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Has Qatar Duty Free Become Qatar Airways’ Billion Dollar Baby?
29.01.2024 - 01:40 / forbes.com / Yannick Alléno
Though there is a long way to go, Qatar Duty Free (QDF) is catching up with regional rival Dubai Duty Free after a record-breaking calendar year in 2023. The Doha-based retailer said sales turnover “reached an all-time high” jumping by 32% on the prior year and 61% up on pre-pandemic 2019.
QDF, a 100% subsidiary of state-owned Qatar Airways, did not reveal sales for its financial year which it said ended December 31, 2023. However, in the published results of its parent—for the financial year ending March 31, 2023—sales of duty-free goods and beverages hit just over three trillion Qatari Riyals, or$824.5 million at today’s rates.
Given the 32% growth in the last calendar year, and assuming that the sales of duty-free goods and beverages mentioned above refer to QDF, itis likely that annual retail sales at Qatar’s Hamad International Airport in Doha have broken through the $1 billion barrier. The duty-free operator declined to either confirm or deny the estimated figure when asked.
The retail growth is not spectacular in itself; it is in line with the 31% rise in passenger numbers at Hamad International which served 46 million passengers in 2023. For comparison, at Dubai International Airport—where Dubai Duty Free also had record-breaking sales last year reaching $2.16 billion—passenger numbers were forecast to hit 86.8m passengers in 2023, though the official number has not yet been released.
Dubai Duty Free’s revenue last year was roughly double that of the QDF (based on the estimate of just over $1 billion), on double the amount of traffic which means the two retailers are tracking at similar levels in terms of sales per passenger. Competition will be stiffer this year with the opening of Abu Dhabi’s flashy new terminal.
What has been impressive at Hamad International is the way the airport has created new retail formats and expanded its presence. Most notable was the November 2022 ‘Orchard’ development which brought an array of luxury boutiques to the hub just in time for the FIFA World Cup, the first time a Middle East country hosted the prestigious tournament—and said to have cost $220 billion.
Commenting on a benchmark year for Qatar Duty Free, which now boasts over 200 retail and dining outlets, senior vice president Thabet Musleh said: “The fact that we have managed to outperform 2022 when we hosted the FIFA World Cup, speaks volumes. Looking ahead, we’re laser-focused on our vision to offer something for everyone.”
Among the retail highlights have been the opening of the world’s first Louis Vuitton Lounge in collaboration with three Michelin-starred chef Yannick Alléno; a Dolce & Gabbana boutique catering to next-generation Millennial and Gen Z shoppers; and the December 2023 unveiling of the
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