Dubai Duty announces 2018 expectations

25/01/2012 - Dubai Investment News Posted Bob Brunskill
Dubai Duty announces 2018 expectations

Dubai is set to see its credentials as a global retail hub cemented over the coming years if Dubai Duty Free's 2018 expectations are anything to go by.The firm, which reported record sales last year, has announced that it expects to double its current annual sales to Dh10 billion by 2018.The rise in sales is set to coincide with the company's expansion plans at both Dubai International Airport and Dubai World Centre, Gulf News reported.Colm McLoughlin, executive vice-chairman of Dubai Duty Free, told the newspaper: "The government recently approved that a Concourse 4 will be built in 2016 at the existing airport."Dubai Duty Free and Dubai Airport Company will finance that at a spend of Dh28 billion. Around 60 to 65 per cent of that spend will be provided by Duty Free."Once the expansion works are complete, the airport will boast an additional 8,000 square metres of retail space.Meanwhile, tomorrow (January 26th) will mark the start of this year's Dubai Fashion event, which will attract a number of visitors and it is expected to break two world records.