Colm McLoughlin has got a real retailer’s head for figures. He can reel off sales statistics from years back, and give you a detailed numerical breakdown of the state of affairs in the business he has run for the past 30 years, Dubai Duty Free.
“I remember we took Dh161,000 on the first day of trading in 1983, and the first full year it came to US$20 million,” he recalls.
Perhaps the reason those statistics are so memorable is because of the huge contrast with the current figures. Now DDF is the biggest airport retailer in the world; it will turn over more than $1.8 billion this year; and is one of the most successful businesses the emirate of Dubai has ever created, in a very competitive list.
Later this month, DDF will celebrate its 30th birthday in a splurge of publicity and a few marketing stunts. Some of the products on sale at Dubai International Airport will be priced at 1983 levels, for example.
But for the executive vice chairman Mr McLoughlin, the occasion will be a cause for reflection and sober satisfaction that the business he set up all those years ago has turned into such a money-spinner for Dubai.
“I was one of 10 people hired from Aer Rianta [the retail arm of the Irish airports authority] and we were asked to come over to help set up a duty free operation in Dubai. I imagined it as a six-month project but here I am still, 30 years on, and although I never expected it to be so long I’ve been thrilled by the success,” says the 70-year-old Irishman.
He is one of a small band of Irish citizens who have made a significant contribution to the economic development of the UAE. The Irish are good at retail, and the leisure business, and travel, and all these ingredients came together in DDF.
“We virtually invented the duty free concept in Ireland, back in the 1940s. Shannon Airport was the last stop on transatlantic flights from Europe, and the airlines took the opportunity to refuel and stock up on things they might need for the long flight,” he explains.
But it is a long way from that concept to the multibillion-dollar business based at DXB. Any traveller using the airport at any time of day cannot help but notice that the retail business is buzzing 24 hours. To get to your flight gate you have to pass through one of the huge retail concourses strategically placed between immigration control and departure gate.
Unusually, because of the absence of restrictions on nighttime flying at DXB and Dubai’s location as a hub for the global aviation business, the early hours of the morning are often the busiest. Passengers waiting for the transfer between London and Sydney, with a few hours to kill, are inevitably lured by the offers on display.
Some 66 million people go through the airport every year, and nearly half of them spend on average $47 in the duty free shops. It is a captive market, and a lucrative one.
Think duty free and you usually think liquor, but consumer habits have changed over the years. Perfumes and cosmetics are now the biggest seller, with jewellery and confectionery also big revenue earners.
There have, of course, been challenges. Mr McLoughlin recalls: “We opened during the Iran-Iraq war, then went through two Gulf wars, the Sars outbreak and of course the 9/11 attacks. It’s hard to address those kinds of events directly, but we’ve tried to limit the damage, for example, by discounting in troubled times.
“But even during the financial crisis, our worst year showed 3 per cent growth. We froze recruitment for a time, but there were no job losses and no wage cuts,” he explains.
DDF’s employment record is another source of pride. “There was probably around 100 people back in 1983 when we started, and we still have 44 of them with us. Great people,” he says.
DDF is part of the Investment Corporation of Dubai, answerable to Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Emirates aviation group. “He has been a superstar in the whole thing, and because we’re owned by the Government it’s all been planned and approved at the highest level.”
Profit and loss figures are not disclosed, but experts agree DDF must make a sizeable contribution to the Dubai exchequer. There has been some speculation from time to time that Dubai might realise some of that value in the form of a stock market listing, but Mr McLoughlin says: “It’s never been seriously discussed. I think there’s a concern about losing control of the business if that were to happen.”
Future plans are ambitious. DXB is “busting at the seams” he says, and the potential at Dubai World Central is enormous. “Where will we be in five years? I think we’ll have 9,000 employees, turning over $3bn, and operating from two of the busiest airports in the world.”
Will Mr McLoughlin still be running the show? “I still enjoy going to work at 70, and get huge satisfaction out of it. I’ll stay as long as Sheikh Ahmed wants me,” he says.
fkane@thenational.ae
BACK%20TO%20ALEXANDRIA
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The years Ramadan fell in May
Company%20Profile
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Company%20profile
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The%20specs
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What's%20in%20my%20pazhamkootan%3F
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
COMPANY%20PROFILE%20
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How Beautiful this world is!
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Book%20Details
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COMPANY%20PROFILE%20
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MATCH INFO
Iceland 0 England 1 (Sterling pen 90 1)
Man of the match Kari Arnason (Iceland)
Company%20Profile
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COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Confirmed%20bouts%20(more%20to%20be%20added)
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Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A