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FINANCIAL NEWS
UAE’s Jan-Nov luxury watch market grows 20% to USD658m
08 Jan 2012
(MENAFN) The Federation of the Swiss Watch Industry said that in the January-November period of last year, the UAE’s luxury watch market grew 20 percent in terms of value from 2010’s USD550 million to USD658 million, reported Arabian Business.
The federation added that the country represented the world’s ninth biggest market for watches, and was the Middle East’s main market for luxury watches during last year.
On the other hand, it said that Saudi was ranked second in the region with a market worth USD273 million, representing a growth of 12 percent from a year earlier, followed by Qatar with imports of USD100 million and Kuwait with imports of USD71 million.
It is worth noting that Hong Kong ranked as the largest market for Swiss watches globally in 2011, with an increase of around 30 percent from 2010, and a market value of USD3.9 billion.
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