Dubai Duty Free closed 2024 with a remarkable performance, setting a new annual turnover record of Dhs7.901bn ($2.16bn), bolstered by a significant surge in sales towards the end of the year.

The retailer achieved a milestone in December, posting all-time high monthly sales of Dhs821.94m, marking a 2 per cent increase over December 2023, which had previously been the highest-grossing month in the company’s history.

The December surge was driven by Dubai Duty Free’s 41st anniversary celebrations on December 20, where the retailer offered a 25 per cent discount on a wide range of products.

This special promotion resulted in Dhs59.99m in sales over a 24-hour period.

Sales in November had also shown strong year-on-year growth, setting the stage for the record December figures.

Confectionery emerged as the top-performing category in December, with sales soaring by nearly 29.5 per cent compared to the same month in 2023.

Dubai Duty Free recorded around 56, 649 transactions a day

Throughout 2024, Dubai Duty Free recorded over 20.733 million sales transactions, averaging 56,649 transactions per day.

The operation sold a total of 55.137 million units of merchandise, with an estimated 13.7 million customers visiting the retailer’s arrivals and departures stores.

Online sales also contributed to the success, reaching Dhs97m, accounting for 2.5 per cent of the company’s total annual sales.

Sales in departures stores, which represent the bulk of the operation, edged up by 0.84 per cent year-on-year to Dhs7.121bn, making up 90 per cent of the total turnover.

However, arrivals sales saw a notable decline of 12.21 per cent, totaling Dhs537m, or 6.8 per cent of annual sales.

Looking ahead, Dubai Duty Free plans to continue enhancing its retail operations, with the final phase of renovations in the arrival shops across three terminals scheduled for completion early this year.

Dubai’s real estate market soared to an all-time high in 2024, with transactions reaching 180,900 worth Dhs522.1bn, setting new records for the emirate.

This is according to data released by UAE real estate firm fäm Properties, which highlights a significant surge in both transaction volume and value last year.

The company says the emirate witnessed a 36 per cent increase in sales volumes in 2024 and a 27 per cent rise in value compared to the previous record of 133,100 transactions worth Dhs411.1bn in 2023.

“Sales values broke historical records, and the market’s strong rental demand and luxury resilience continue to attract global investors,” said Firas Al Msaddi, CEO of fäm Properties.

Primary market drives growth

The primary market was the standout performer, driven by new project launches and favourable payment plans that attracted foreign investors, according to fäm Properties.

First sales from developers rose 30 per cent year-on-year to Dhs334.1bn, with transaction volumes up 51 per cent to 119,800. The average price per square foot increased by 10 per cent to Dhs1,600.

Key factors for this uptick included residency incentives and visa reforms that bolstered investor confidence and demand for off-plan properties.

Al Barsha South 4 emerged as the top-performing area for first sales, recording 12,878 transactions worth Dhs13.5bn. Business Bay, however, led in sales value, with 6,888 transactions worth Dhs21.1bn.

Top 10 performing areas – primary market:

1. Al Barsha South 4 – 12,878 transactions worth Dhs13.5bn
2. Business Bay – 6,888 transactions worth Dhs21.1bn
3. Wadi Al Safa 5 – 6,602 transactions worth Dhs13.6bn
4. Madinat Al Mataar – 6,254 transactions worth Dhs17.0bn
5. Hadaeq Sheikh Mohammed Bin Rashid – 5,246 transactions worth Dhs13.4bn
6. Madinat Hind 4 – 5,152 transactions worth Dhs8.4bn
7. Madinat Dubai Almelaheyah – 4,818 transactions worth Dhs12.7bn
8. Al Merkadh – 4,474 transactions worth Dhs6.2bn
9. Jabal Ali 1 – 4,335 transactions worth Dhs6.7bn
10. Bukadra – 4,215 transactions worth Dhs9.9bn

Secondary market stays strong

The secondary market also experienced robust growth.

Re-sales rose 21 per cent to Dhs188.1bn, with transaction volumes up 14 per cent to 61,100. The average price per square foot increased by 12 per cent to Dhs1,300, reflecting high rental yields and demand for ready properties.

Business Bay topped the re-sale market with 5,142 transactions worth Dhs9.8bn, while Dubai Marina led in value, with 4,924 transactions worth Dhs15.2bn, maintaining its status as a premium waterfront destination.

Top 10 performing areas – secondary market:

1. Business Bay – 5,142 transactions worth Dhs9.8bn
2. Dubai Marina – 4,924 transactions worth Dhs15.2bn
3. Al Barsha South 4 – 4,635 transactions worth Dhs7.0bn
4. Al Thanyah 5 – 3,305 transactions worth Dhs8.1bn
5. Al Merkadh – 3,155 transactions worth Dhs8.3bn
6. Downtown Dubai – 3,122 transactions worth Dhs12.7bn
7. Jabal Ali 1 – 2,364 transactions worth Dhs5.0bn
8. Al Warsan 1 – 2,126 transactions worth Dhs1.2bn
9. Wadi Al Safa 5 – 2,125 transactions worth Dhs5.9bn
10. Hadaeq Sheikh Mohammed Bin Rashid – 2,106 transactions worth Dhs9.8bn

Diverse market appeal

A total of 14 unique areas feature across both the primary and secondary market lists, with some areas such as Business Bay, Al Barsha South 4, and Wadi Al Safa 5 excelling in both segments.

Meanwhile, apartments accounted for the bulk of sales, with transactions rising 42 per cent year-on-year to 141,168 units worth Dhs260.6bn. Villas followed with 30,938 transactions worth Dhs164.1bn, a 21.1 per cent increase.

Commercial property and land plots also saw steady growth, with 4,304 commercial units sold for Dhs9.7bn and 4,352 plots fetching Dhs86.5bn.

“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties,” added Al Msaddi.

Being more strategic around how to apply for leave might be an interesting New Year’s Resolution for many in the UAE.

As the saying goes: work hard; play hard. And with smart planning, you can turn 18 days of leave into 51 days off by aligning your time off with the UAE’s public holidays and weekends.

Here’s how you can make the most of the year.

UAE public holidays for 2025

Firstly, it’s good to know what public holidays you’re potentially working with.

The UAE Cabinet resolution No. 27 of 2024 confirms the following public holidays for both the public and private sectors:

• New Year’s Day: Wednesday, January 1
• Eid Al Fitr: Three days from Shawwal 1-3 (likely Monday, March 31 to Wednesday, April 2). An extra day may be added if Ramadan completes 30 days.
• Arafat Day and Eid Al Adha: Friday, May 30 (Arafat Day) and Saturday, May 31 to Monday, June 2 (Eid Al Adha).
• Islamic New Year: Friday, June 27
• Prophet Mohammed’s (PBUH) birthday: Monday, September 1
• Commemoration Day and UAE Union Day: Tuesday, December 2 and Wednesday, December 3

Exact dates for Islamic holidays will be confirmed by the UAE’s Moon Sighting Committee. Also, you will have to pay close attention to official government announcements for final confirmation of dates.

Nevertheless, these tentative dates are at least useful for planning.

The ultimate leave plan

Here’s how you can then combine public holidays, weekends, and annual leave to maximise your time off in 2025:

1. January 1 to 5
   • Take 2 annual leave days (January 2 and 3) to get 5 consecutive days off.
2. March 29 to April 6
   • Take 2 annual leave days (April 3 and 4) to get 9 days off potentially, including Eid Al Fitr and weekends.
3. May 30 to June 8
   • Take 4 annual leave days (June 3 to 6) to get 10 consecutive days off potentially during Arafat Day and Eid Al Adha.
4. June 21 to 29
   • Take 4 annual leave days (June 23 to 26) to get 9 days off, including Islamic New Year.
5. August 30 to September 7
   • Take 4 annual leave days (September 2 to 5) to enjoy 9 consecutive days off, including Prophet Mohammed’s (PBUH) birthday.
6. November 29 to December 7
   • Take 2 annual leave days (December 4 and 5) to get 9 consecutive days off, including Commemoration Day and UAE Union Day.

How this works

This plan leverages UAE’s public holidays, which often align with weekends, to stretch annual leave days further. The second part of resolution No. 27 of 2024 also ensures that holidays (except Eid) falling on weekends may be moved to weekdays by Cabinet decision, maximising their impact.

Key considerations

Islamic holidays depend on lunar phases, so their dates may shift slightly. It’s essential to stay updated with announcements from the UAE’s Moon Sighting Committee to confirm the exact dates closer to the time.

Additionally, local variations may apply. Some emirates might declare extra holidays for government employees or special occasions, adding further opportunities to extend your leave.

By planning strategically and staying informed, you can make the most of your annual leave in 2025.

Abu Dhabi’s Mubadala Investment Company accounted for about 20 per cent of the almost $136.1bn spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia’s wealth fund amid a surge in spending from Gulf countries.

Mubadala and its subsidiaries deployed $29.2bn in 2024, up from $17.5bn invested in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world’s sovereign investment funds.

Saudi Arabia’s Public Investment Fund lost its ranking as the world’s most active sovereign wealth fund after it cut its investment spend by 37 per cent to $19.9bn in 2024 from $31.6bn the previous year, according to the report.

PIF Governor Yasir Al-Rumayyan said in October the sovereign wealth fund was more focused on the domestic economy and aiming to reduce the fund’s international investments.

Still, the Gulf’s sovereign wealth funds controlled by governments of Abu Dhabi, Qatar and Saudi Arabia “invested a record” $82bn in 2024, a rise of more than 10 per cent from 2023, the report said.

Other groups such as Canada’s Maple 8, the Singaporean funds and the Australian superannuation funds were more active than in 2023, but remained below their peaks in 2021-2022, the report added.

Overall sovereign wealth funds’ assets under management rose 6.1 per cent in 2024 to $13tn, a historical peak, and public pension funds rose 6 per cent to reach $25tn. Norway has the world’s biggest sovereign wealth fund.

Sovereign investments into digitisation, which include data centres, digital infrastructure, artificial intelligence and space investing, reached $27.7bn in 2024.

Abu Dhabi, a wealthy oil producer and longtime security partner of the US, is in a race to become an AI leader amid rising competition in the region as Qatar and Saudi Arabia pitch themselves as potential AI hubs outside the United States.

The push is led by the government-backed G42 and MGX, a firm in which Mubadala is a partner. Emirati officials believe the Gulf state’s bet on artificial intelligence will strengthen its international clout by making it a key economic actor long after demand for oil has dried up.

Real estate and private equity investment volumes by sovereign wealth funds were unchanged, while infrastructure and credit continued to rise, the report said.

Deal activity by state funds rose 5 per cent in 2024 to $216bn. Average deal size rose to a six-year high of $370m.

Qatar’s merchandise trade surplus fell to QR57.7bn in the third quarter of 2024, down from QR60.9bn in the same period last year, according to data released by the Planning and Statistics Authority (PSA) on Wednesday and reported by Qatar News Agency (QNA).

The decline was driven by a year-on-year (Y-o-Y) drop in export revenues, which amounted to QR87.8bn in Q3 2024 – a 2.2 per cent decrease from QR89.8bn in Q3 2023. H

owever, exports showed a 3.3 per cent increase from QR85.0bn recorded in Q2 2024.

The decrease in exports was primarily attributed to lower revenues from mineral fuels, lubricants, and related materials, which fell by QR5.0bn (6.5 per cent) compared to Q3 2023.

Exports of miscellaneous manufactured articles also declined, dropping QR0.1bn (22.0 per cent).

In contrast, significant gains were observed in other categories. Chemicals and related products n.e.s. rose by QR1.5bn (24.5 per cent).

Machinery and transport equipment increased by QR1.2bn (53.3 per cent).

Manufactured goods classified chiefly by material gained QR0.4bn (17.1 per cent). Crude materials, inedible, except fuels, were up by QR0.1bn (24.8 per cent).

Imports rise moderately

Qatar’s imports for Q3 2024 totalled QR30.1bn, up 4.1 per cent from QR28.9bn in Q3 2023, but down slightly by 1.1 per cent compared to Q2 2024.

The Y-o-Y increase was driven by higher imports of machinery and transport equipment by QR0.8bn (6.7 per cent).

Chemicals and related products n.e.s. increased by QR0.4bn (17.2 per cent).

Mineral fuels, lubricants, and related materials rose by QR0.32bn (58.2 per cent). Food and live animals grew by QR0.30bn (9.8 per cent).

However, declines were noted in miscellaneous manufactured articles, which fell by QR0.4bn (6.7 per cent), and manufactured goods classified chiefly by material, down by QR0.3bn (7.7 per cent).

Qatar’s regional trade partners

Asia remained Qatar’s primary trade partner, accounting for 75.9 per cent of exports and 39.7 per cent of imports in Q3 2024.

The GCC followed, representing 11.6 per cent of exports and 11.3 per cent of imports, while the European Union accounted for 7.7 per cent and 26.0 per cent, respectively.

While the trade surplus narrowed year-on-year, the growth in exports compared to the previous quarter highlights a resilient trade environment.

With Asia maintaining its dominant position as Qatar’s key trading partner, the diversification of exports into non-energy sectors signals strategic shifts in Qatar’s trade policies.

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