Non-aeronautical revenues grew 11.6% in 2015 versus 2014, and now comprise 52% of Dubai Airports’ revenue base.
Asset revenue, which is derived from property rentals and leases across both airports terminals, airfield and cargo areas, grew by 9% in 2015, largely due to strong relationships with our partners which have allowed Dubai Airports to develop medium- to long-term rent strategies. This approach also ensures that asset revenue will remain a key driver of non-aeronautical revenue in the future. Additionally, in 2015, Dubai Airports enhanced its facilities for almost 100 airlines with upgrades to Terminals 1 and 2 as well as the opening of Concourse D. The latter also involved the fit-outs for the foreign carrier airline lounges in Concourse D. At DWC, Dubai Airports facilitated the increased operation of the Emirates Sky Cargo facility. We also signed an agreement for a general aviation operator to build its own facility and finalised an agreement for a budget hotel to be built at the existing DWC passenger terminal building.
Pending the completion of Concourse D, Dubai Airports continued to work with existing concessionaires on developing the existing portfolio of retail, food, and advertising platforms. Strong performance yielding from customer-facing business platforms emphasised the growing demand from our global customer base for world-class solutions. Concession revenue grew by +16% for the year. Meanwhile, a global tender for retail, food, and advertising concessions resulted in the handover of integrated spaces to selected operators to develop 21 food concessions and 5 retail service concepts in Concourse D.