Spectacular sales growth for luxury watches in the U.A.E.
The value of Swiss watches imported into the UAE has risen 36 percent in the last three years, putting the U.A.E, in the top ten of countries for the luxury accessories, official figures showed.
Cumulative 2013 figures released by the Federation of the Swiss Watch Industry have ranked the UAE as the primary Middle Eastern country for the importation of Swiss timepieces.
The total value of Swiss watches into the UAE last year was 934.1 million Swiss Francs ($1.05bn), up a staggering 36 percent since 2011 and up 9 percent since 2012, reflecting the strengthening position of the UAE’s luxury retail market in 2013.
In 2013, Asia (including the Middle East category) accounted for 52 percent of global imports. Out of this, the Middle Eastern markets absorbed 9 percent of all imports, spread primarily across the UAE and followed by Saudi Arabia, Qatar and Kuwait.
n 2013, Dubai hosted the first ever Middle Eastern edition of the Grand Prix d’Horlogerie de Genève (GPHG) exhibition. Industry events such as the GPHG have positioned the UAE as an important international market as it continues to gain prominence and stature across the horological industry.