Tourism's private sector needs long-term view to maximise return on investment, says Zoghbi

Zoghbi cites reliance on short-term management contracts with international hotel brands as a prime example, claiming frequent turnover of brands harms the marketplace.

'Many hotel operators can only sign three-year contracts with property owners, which restricts planning, and encourages short-term bottom-line responses to market movements from the owner.

'Yet switching hotel operators after a bad season does nothing to build future growth and rarely takes account of the natural peaks and troughs of the marketplace. A change in operator automatically incurs capital costs from the change of branding - all of which cuts further into profit margins.

'Management companies need to work with owners to ensure a more stable way of working towards the long-term future of tourism destinations and maximising return of investment for the public sector.'

Zoghbi's comments came as he was announced as the latest Corporate Ambassador for the 'Leaders in Dubai' conference on at the Dubai International Convention Centre from November 29-30.

He joins a number of key executives from Arabia's business and semi-government sectors as corporate ambassadors for the ground-breaking event, which is expected to attract more than 1,500 delegates from the region and further afield.

The presence of the corporate ambassadors lobby came at the request of 'Leaders in Dubai' speakers - including former New York mayor Rudy Giuliani and Jack Welch, ex-CEO of General Electric.

The event's seven global leaders wanted a group of the Middle East's' most recognised and contemporary business leaders at the event to debate ideas for future regional leadership development.

The global leaders on stage include: Tom Peters, the management ur-guru; best-selling author Frank Maguire; MIT's Professor of Management and Economics, Lester Thurow; and the influential futurist, Alvin Toffler.

'With tourism and hospitality now playing a leading role in non-oil revenue generation within the Middle East, it is highly relevant that this important sector is recognised within the corporate ambassador line-up,' said Jessica Sutherland, General Manager, IIR Exhibitions. 'Sami Zoghbi's extensive experience in the region made him an ideal candidate for this role.'

Up to 2,500 delegates are expected to attend 'Leaders in Dubai,' organised by LEADING MINDS, a division of IIR. It will be the biggest business conference at the Dubai International Convention Centre since the Annual Meetings of the World Bank and International Monetary Fund in September 2003.