No foreign plans for Dubai Duty Free - vice chairman
Airport retailer Dubai Duty Free is not yet ready to bid for other duty free operations elsewhere in the world, but may do in the future, the company's executive vice chairman has said.
Speaking at the 6th Arabian Business Forum yesterday, Colm McLoughlin said the Dubai Airport-based retailer, which has previously bid to operate duty free operations at Beirut and Colombo international airports, said it would only expand outside of its home emirate when that market reaches saturation.
“Its not in our list yet, its fairly far down our list and its not been needed yet,” he said.
“If ever Dubai Duty Free got to a rate of saturation then of course they would go out into the market and set out to bid for a other airports but right now we are amateurs at that, there are professional companies around the world…. who know this business inside out,” he added.
Since its founding in 1983, the firm has grown into the most lucrative duty free businesses on the planet.
In April 2012, the company announced that its revenues 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.
By 2020, Dubai Duty Free expects to double its sales to AED10bn (US$2.7bn).