Saturday, 04 November 2006
DUBAI: The UAE's total imports of Swiss watches during 2005 amounted to AED1.04 billion ($283.39 million) making it the top importer of watches in the Mideast followed by Saudi Arabia with imports worth AED521 million ($142 million - up 7%). This was announced by luxury Swiss watch manufacturer Baume & Mercier at a press conference in Dubai. The UAE ranked number 11 worldwide followed by Saudi Arabia at number 15 as Swiss watches have shown a remarkable surge in sales during 2005, according to the Federation of Swiss Watch Industry FH.
Speaking to reporters in Dubai to mark the launch of a special limited edition watch range, Baume & Mercier CEO, Michel Nieto remarked, "Swiss watch exports for the year 2005 totalled AED36.03 billion ($9.82 billion) establishing a new record and surpassing by 10.9% the already high levels of 2004."The GCC region has been experiencing economic expansion at a fast pace offering significant business potential for the luxury watch segment.
Speaking on behalf of Ahmed Seddiqi & Sons, COO, Mohammed Seddiqi said, "The UAE caters not only to the local market but to a large number of business and leisure visitors as well explaining the country's strong position in the international watch industry."
© The Saudi Gazette 2006
