Dubai’s duty free shops remain the busiest duty free outlets in the world, according to figures released this week by the Dubai Duty Free and Generation Research.

Consumers spent a staggering $1.14 billion at Dubai’s duty free outlets in 200, over 5 percent of money spent at airports around the world.

Dubai’s sales put it ahead of London Heathrow and Seoul Incheon, the world’s second and third largest duty free markets respectively, which both suffered a fall in demand between 2008 and 2009.

Thailand’s King Bhumibol remains the world’s richest royal for the third year in a row, despite his country’s riots and turmoil.

Royal assets are held under Thailand’s Crown Property Bureau, which benefited from stock market and real estate gains in 2009. As a result, his fortune remains stable at $30 billion, at least for now.

The rioting that broke out in March, led by protesters demanding new elections, may irreparably damage the country’s tourism and investment markets.

Collectively the group’s fortune is down 9 per cent, or $10 billion, to $99 billion. (That is $32 billion below their 2008 sum).

Luxury Italian hotel brand Elisabetta Gucci is to focus on building its top-end boutique hotels in developing countries.

Elisabetta Gucci Hotels & Resorts will aim to build 40 hotels over the next 15 years in countries such as Russia, China and Brazil.

Elisabetta Gucci is the daughter of Paolo Gucci and the fourth generation of the Gucci dynasty that has spawned a global fashion empire.

An investor in the World project (Dubai) has listed an island on sale defying the “no flipping” diktat by UAE Defense Minister, Nakheel.

The 20,000 sqm island is up for sale for Dh42 million ($11million), according to Streamline Real Estate Brokers, the agency brokering the deal.

When contacted about the ‘re-sale’, a Nakheel spokesperson said: “Flipping is not allowed for islands on The World.”

Dubai hotel group Jumeirah is to launch a “contemporary lifestyle” brand globally later this year, the company announced April 28.

The new brand, to be named VENU Hotels, will be launched later in 2010, with Jumeirah saying that it is in “advanced stages of negotiations” with developers about properties in the Middle East, Northern Africa, Europe and Asia-Pacific.

VENU hotels will be five-star hotels with strong local roots, says Jumeirah, designed for “for those who seek a sophisticated immersion in the destination.”

With suites costing up to 11,000 dollars for one night, Italian designer Giorgio Armani on Tuesday opened his first signature hotel in the world’s tallest tower in the Gulf emirate of Dubai.

“Yesterday I saw this hotel come to life and I felt very emotional. It was marvellous to see this come to life,” Armani, wearing a black T-shirt and beige trousers, told reporters at a news conference in the hotel in the Burj Khalifa.

He said his reaction when he was asked to design the hotel was one of surprise.

“Are you really sure you want me?” he said he asked Mohammed Alabbar, the chairman of Dubai’s giant property developer, Emaar.