Swiss watch exports to UAE top $35m
Dubai, December 2, 2007
Swiss watch exports to the UAE crossed Dh131 million ($35.9 millon) by September 2007 up by 61 per cent over the same period last year.
This was announced by the leading luxury Swiss watch manufacturer IWC while outlining the company’s expansion plans during the opening of a new boutique in Abu Dhabi.
The new showroom will complement the IWC’s existing outlets in Dubai, Istanbul and several other point of sales across the Middle East and reflects the surging demand for luxury mechanical watches within the region; a demand fuelled by high disposable incomes throughout the region and a stable and buoyant economy.
“Abu Dhabi is an obvious choice for opening our boutique as it is the richest of the oil-laden UAE, has a large expatriate population and is aiming to transform itself into a global tourist destination. Abu Dhabi is diversifying its economy and dynamically expanding and people from far-flung corners of the world are settling to live and work, enjoying first-class shopping, elegant hotels and a unique culture in Abu Dhabi,” said IWC regional brand manager Gianfranco D’Attis.
D’Attis noted that Abu Dhabi benefits from a cosmopolitan outlook in a politically stable country with a liberal economy.
Forbes magazine, in March 2007, named Abu Dhabi as the world's richest city. Responsible for more than 90 per cent of the UAE’s oil production, Abu Dhabi possesses the fourth largest oil reserves in the world.
According to media reports, Abu Dhabi has an investment fund exceeding $800 billion with more than $140 billion in government and privately-funded development projects currently underway in Abu Dhabi.
IWC’s latest collection, the Da Vinci range, is one among many collections that will be available through Abu Dhabi’s newest boutique. The new boutique is located in the Marina Mall, a landmark in shopping and entertainment set on the sparkling waters of the Abu Dhabi Breakwater.
Rivoli who are famous for their diverse portfolio of international luxury brands and prominently located outlets in the Middle East are partnering with IWC for the Abu Dhabi boutique. - TradeArabia News Service