Sales at Dubai Duty Free increased 14 percent during the first quarter of the year to AED1.42bn (US$390m), setting it on track to achieve sales of AED6bn by year end. The world’s largest airport retailer said liquor, perfume and gold remained the top three most sold items with perfume sales up 22 percent to AED213m. “We have had a very good start to the year and are very much on track for our sales forecast of AED6bn,” Colm McLoughlin, executive vice chairman of Dubai Duty Free said in a statement. “Terminal 3 continues to be the biggest in terms of accumulative sales and accounts for almost 58 percent of our total turnover, however, the average spend of passengers in Terminal 1, which accounts for 35 percent of sales, is higher,” he added. Sales in Terminal 1 increased 15 percent year to date compared to 21 percent in Terminal 2 and 12 percent in Terminal 3, said the retailer. Confectionary sales rose 20 percent to AED112m while electronics increased 19 percent and cosmetics 23 percent. Dubai Duty Free, which operates 18,000 sqm of retail space at Dubai International Airport, is reported to be in the process of raising a US$1.1bn loan backed by the airport retailer’s future cash earnings and hired lenders. Parent company, Investment Corp of Dubai, the emirate’s main state-owned holding company, also mandated HSBC Holdings, Dubai Islamic Bank and Emirates NBD to help with the fundraising, Bloomberg said last month, citing people familiar with the deal. The retailer, which reported a 15.6 percent rise in 2011 revenue to US$1.46bn, is also part-financing the building of a fourth concourse at the airport in AED28bn deal. It will require around new 3,000 employees to staff its retail operations there in 2015.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor