strong>Oman</strong>i</strong> guests<br />
GCC guests<br />
<strong>Guests</strong> from other Arabic countries<br />
European guests<br />
Asian guests<br />
Other guests
A. Pattern <strong>of</strong> Stay – <strong><strong>Oman</strong>i</strong> <strong>Guests</strong><br />
More <strong><strong>Oman</strong>i</strong> guests stay in other hotels (1 star or unclassified)<br />
Pattern <strong>of</strong> stay - <strong><strong>Oman</strong>i</strong> guests<br />
160,000<br />
Number <strong>of</strong> guests<br />
140,000<br />
120,000<br />
100,000<br />
80,000<br />
60,000<br />
40,000<br />
20,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
15
B. Pattern <strong>of</strong> Stay – GCC <strong>Guests</strong><br />
Growing stay patterns in 5 star hotels and other hotels<br />
Pattern <strong>of</strong> stay - GCC guests<br />
120,000<br />
100,000<br />
Number <strong>of</strong> guests<br />
80,000<br />
60,000<br />
40,000<br />
20,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
16
C. Pattern <strong>of</strong> Stay – <strong>Guests</strong> from other Arabic countries<br />
Stay in 4 star hotels highest among other hotel classes over 2002-05<br />
Pattern <strong>of</strong> stay - <strong>Guests</strong> from other Arabic countries<br />
30,000<br />
25,000<br />
Number <strong>of</strong> guests<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
17
D. Pattern <strong>of</strong> Stay – European <strong>Guests</strong><br />
Europeans prefer 5 and 4 star hotels over the others<br />
European guests in 5 star hotels have grown two-fold during the period 2002-05<br />
Pattern <strong>of</strong> stay - European guests<br />
300,000<br />
250,000<br />
Number <strong>of</strong> guests<br />
200,000<br />
150,000<br />
100,000<br />
50,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
18
E. Pattern <strong>of</strong> Stay – Asian <strong>Guests</strong><br />
Asian guests stay primarily in 4 star and other hotels<br />
Asian guests in 4 star hotels have increased by 1.5 times over 2002-05<br />
Pattern <strong>of</strong> stay - Asian guests<br />
Number <strong>of</strong> guests<br />
100,000<br />
90,000<br />
80,000<br />
70,000<br />
60,000<br />
50,000<br />
40,000<br />
30,000<br />
20,000<br />
10,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
19
F. Pattern <strong>of</strong> Stay – Other <strong>Guests</strong><br />
This segment includes guests from Americas and Oceania<br />
Their stay in 5 and 4 star hotels have been growing<br />
Pattern <strong>of</strong> stay - Other guests<br />
120,000<br />
100,000<br />
Number <strong>of</strong> guests<br />
80,000<br />
60,000<br />
40,000<br />
20,000<br />
0<br />
2002 2003 2004 2005<br />
5 star 4 Star 3 Star 2 Star Other<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
20
4. <strong>Tourism</strong> - A Key Factor<br />
Driving Hotel Growth<br />
A<br />
B<br />
C<br />
D<br />
E<br />
<strong>Tourism</strong> in <strong>Oman</strong><br />
Key source markets<br />
Planned expansion through Integrated Tourist Complexes<br />
Future outlook – Travel & <strong>Tourism</strong> Economy<br />
Future outlook – <strong>Oman</strong> vs. neighbors
A. <strong>Tourism</strong> in <strong>Oman</strong><br />
<strong>Tourism</strong> in <strong>Oman</strong> experiencing rising trends over the years<br />
Number <strong>of</strong> international guests visiting <strong>Oman</strong> stood at over 1.6 million in 2006<br />
Total guests to <strong>Oman</strong><br />
1,800,000<br />
1,600,000<br />
1,400,000<br />
Number <strong>of</strong> guests<br />
1,200,000<br />
1,000,000<br />
800,000<br />
600,000<br />
400,000<br />
200,000<br />
0<br />
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
22
B. <strong>Tourism</strong> in <strong>Oman</strong> – Key Source Markets<br />
Arab world continues to rank as key source market for tourism in <strong>Oman</strong><br />
Europe and Asia are other emerging source markets<br />
International guests to <strong>Oman</strong><br />
700,000<br />
600,000<br />
Number <strong>of</strong> guests<br />
500,000<br />
400,000<br />
300,000<br />
200,000<br />
100,000<br />
0<br />
Arab<br />
Countries<br />
Africa Asia America Europe Oceania<br />
2002 2003 2004 2005 2006<br />
Source: Research by <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
23
C. Planned Expansion through Integrated Tourist Complexes<br />
Almost 16,000 rooms expected to be developed through Integrated Tourist Complexes<br />
Muscat will be home to about 51% <strong>of</strong> these additional rooms<br />
Planned expansion <strong>of</strong> hotel rooms through Integrated <strong>Tourism</strong> Complexes<br />
Number <strong>of</strong> rooms<br />
4,000<br />
3,500<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
-<br />
2008 2009 2010 2011 2012 2013 2014 2015<br />
Muscat Dh<strong>of</strong>ar Al Batinah Other<br />
Source: <strong>Ministry</strong> <strong>of</strong> <strong>Tourism</strong> in <strong>Oman</strong><br />
24
D. Future Outlook – Travel & <strong>Tourism</strong> Economy<br />
WTTC forecasts <strong>Oman</strong>’s Travel & <strong>Tourism</strong> Economy GDP to reach OMR 2,265 million by<br />
2018, contributing to 11.1% <strong>of</strong> National Accounts<br />
Travel & <strong>Tourism</strong> Economy <strong>of</strong> <strong>Oman</strong><br />
OMR million<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
11.50<br />
11.00<br />
10.50<br />
10.00<br />
9.50<br />
9.00<br />
8.50<br />
% <strong>of</strong> National Accounts<br />
-<br />
2003 2004 2005 2006 2007(E) 2008 (F) 2018 (F)<br />
8.00<br />
Travel & <strong>Tourism</strong> Economy GDP<br />
% <strong>of</strong> National Accounts<br />
E - Estimate; F - Forecast<br />
Source: World Travel & <strong>Tourism</strong> Council<br />
25
E. Future Outlook – <strong>Oman</strong> vs. Neighbors<br />
WTTC forecasts <strong>Oman</strong>’s Travel & <strong>Tourism</strong> demand would witness 5% real growth<br />
(annualized) over the years 2009-18<br />
<strong>Oman</strong> vs. neighbors<br />
Yemen<br />
Lebanon<br />
Saudi Arabia<br />
Jordan<br />
Syria<br />
United Arab Emirates<br />
Kuwait<br />
<strong>Oman</strong><br />
Qatar<br />
Bahrain<br />
2.4<br />
3.2<br />
3.2<br />
4.1<br />
4.6<br />
4.7<br />
4.7<br />
5.0<br />
5.6<br />
5.9<br />
0 1 2 3 4 5 6 7<br />
10 year (2009-18) Real Growth Annualized (%)<br />
Source: World Travel & <strong>Tourism</strong> Council<br />
26
5. Pr<strong>of</strong>orma Future Hotel<br />
Requirements Analysis at<br />
31 March 2008<br />
A<br />
B<br />
C<br />
Muscat Analysis<br />
Al Batinah Analysis<br />
Dh<strong>of</strong>ar Analysis
MUSCAT ANALYSIS<br />
Approved<br />
Present 2007<br />
Granted<br />
Attrition<br />
Net<br />
Expected<br />
Supply<br />
Optimum 2015<br />
Difference<br />
Attrition<br />
Rooms<br />
Required<br />
Grading<br />
Number<br />
%<br />
Number<br />
%<br />
40%<br />
Number<br />
Number<br />
Number<br />
%<br />
Number<br />
40%<br />
Number<br />
5 Star<br />
1,857<br />
35%<br />
6,251<br />
41%<br />
2,500<br />
3,751<br />
5,608<br />
4,650<br />
31%<br />
(958)<br />
-<br />
(1,000)<br />
4 Star<br />
1,314<br />
25%<br />
4,738<br />
32%<br />
1,895<br />
2,843<br />
4,157<br />
3,450<br />
23%<br />
(707)<br />
-<br />
(700)<br />
3 Star<br />
551<br />
11%<br />
2,824<br />
19%<br />
1,130<br />
1,694<br />
2,245<br />
2,700<br />
18%<br />
455<br />
303<br />
800<br />
2 Star <<br />
1,500<br />
29%<br />
1,225<br />
8%<br />
490<br />
735<br />
2,235<br />
4,200<br />
28%<br />
1,965<br />
1,310<br />
3,300<br />
TOTAL<br />
5,222<br />
-<br />
15,038<br />
-<br />
6,015<br />
9,023<br />
14,245<br />
15,000<br />
755<br />
1,613<br />
2,400<br />
Assumptions:<br />
50 room per 1 star approval granted;<br />
75 room per 2 star approval granted;<br />
100 room per 3 star approval granted;<br />
granted150 room per 4 star approval<br />
Attrition rate <strong>of</strong> 40%<br />
Recommendations:<br />
Licensing should be continued for:<br />
3*, 2* and 1* hotels and apartments.<br />
Small hotels and hotel apartments <strong>of</strong> 4* and<br />
5* (100 rooms and less)<br />
28
DHOFAR ANALYSIS<br />
Approved<br />
Present 2007<br />
Granted<br />
Attrition<br />
Net<br />
Expected<br />
Supply<br />
Optimum 2015<br />
Difference<br />
Attrition<br />
Rooms<br />
Required<br />
Grading<br />
Number<br />
%<br />
Number<br />
%<br />
40%<br />
Number<br />
Number<br />
Number<br />
%<br />
Number<br />
40%<br />
Number<br />
5 Star<br />
300<br />
21%<br />
1,111<br />
39%<br />
444<br />
667<br />
967<br />
516<br />
12%<br />
(451)<br />
-<br />
(500)<br />
4 Star<br />
121<br />
8%<br />
1,000<br />
35%<br />
400<br />
600<br />
721<br />
516<br />
12%<br />
(205)<br />
-<br />
(200)<br />
3 Star<br />
352<br />
25%<br />
695<br />
24%<br />
278<br />
417<br />
769<br />
645<br />
15%<br />
(124)<br />
-<br />
(100)<br />
2 Star <<br />
657<br />
46%<br />
50<br />
2%<br />
20<br />
30<br />
687<br />
2,623<br />
61%<br />
1,936<br />
1,291<br />
3,200<br />
TOTAL<br />
1,430<br />
-<br />
2,856<br />
-<br />
1,142<br />
1,714<br />
3,144<br />
4,300<br />
1,156<br />
1,291<br />
2,400<br />
Assumptions:<br />
50 room per 1 star approval granted;<br />
75 room per 2 star approval granted;<br />
100 room per 3 star approval granted;<br />
granted150 room per 4 star approval<br />
Attrition rate <strong>of</strong> 40%<br />
Recommendations:<br />
Licensing should be continued for:<br />
2* and 1* hotels and apartments.<br />
Small hotels and apartments <strong>of</strong> 3*, 4* and<br />
5* (100 rooms and less)<br />
29
AL BATINAH ANALYSIS<br />
Approved<br />
Present 2007<br />
Granted<br />
Attrition<br />
Net<br />
Expected<br />
Supply<br />
Optimum 2015<br />
Difference<br />
Attrition<br />
Rooms<br />
Required<br />
Grading<br />
Number<br />
%<br />
Number<br />
%<br />
40%<br />
Number<br />
Number<br />
Number<br />
%<br />
Number<br />
40%<br />
(in surplus)<br />
5 Star<br />
109<br />
24%<br />
1,212<br />
33%<br />
485<br />
727<br />
836<br />
240<br />
20%<br />
(596)<br />
-<br />
(600)<br />
4 Star<br />
143<br />
32%<br />
150<br />
4%<br />
60<br />
90<br />
233<br />
144<br />
12%<br />
(89)<br />
-<br />
(100)<br />
3 Star<br />
26<br />
6%<br />
1,900<br />
52%<br />
760<br />
1,140<br />
1,166<br />
336<br />
28%<br />
(830)<br />
-<br />
(800)<br />
2 Star <<br />
172<br />
38%<br />
400<br />
11%<br />
160<br />
240<br />
412<br />
480<br />
40%<br />
68<br />
45<br />
100<br />
TOTAL<br />
450<br />
-<br />
3,662<br />
-<br />
1,465<br />
2,197<br />
2,647<br />
1,200<br />
(1,447)<br />
45<br />
(1,400)<br />
Assumptions:<br />
50 room per 1 star approval granted;<br />
75 room per 2 star approval granted;<br />
100 room per 3 star approval granted;<br />
granted150 room per 4 star approval<br />
Attrition rate <strong>of</strong> 40%<br />
Recommendations:<br />
Licensing should be continued for:<br />
2* and 1* hotels and apartments.<br />
Small hotels and apartments <strong>of</strong> 3*, 4* and<br />
5* (100 rooms and less)<br />
30
About Deloitte<br />
In this document, Deloitte refers to one or more <strong>of</strong> Deloitte Touche Tohmatsu (DTT), a Swiss Verein (association), its member firms, and their<br />
respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization <strong>of</strong> member firms around the world devoted to excellence in<br />
providing pr<strong>of</strong>essional services and advice, focused on client service through a global strategy executed locally in nearly 140 countries. With<br />
access to the deep intellectual capital <strong>of</strong> 120,000 people worldwide, Deloitte delivers services in four pr<strong>of</strong>essional areas-audit, tax consulting,<br />
and financial advisory services-and serves more than one-half <strong>of</strong> the world's largest companies, as well large national enterprises, public<br />
institutions, locally important client, and successful, fast-growing companies. Services are not provided by the DTT Verein, and, for regulatory<br />
and other reasons, certain member firms do not provide services in all four pr<strong>of</strong>essional area.<br />
In the Middle East, Deloitte & Touche (M.E) is the member firm <strong>of</strong> DTT, and services are provided by Deloitte & Touche (M.E) and its<br />
subsidiaries. For more information, please visit the firm’s website at www.deloitte.com<br />
This document has been compiled by Deloitte & Touche (M.E) in general terms and therefore cannot be relied on to cover specific situations;<br />
application <strong>of</strong> the principles set out will depend upon the particular circumstances involved and we recommend that you obtain pr<strong>of</strong>essional<br />
advice before acting or refraining from acting on any <strong>of</strong> the contents <strong>of</strong> this document.<br />
Deloitte & Touche (M.E) would be pleased to advise readers <strong>of</strong> this document on how to apply the principles set out in this document to their<br />
specific circumstances. Deloitte & Touche (M.E) accepts no duty <strong>of</strong> care or liability for any loss occasioned to any person acting or refraining<br />
from action as a result <strong>of</strong> any material in this document.<br />
As a Swiss Verein, neither DTT nor any <strong>of</strong> its member firms has any liability for each other's acts or omissions. Each <strong>of</strong> the member firms is a<br />
separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," " Deloitte Touche Tohmatsu" or other related<br />
names.