Dubai Duty Free said on Thursday its first quarter sales rose 11 per cent year-on-year to Dh1.91 billion, as the implementation of VAT in January, which is not applicable in Dubai airports' departures, boosted sales.
DDF, which posted record sales of Dh7.05bn in 2017, said March hit the monthly record of Dh660.4 million, a 10 per cent increase from a year-earlier period.
“Sales are ahead of passenger [growth] numbers at Dubai International Airport and we are seeing double digit growth across a wide number of categories,” said Colm McLoughlin, executive vice chairman and chief executive of DDF.
“While the introduction of VAT and Excise duty in our Arrivals Duty Free has resulted in a drop in revenue in these areas, the fact that VAT is not applicable for the majority of sales in Departures has contributed to an increase in certain categories for departing and transit passengers.”
DDF expects sales to grow by more than half to $3bn by 2022 as Dubai International Airport, the world's busiest for international travel, boosts capacity to meet a rise in tourist arrivals, Mr McLoughlin told The National in February.
DDF, which grew its annual revenue by 5.6 per cent in 2017, expects sales to reach Dh7.3bn this year. Expansion work at DIA, which is expected to boost capacity by around a third to 118 million by 2023 is also benefiting DDF.
The uptick in sales is in part due to an increase in the number of Chinese tourists, the biggest buyers who account for 9 per cent of total sales, as well as the return of Russian tourists. Both nationalities have been granted visas on arrival by the UAE.
The number of passengers at DIA from Russia climbed 28 per cent to 1.3 million in 2017, while visitors from China surged 19.4 per cent to 2.2 million thanks to the relaxation in visa restrictions.
Liquor, perfumes and tobacco held the top three spots of goods categories sold in the first quarter of the year. Perfume sales rose over Dh276m, accounting for 14 per cent of total revenue. Sales of Tobacco increased by 37 per cent to Dh220m while cosmetics was up by 25 per cent to Dh183m, representing 10 per cent of total sales,
Electronics sales grew 34 per cent to Dh169m, while watches rose by 16 per cent to Dh127m, according to DDF.
“There are a number of factors behind the sales growth, including the refurbishment of Concourse C, which will be fully completed shortly and other ongoing projects,” said Mr McLoughlin.
UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Our legal columnist
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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
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The biog
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Nationality: Emirati
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Explained
First Person
Richard Flanagan
Chatto & Windus
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
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August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
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Key facilities
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The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
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UAE tour of Zimbabwe
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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