Swiss watch exports to UAE cross $69.80 million in Q1 2006

23 Oct '06

3 min read

Michel Nieto, Chief Executive Officer of luxury Swiss watchmaker Baume & Mercier, will be visiting Dubai next month (November) as part of his overall regional business assessment strategy that has taken him throughout the GCC and the Middle East region.

His visit comes against the backdrop of strong growth in Swiss watch exports to the UAE. According to the Federation of Swiss Watch Industry FH statistics, Swiss watch exports to the UAE touched AED 256 million (US$69.80 million) during the first quarter of 2006. For the whole of 2005, Swiss watch exports to the UAE amounted to AED 1.04 billion (US$283.39 million)

“The region has been experiencing economic expansion at a greater speed than ever before offering significant business potential for us. International business interest in the Middle East is on a sharply rising trend and over the past three years, figures for trade, shipping, industrial investment, construction and most other key indicators of the emirate's business activity have all shown highly positive growth and these factors augur well for the watch industry,” remarked Mr. Nieto.

“We have been monitoring the growth and development and the key word to explain Dubai's success in winning the interest of foreign investors is “opportunity”, as the emirate offers unrivalled attractions as a base for doing business in the prosperous and growing markets of one of the world's most rapidly developing regions,” he stressed.

“For the watch business too, Dubai caters not only to the local population but to its vast trading hinterland and premium luxury brands like Baume & Mercier can increase their share in the region especially the UAE, because of customized products,” said Mr. Nieto.

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