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Zawya
4 hours ago
- Zawya
Dubai Duty Free July 2025 sales surpass $173.7mln
Dubai Duty Free (DDF) delivered a standout performance for the month of July, posting sales of AED638.8 million (US$175 million) for the month and year-to-date sales of AED4.734 billion (US$1.30 billion), which is 5.86 percent up on the same period last year. This monthly milestone surpasses the previous July record of AED602.8 million (US$165 million) set in 2023 and is 9.7 percent higher or AED56.5 million (US$15.48 million) more than sales of AED582.26 (US$159.52 million) for July 2024. This places July 2025 in 9th place amongst the Top 10 months in Dubai Duty Free's history with the operator recording sales records in five months out of seven so far this year. The year-to-date growth of 5.86 percent is particularly notable given that passenger growth for the same period is expected to be less than 3 percent (DXB announced 2.3 percent passenger growth from January – June). Ramesh Cidambi, Managing Director of Dubai Duty Free, said, 'We are delighted to report another strong sales month in what is already proving to be an exceptional year. This outstanding performance reflects the resilience of our retail operation and the continued demand for world-class shopping experiences. Achieving nearly 10 percent sales growth in a month when we estimate passenger traffic remained relatively flat is a testament to our team's dedication and product offering." The top five product categories in July were Perfumes, Liquor, Gold, Tobacco and Confectionery. Perfume sales rose by 10.3 percent over the same month last year, Liquor sales rose by 1.7 percent, while Tobacco saw a 2.2 percent increase. Gold sales rose by 15.5 percent and Confectionery saw an incredible 57 percent increase from July last year. Other notable performers were Watches with sales increase of 18.4 percent and Precious Jewellery with an increase of 16.8 percent. July's sales surge was fuelled in part by a growing appetite for iconic luxury brands. Dubai Duty Free's CA and CB Fashion Boutiques, home to some of the world's most sought-after luxury labels, delivered exceptional results in July, with growth of 11.36 percent over the same period last year. Flagship brands such as Chanel, Louis Vuitton and Cartier were standout performers, reflecting sustained demand for high-end fashion and accessories at DXB. 'Given the recent media reports outlining the difficulties facing global luxury brands, we are happy to buck that trend in our luxury Boutiques, where we are seeing continued demand for select brands,' Cidambi added. Staying within the Luxury sector, of particular note is the growing momentum of DDF's pre-loved luxury boutique, REKLAIM, launched in December 2024. Located in Concourses A, including in the Emirates First Class Lounge, Concourse B and D, REKLAIM offers a curated selection of authenticated pre-owned watches and handbags from top-tier luxury brands. In just over seven months REKLAIM has generated more than AED14.3 million (US$3.9 million) in sales of which AED1.6 million (US$445K) was generated in July alone, a clear testament to its growing appeal among luxury-focused shoppers. The stand-out performer was Rolex watches, with a total of 176 sold since the launch of REKLAIM, with 16 sold in July alone. Dubai Duty Free's success comes against a backdrop of growing competition within the airport retail space as well as from external sources, including domestic retailers. With continued investment in product innovation, digital engagement, and experiential retail, Dubai Duty Free is well-positioned to close out 2025 as one of the strongest years in its 40+ year history. 'This outstanding achievement is a testament to the hard work and dedication of our entire team and the unwavering support from our Chairman, H.H. Sheikh Ahmed bin Saeed Al Maktoum. We have succeeded in enhancing penetration and spend levels while maintaining business focus, despite a highly competitive and uncertain environment,' Cidambi added.
Zawya
5 hours ago
- Zawya
Binghatti Holding's $500mln sukuk 5 times oversubscribed
Binghatti Holding, one of the UAE's fastest growing real estate developers, has priced a $500 million 5-year Senior Unsecured Sukuk under its $1.5 billion Trust Certificate Issuance Programme, a transaction that was oversubscribed by five times. The Regulation S Sukuk issuance attracted strong regional and international investor demand, with an order book exceeding $2.5 billion. The sukuk was priced with a profit rate of 8.125%, equivalent to a spread of 418 basis points over the prevailing 5-year US Treasury yield, and given the strong levels of demand the issuance saw significant tightening from its initial guidance of 8.500% area. The robust orderbook reflects broad market confidence in Binghatti's credit fundamentals, brand strength, and long-term strategy. The company is rated Ba3 by Moody's and BB- by Fitch, both with stable outlook, said the company. The sukuk will be listed on both Nasdaq Dubai and London Stock Exchange. Muhammad BinGhatti, Chairman of Binghatti Holding, commented: 'Binghatti's landmark sukuk marks a pivotal milestone in our journey, reinforcing our position as one of the region's most dynamic and diversified developers. The strong demand and investor trust shown in the USD 500 million issue from our sukuk programme highlights Binghatti's unique model, a vertically integrated platform underpinned by phenomenal growth and market leading execution.' Ahmed Abdelaal, Mashreq Group Chief Executive Officer, said: "We are proud to have played a pivotal role in Binghatti's return to the sukuk market, having supported their journey since their inaugural issuance last year. The exceptional investor response—both regional and international—underscores the strong appetite for the Dubai growth story and confidence in Binghatti's trajectory. This landmark issuance not only affirms their access to global capital markets but also establishes a new 5-year benchmark for the sector. Mashreq continues to lead in advising regional corporates on accessing international capital markets from inception. Our partnership with Binghatti reflects the trust placed in our expertise and capabilities.' Binghatti Holding's H1 2025 net profit more than tripled to AED1.82 billion, driven by resilient demand for Dubai real estate. The group's total sales reached AED8.8 billion, with revenue climbing 189% YoY to AED6.3 billion. The group launched seven new projects and delivered five developments in H1 alone, handing over 15 projects in the last 18 months. Its AED12.5 billion revenue backlog and over AED70 billion development portfolio positions it as one of Dubai's leading developers. Binghatti currently has ca. 20,000 units under development across 30 projects in prime Dubai locations including Downtown, Business Bay, Jumeirah Village Circle, and Meydan as well as its flagship branded residences in collaboration with luxury partners Bugatti, Mercedes-Benz and Jacob & Co. The company's development pipeline was further reinforced by the recent acquisition of about 9 million sq ft megaplot in Nad Al Sheba 1, which will host Binghatti's first master-planned community, with a projected development value of over AED25 billion, the company said. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
9 hours ago
- Khaleej Times
Enzo Milano Interiors launches digital platform to streamline interior design services in Dubai
Enzo Milano Interiors, a well-established interior design firm in the UAE, has launched a new interactive digital platform aimed at simplifying and enhancing the client experience across its residential and commercial services. The platform enables users to explore design options, engage with consultants, and track project progress in real-time. The newly introduced platform represents a significant step in the firm's efforts to expand accessibility, offering clients the ability to initiate and manage design projects directly through their devices. The online interface provides detailed service modules for residential and commercial interiors, covering spaces such as villas, apartments, offices, salons, cafes, clinics, and retail outlets. In addition, it includes tools for customised furniture, kitchen, and closet design, enabling users to tailor elements according to their spatial needs and preferences. According to the company, the platform is structured to guide users through all key stages of the design process. Starting with an initial consultation and concept development, clients can review layout plans and 3D renderings before execution begins. The process concludes with a formal walkthrough and handover, designed to ensure quality delivery and client satisfaction. "The platform is designed to give clients greater involvement and clarity at every stage of the design journey,' said the founder of Enzo Milano Interiors. 'This launch is not just about digital convenience - it's about making professional interior design more accessible, transparent, and in tune with the expectations of today's homeowners and businesses.' Operating from its headquarters in Bayview Tower, Business Bay, the firm continues to serve clients across the UAE. With its integration of digital tools, Enzo Milano Interiors aims to keep pace with Dubai's evolving urban development and increasing demand for efficient, customised design solutions. With over 15 years of industry experience and a portfolio exceeding 1,000 completed projects, Enzo Milano Interiors has been a notable player in Dubai's design landscape. The platform's launch signals the company's transition from a traditional service model to a more agile, tech-enabled approach, aligning with global trends in design consultancy. By incorporating digital engagement into its core offerings, Enzo Milano Interiors seeks to strengthen client participation while maintaining its design principles of elegance, functionality, and durability.
