31 March 2015
2014 figures show rise of 8.9% for UAE over 2013 and 19% over 2012 in Swiss watch imports

Dubai - In 2014, the UAE continued to uphold its top ten ranking in the import of Swiss watches, showing a substantialgrowth of 8.9% over the previous twelve months. The Federation of the Swiss Watch Industry'scumulative 2014 reports revealsthat the UAE still dominates the region'stimepiece imports at a value of 1,017.6 million Swiss Francs (add dirham amount here).

The year showed exports to Asia accounting for over half the Swiss watch global export shares at 54%, with Middle Eastern markets including UAE, Saudi Arabia, Qatar and Kuwait in the Top 30 global ranks, comprising a substantial 9.5% of thetotal value. Following a steady increase of 5% in units compared to the previous year, 2014 figures show 2,973,016 exported units of wristwatches to the Middle East.This growth cements the Middle East as the second highest regional importerafter other European countries.

Mr. Mohammed Abdulmagied Seddiqi, Vice President of Sales and Retailof the region's leading timepiece retailer, Ahmed Seddiqi & Sons, said:  "The UAE continues to maintain its position as one of the world's top luxury retail destinations with a consistent demand for Swiss watchmaking expertise. We are proud to have been such an integral part of this growth, having been in the business of curating time since 1950. Both existing collectors and a new generation of watch enthusiasts are driving the continued growth of Swiss watches in the Emirates, and we expect this trend to continue in 2015."

In 2014, the Swiss watch industry maintained a figure of 22.2 billion francs in yearly global exports and sustained an annual growth rate of 1.9%.The ranks of global Swiss watch export distributions in 2014 were dominated by Hong Kong, USA, China, Japan, Italy, Germany, Singapore, France and the United Kingdom. Including UAE in this ranking, figures show a rise of 8.9% above 2013 with an increase of 13.5% of the year's units in December alone to maintain UAE's position as a global leader in luxury retail.

For additional information on Ahmed Seddiqi & Sons please visit: www.seddiqi.com

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Ahmed Seddiqi & Sons
Established in 1950, Ahmed Seddiqi & Sons is a family owned and run business synonymous with exquisitely designed watches. From its humble beginnings as a single store in Souk Bur Dubai, Ahmed Seddiqi & Sons has thrived to become the largest retailer of Swiss Brand watches in the Middle East, boasting a portfolio of over 54 prestigious brands across 57 locations in the UAE. The passion for luxury Swiss watches is deeply embedded in Ahmed Seddiqi & Sons family. The Board of Directors and Executive Committee is comprised of the second, third and fourth generation of the Seddiqi family.

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Omar Abdraboo
The Portsmouth Group
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© Press Release 2015