Latest news with #Dh220
Khaleej Times
09-04-2025
- Business
- Khaleej Times
Dubai Duty Free sales top Dh2 billion in first quarter
Dubai Duty Free on Wednesday announced first-quarter sales of Dh2.06 billion ($565 million). The sales growth was largely driven by an exceptional February, which set a new sales record for the month of Dh709 million ($194 million). Perfumes, beverages, tobacco, gold and confectionery held the top five spots category-wise with perfume sales reaching Dh371 million and contributing 18 per cent of total revenue. Beverages followed with sales of Dh258 million, while tobacco increased by 11 per cent over the same period last year with sales amounting to Dh220 million. Gold increased marginally with sales amounting to Dh212 million, contributing 10 per cent of total revenue. Confectionery showed robust growth, taking the fifth spot for the first time with a 57 per cent increase over the same period last year, with sales reaching Dh207 million and contributing 10 per cent of total revenue. Looking ahead, Dubai Duty Free will continue to bolster its retail offering throughout 2025, which includes the opening of boutiques in Concourse A featuring luxury brands such as LV, Cartier and Chanel. The events calendar is also busy with upcoming events, including the Dubai Duty Free Spring Trials taking place at the Newbury Racecourse in the UK on 11th and 12th April, followed by the UAE Nationals Cup taking place at the Montgomerie Golf Club on May 3rd. 'We are very pleased with our sales for the first three months of the year, especially in February when daily sales reached an average of Dh25.3 million ($6.93 million) and kept pace with passenger growth. A lot of credit goes to our hard-working team of staff who achieve sales targets on an ongoing basis,' said Ramesh Cidambi, managing director of Dubai Duty Free. 'The remarkable success of the 'Dubai' chocolate offering has contributed significantly to the surge in the Confectionary category with specialty brands such as Fix Chocolate, Locali, I Love Dubai, Bateel and Al Nassma collectively generated sales of Dh80.4 million ($22 million). That figure represents over 1.2 million individual chocolate bars sold in the first quarter of 2025,' he added. In addition, recent renovations in the arrivals shops have led to sales hitting Dh125 million in the first quarter. 'We are very pleased with the newly renovated and refurbished retail shops in Terminals 1 and l 2 Arrivals with Terminal 3 Arrivals shop 4 due for completion next month. These enhancements are already elevating our arrivals business,' said Cidambi.
Al Etihad
18-03-2025
- Business
- Al Etihad
Abu Dhabi, Dubai to see thousands of new hotel rooms in 2025 amid tourism boom
19 Mar 2025 02:07 KHALED AL KHAWALDEH (ABU DHABI)Abu Dhabi and Dubai are set to witness a major expansion in their hospitality sectors, with thousands of new hotel rooms expected to be added in 2025. Both emirates are investing heavily in tourism as part of broader economic diversification UAE capital's hotel market is poised to grow beyond 50,000 rooms by 2030, according to a previous announcement of Saud Al Housani, Undersecretary of the Abu Dhabi Department of Culture and emirate is projected to see more than 2,300 new hotel rooms by the end of the year, bringing the total past the 36,000 mark, Al Housani said Dubai, more than 11,300 hotel rooms will be added by 2027, with nearly 4,620 slated to open in 2025 alone, according to real estate advisory firm Cavendish Maxwell. Highest Growth in the UAE Abu Dhabi is the fastest-growing hospitality market in the country in terms of occupancy and average daily rates (ADR), based on the Cavendish Maxwell in Abu Dhabi city hotels and resorts topped UAE growth rates at 14.5% and 14.4%, respectively. Occupancy rates were up 10.5%, marking the highest growth seen across the country."In 2024, tourism contributed Dh236 billion - up from Dh220 billion in 2023 - to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion," said Gergely Balint, Associate Partner and Commercial Valuation and Hospitality expert at Cavendish Maxwell. Luxury Dominates the Sector These growth forecasts come on the heels of a record-breaking 2024 for both Abu Dhabi and Dhabi hotels welcomed nearly 4.3 million guests in the first nine months of 2024 while Dubai saw 18.72 million overnight visitors and 78% hotel occupancy Maxwell found that luxury accommodations continue to dominate the sector, especially in Dubai's hotel market, with 70% of its existing inventory classified under the "luxury, upper upscale, and upscale" categories. This trend is expected to continue in 2025, with nearly 70% of new rooms falling within the "luxury and upper upscale" segments, the firm added. Elsewhere in the UAE, Ras Al Khaimah recorded a 14% ADR increase, benefitting from renovations and upcoming projects like the Wynn Al Marjan Island resort, according to Cavendish Maxwell. Fujairah, aiming to attract 500,000 annual visitors, is investing in its cultural heritage to boost tourism.
Zawya
17-03-2025
- Business
- Zawya
Dubai to deliver over 11,300 new hotel rooms by 2027, with nearly 4,620 in 2025
Tourism contributed AED236 billion to UAE economy, 12% of GDP, last year Dubai – More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, says leading real estate advisory group, Cavendish Maxwell. Dubai added 4,255 rooms across 19 hotels to its inventory in 2024, representing year-on-year growth of almost 3%. As of December, the city boasted 724 hospitality establishments, with 151,245 keys between them, according to Cavendish Maxwell's Dubai hospitality sector 2024 market performance report. Hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: 'Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market. We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure. These impressive figures and robust growth align with the strategic vision of Sheikh Mohammed Bin Rashid Al Maktoum, as outlined in the Dubai Economic Agenda D33, which aims to position Dubai among the world's top three global tourism destinations.' The number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport. Gergely Balint added: 'This continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed Dh236 billion, up from Dh220 billion in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion.' Occupancy rates Dubai's hotel occupancy levels remained steady, rising to 78% in 2024 – an increase of 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. Average Daily Rates (ADR) ADRs in Dubai reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels. Those in the Luxury segment witnessed a drop of 1.9% in ADR year-on-year, despite a 3% increase in occupancy, suggesting that increased demand came at the expense of pricing. Revenue Per Available Room (RevPAR) Average RevPAR rose by 1.3% in 2024 compared to 2023, primarily driven by higher occupancy levels. While all segments saw growth, the Upper Midscale category led at around 1.9%. Dubai tourism statistics and source markets Dubai welcomed a record-breaking 18.7 million visitors in 2024, with Western Europe the biggest source market, at 20% (3.7 million). South Asians accounted for 17%; GCC tourists 15% and Eastern Europeans 14%. Northeast and Southeast Asia saw the biggest year on-year growth, up almost a quarter on the previous year, driven largely by the resurgence of outbound tourism from China. Dubai International Airport (DXB) set a new benchmark in global aviation, welcoming 92.3 million passengers in 2024 – its highest annual traffic on record and a 6.2% jump on 2023. December was the busiest month, with 8.2 million people passing through DXB. Other parts of the UAE Outside of Dubai, there was a surge in rate-driven hotel performance across the UAE. All Emirates secured an increase in ADR, with Abu Dhabi city hotels and resorts leading the growth at 14.5% and 14.4%, respectively. Ras Al Khaimah recorded a 14% year-on-year ADR increase, potentially driven by the completion of renovation of the Waldorf Astoria, which impacted market performance the previous year. ADR was up 4% in Fujairah. The strongest occupancy growth was at Abu Dhabi city hotels (up 10.5%), due to increased demand from corporate travel, the Meetings, Incentives, Conferences and Events (MICE) sector, major events and government-backed tourism initiatives. There was a slight drop in occupancy in Ras Al Khaimah, where new openings such as the Anantara Mina Al Arab Resort and the Sofitel Al Hamra Beach Resort brought more rooms to the overall offering. RAK achieved a record 1.28 million visitors last year, up nearly 5% year-on-year. The upcoming Wynn Al Marjan Island resort, set to open in 2027 with the Gulf's first gaming resort, has spurred significant hotel development in the area and is expected to boost RAK tourism in the long term. In Fujairah, where occupancy remained stable, the Government has introduced several initiatives to boost tourism, including the promotion of key archaeological sites such as Al Bidya Mosque, to help attract its target 500,000 visitors per year. About Cavendish Maxwell Cavendish Maxwell is one of the Middle East's leading real estate advisory groups, with offices in Dubai, Abu Dhabi, Sharjah, Ajman, Kuwait City and Muscat. The company is regulated by the Royal Institution of Chartered Surveyors (RICS) and offers a full range of property-related services, including valuation, strategy and consulting, research, project management and building consultancy, investment and commercial agency expertise. With a team of experienced professionals and a commitment to delivering exceptional service, Cavendish Maxwell has established itself as a trusted advisor in the regional real estate market.
Al Etihad
12-03-2025
- Business
- Al Etihad
Borouge annual dividend yield at 6.7%, offering strong investor returns
10 Mar 2025 10:34 ABU DHABI (WAM) The annual dividend for Borouge, a leading petrochemicals company, reached 6.7 percent based on the closing price on March 7, offering strong investor returns and reinforcing the company's attractive dividend financial results for 2024 underline the company's resilience and profitability, with net earnings of Dh4.5 billion, marking a 24 percent year-on-year company also reported an industry-leading EBITDA margin of 41 percent, further cementing its reputation as one of the most efficient and profitable players in the petrochemicals of Borouge are expected to approve an Dh2.4 billion cash dividend for the second half of 2024 at the company's upcoming Annual General Meeting (AGM) on 7th April 2025. This final payment will bring Borouge's total dividends for the year to Dh4.8 billion, reinforcing its position as an attractive investment opportunity in the seeking eligibility for the final dividend must hold Borouge shares by 15th April 2025, with payments set for distribution on April 28, CEO, Hazeem Sultan Al Suwaidi, said, 'This is an exciting time for Borouge shareholders, as the company continues to deliver strong dividends, underscoring our commitment to driving value for our shareholders. With a solid business model and continuous innovation, Borouge remains a strong contender for investors looking for value opportunities.'Beyond its strong dividend profile, Borouge's growth trajectory is poised to accelerate following the recently announced merger of Borouge and OMV's Borealis to create Borouge Group International and the acquisition of NOVA Chemicals. This consolidation will create the world's fourth-largest polyolefins company, valued at Dh220+ billion ($60 billion), significantly enhancing Borouge's global newly formed Borouge Group International is expected to benefit from a higher dividend payout, expanded market access, advanced technological capabilities, and complementary product lines. With commercial and manufacturing operations spanning North America, Europe, Asia, the Middle East, and Africa, Borouge Group International presence in the global petrochemicals industry is set to strengthen, offering further opportunities for growth and value creation.
Khaleej Times
06-03-2025
- Business
- Khaleej Times
Dubai: Can sustainable fashion really be considered luxury? Couturier Anita Dongre weighs in
In the world of high fashion, where luxury traditionally equates to extravagance, the challenge of marrying sustainability with opulence has often sparked debate. Traditionally, luxury fashion has prioritised rich materials and elaborate processes, overlooking the environmental cost. However, renowned Indian couturier Anita Dongre is challenging this norm by proving that sustainable practices can coexist with luxury. Her designs, celebrated for their craftsmanship, are envisioned as heirlooms — beautifully crafted to withstand the test of time. Since launching her first brand in 1995 from her apartment balcony, the House Of Anita Dongre has grown its vision of blending contemporary fashion with Asian sensibilities into a global powerhouse. With a workforce of more than 2,000 people, and an annual turnover of $60 million (Dh220 million), her company supports thousands of artisans and maintains a significant presence in markets like Dubai and New York. Ultimately, Dongre's approach shows that true luxury incorporates sustainability, making each piece not only a fashion statement but also a proof of ethical practices. Her work exudes luxury, proving that the real value of high-end fashion also lies in its ability to be sustainable, ethically made and long lasting, and at some point has contributed towards betterment of society. We caught up with the designer, who spoke about adopting sustainable practices while maintaining a brand's luxury status, and launching a second store in Dubai, which is known for its consumption of all-things-luxury. Excerpts from the interview: While the fashion industry is still far from fully sustainable, the last decade has seen significant progress. The shift is ongoing, with sustainability increasingly seen as a necessity rather than a luxury within the industry. How does House Of Anita Dongre contribute to being one step closer to sustainability? Sustainability is something I hold close to my heart, and I see it from two main perspectives. The first is material sustainability, focusing on the resources we use. The second, and equally important, is social sustainability, which centres on people and the planet. That's all it is really, people and the planet. In our efforts to promote social sustainability, we've made a conscious decision to root our work in the villages of India. This approach not only supports the local craftsmen in their natural environments but also prevents the need for them to migrate to cities in search of work. By providing jobs locally, especially for women, we help strengthen entire families. Women tend to invest their income wisely, using it to nurture their children and manage their households. On the material front, we're constantly in collaboration with various companies to discover and use more sustainable materials. For instance, we've partnered with companies like Lenzing and opted for modal for our bags instead of leather, because modal is biodegradable. Moreover, we're excited about a new partnership with an innovative company in India that's developing a biodegradable material with a leather-like feel. Questioning every aspect of our production process and striving for better materials is an ongoing journey. While complete sustainability might be a lofty goal, the path of mindful creation is one we tread diligently. We operate from an environmentally friendly building in Navi Mumbai, which reflects our commitment to sustainability. Every step we take is a step towards a better planet, and it's a responsibility I take very seriously. The biggest fashion debate of all time: Can something be a luxury brand or an item and still be sustainable? If someone were to ask you this for House Of Anita Dongre, how do you strike that balance? For me, sustainability means creating something that lasts — for a long time. When I design garments, my goal is to craft timeless pieces. I focus on creating designs that are not just classic, but heirlooms; treasures that a mother would be proud to pass down to her daughter. This philosophy reflects what we hear from our customers too — they rarely, if ever, part with our garments. Quality is key. When you incorporate exquisite hand craftsmanship into a design, it becomes more than just clothing; it becomes a piece to be worn carefully, mindfully cherished, and eventually, lovingly passed on. This cycle of reuse inherently enhances sustainability. A garment that's worn repeatedly over the years doesn't just stay out of the landfill — it carries stories, memories, and lessens the burden on our planet. And ofcourse it stays out of the landfill. Indeed, a brand can be sustainable — it's by fostering this ethos of longevity. Our designs aren't just for one season; they're meant to be worn many, many times and to be a staple in your wardrobe for years to come. This approach counters the cycle of buy-and-dispose that leads to so much waste, making a real difference in our quest for sustainability. For individuals who may not appreciate the concept of heirloom-quality, handcrafted garments and question the notion of sustainable products as luxury, how accessible are your designs to them? Any investment in a special occasion outfit, particularly one that's costly, must embody exceptional quality and enduring appeal. Why should it be otherwise? Each piece is handmade, stunningly beautiful, and designed to remain a cherished favourite in your wardrobe for years. It's crafted to be treasured and enjoyed every time it's worn, a bow to the art of fashion. Beyond mere durability, the craftsmanship itself is so exquisite that it justifies the investment. These creations are intended to be passed down through generations, becoming heirlooms that carry personal histories and cherished memories. For those unfamiliar with this concept, the intrinsic beauty of the craft and the depth of thought behind each piece might well be the elements that bridge their understanding. What is the essence of your brand rooted in, global or Indian? The essence of my brand is rooted in craftsmanship, primarily Indian. However, I'm very open to exploring collaborations with craft clusters from other regions. For instance, I would be thrilled to work with artisans in the UAE. This approach allows us to celebrate and integrate diverse traditions and techniques into our collections. As a creative human and a business-driven person, did you ever crave international recognition? How far did you want to go? Even as a young girl fresh out of fashion school, as I travelled the world, I always wondered why there wasn't a globally recognised Indian fashion brand. I recall seeing brands like Shyam Ahuja, 1963 in the US and thinking about the absence of a global Indian presence in fashion. From the beginning, I aspired to take my brand international. That aspiration became a reality when we expanded to New York six years ago. Then we opened our store in Dubai Mall's fashion avenue in 2023; back then we were the first and only Indian fashion brand to open a store there. It was not by chance but a deliberate step towards fulfilling what I had always envisioned. What is next for the House Of Anita Dongre, and is there a message you would like to give to youth? I enjoy impacting lives with my work, whether it's the maker or the wearer's life. We just want to continue doing the same, and more of it. We want to continue doing everything better than what we do today. What's the message I'd give to the youth? To just be happy and live mindfully. The expansion of House Of Anita Dongre into the UAE market culminates with the opening of its second store at Mirdif City Centre, following their inaugural launch at The Dubai Mall in 2023.
