Market Report

Saudi Arabia posts economic growth up 2.7% in Q2

The Saudi Arabia's annual economic growth rose to 2.7 percent in the second quarter after a weaker six months as non-oil expansion remained robust while a decline in the oil sector eased, government data showed. The world's top oil exporter had seen its gross domestic product growth rates decelerate sharply in the previous two quarters to as low as 2.1 percent in January-March, the weakest level since at least 2010, as crude sector output dropped. However, the OPEC member's real GDP rose 5.5 percent in April-June 2012 and 5.2 percent in the whole of last year. Growth in the biggest Arab economy is closely linked to energy prices and crude oil output, as well as to government spending which has been rising sharply over the past decade. Output of the oil sector, accounts for nearly half of the $711 billion economy. Saudi oil exports averaged 9.3 million barrels per day (bpd) in the first half of 2013.

Market News

Gulf States among top 20 most competitive economies in the world

The economies of three GCC countries have been listed in the top 20 most competitive in the world by the World Economic Forum. Qatar topped the region in 13 place, up two places. The UAE also improved, up five positions to 19, while Saudi Arabia declined to 20 place. The top three countries in the annual index remained the same as last year – Switzerland, Singapore and Finland. The US ranked fifth, with the UK coming in tenth. The UAE’s improvement was fuelled by higher oil prices, which helped boost the budget surplus, reduce public debt and raise the savings rate, the report says. Overall in the Middle East, political turbulence has impacted the competitiveness of countries affected by unrest, and some neighbours, WEF said.

Oman population increased by 6.5%

Oman’s population rose 6.4 percent in 2012 as it inched towards the 4m mark, new figures show. National Centre for Statistics and Information (NCSI) data collated for the first half of the year showed the official population registered with the General Administration of Civil Affairs stood at 3.855m, including Omani nationals and foreigners, the Times of Oman reported. The statistics showed a population increase of 227,708 people compared to last year. However, the NCSI report noted 0.5 per cent decrease in the sultanate's population between May and June as a result of foreigners leaving the country. Overall, the population spread included 2.172m Omani nationals and 1.683m foreign nationals. The centre attributed the growth to an increase in the birth rate as well as a decline in deaths, mainly due to improved health services in the sultanate, the Times reported.

Abu Dhabi hotel revenues increased by 16 percent in January-July

According to Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), hotel revenues increased by 16 percent to nearly Dh3 billion for Abu Dhabi hotels in the January to July period this year over the same period in 2012. The tourism authority said in a statement that the revenue boost came on the back of guest arrivals in Abu Dhabi hotels increasing by 10 percent in the first seven months of the year compared to the same period last year. Guest arrivals in the capital’s hotels topped 1.5 million in the seven-month period, according to TCA Abu Dhabi estimates.

Company News

Naomi Watts dazzles in Chopard for the World Premiere

Chopard has served as official jeweller to the much-anticipated film Diana, starring Naomi Watts. On the evening of the 5^th September, Chopard was also the partner of the World Premiere of Diana at London’s Leicester square. Naomi Watts walked the red carpet glistening with a unique pair of feather-shaped earrings from the Haute Joaillerie collection and a diamond bracelet. After the Premiere, 175 guests had the opportunity to attend an exclusive after party in partnership with Chopard, held at N.5 Cavendish Square. During the party guests were given a special chance to view the jewellery creations and watches by Chopard worn by that Naomi Watts in the film.

Cartier opens its second boutique in Abu Dhabi at The Galleria Al Maryah Island

Cartier welcomes a new addition to its global stores line up, choosing Abu Dhabi’s latest luxury destination “The Galleria” at Sowwah Square, Al Maryah Island. The store marks Cartier’s second boutique in Abu Dhabi and sixth in the United Arab Emirates. Cartier, known for its distinctive and unique style opened its door to the public on August 27, 2013 at The Galleria. Maison Cartier’s 611 square-meters will offer one level of ultimate magic and elegance with exceptional jewellery creations, cutting-edge timepieces, bespoke fragrances, fine objects and styled accessories.

Jaeger-LeCoultre celebrates its 180th anniversary in Venice

Manufacture Jaeger-LeCoultre celebrated its 180th anniversary at The Teatro La Fenice with over 250 international guests. The opera theatre, boasting excellent acoustics, acquired its reputation in the 19th century when it staged the world premieres of numerous masterpieces by Rossini, Bellini and Verdi. At around the same period Antoine LeCoultre, the legendary genius born in the Swiss Vallée de Joux, orchestrated the creation of the Grande Maison, gathering under one roof all the watchmaking artisans to create pocket watches of unprecedented quality. The 19th century creations inspired Jaeger-LeCoultre artisans to create the Jubilee collection of three mechanical masterpieces that represent the epitome of the Grande Maison’s inventions today.

Montblanc unveils New-look Facade for Flagship Boutique in Dubai

This month, Montblanc’s flagship boutique in the Dubai unveiled a new-look façade that perfectly portrays the contemporary yet timeless elegance, craftsmanship and heritage of one of the most recognised luxury brands in the world.  As the first Montblanc flagship boutique in the world to feature the distinctive and modern Montblanc design, the Dubai Mall boutique is the showcase for the global retail branding initiative and highlights the truly international appeal of Montblanc. The clean, crisp lines, 3-D monochromatic detailing and LED illumination of the façade bring a new dynamism and sense of luxury to the exterior of the boutique.

Louis Vuitton opens its new store in Abu Dhabi

Louis Vuitton continues its journey in the Middle East with the opening of its second store in Abu Dhabi, one of the most important cultural destinations in the country. Located in The Galleria Mall at Sowwah Square, the new Louis Vuitton store is a refined space, offering a sophisticated experience for visitors. All the interiors’ materials work together to create a distinctive aura of exclusivity and elegance. Spreading across two floors, it is elegantly divided into several areas, each presenting product ranges for both men and women.

HSH Prince Albert II of Monaco receives a CORUM Timepiece

HSH Prince Albert II of Monaco recently travelled to Brazil and visited the Angra dos Reis base of the Iate Clube de Santos, a partner of the Monaco Yacht Club chaired by the Prince. During the visit, the Commodore Bernardinio Fanganiello offered to HSH Prince Albert II a CORUM Admiral's Cup Tides 48 Limited Edition "Iate Clube de Santos."  Developed in partnership with Grifith, Corum’s partner in Brazil, this special edition was launched in 65 pieces to celebrate the 65 years of the Iate Club Santos. More than a watch, this piece is a true navigation tool providing information on tidal forces, evaluating the water level and the strength of the currents. The CORUM Tides - movement CO277 - is an exclusivity of the brand, armed with this exceptional timepiece, the Prince is equipped to brave the oceans.

Alex Hepburn wears JEANRICHARD timepiece in her upcoming video

JEANRICHARD featured in Alex Hepburn’s upcoming video Miss Misery to be released this September as part of her much-acclaimed debut album Together Alone, following the raving success of her first video Under, with over 12 million views. Titled Miss Misery, the video tells a story of a psychological conflict between two versions of the main character, torn between very disparate scenarios. In the end, the protagonist seems to have found her way, driving away into the horizon. The strength of the character in the video, but also of Alex Hepburn as a singer, is very much aligned with JEANRICHARD’s axiom of living life to the fullest and allowing new discoveries.

England National Football Team Manager Roy Hodgson visits Hublot

On 29^th of August, Hublot had the distinct privilege to welcome Roy Hodgson, the Manager of the England National Football Team, in Nyon, Switzerland. Ricardo Guadalupe, CEO of Hublot, visited the workshops with the esteemed leader. Hodgson's inquisitive spirit was instantly felt throughout the manufacture as he asked a number of questions about the production, technology and creative design.

TAG Heuer official partners with Oracle Team USA &Tilt Team

TAG Heuer’s engagement to world-class yachting is in full sail this summer with official onboard involvement in two of the sport’s top events: and the 34th America’s Cup Finals September 7-21 with defending champion ORACLE TEAM USA. The first annual Red Bull Youth America’s Cup September 1-4 with the Swiss national TILT TEAM. The main event is the America’s Cup, the world’s oldest active sporting trophy. This year’s Finals are being held in the San Francisco Bay, the home waters of TAG Heuer partner ORACLE TEAM USA, on board 72-foot (21.9 m) wing-sail catamarans. The first-ever Red Bull Youth America’s Cup matches 10 national teams of six sailors, aged 19 to 24, on wing-sailed AC45 catamarans--the same platform used throughout 2011 and 2012 in the America’s Cup World Series events. With TAG Heuer’s support, the young sailors of TEAM TILT hope to bring the inaugural Red Bull Youth America’s Cup home to Switzerland.

Product Launch

New Dressage Chronograph by Hermès

2003 saw the birth of the Dressage collection. Since 2012, all the timepieces in this collection beat to the rhythm of exclusive Manufacture movements and testify to Hermès’ enduring passion for fine mechanisms. The latest creation in this resolutely elegant line, the Dressage chronograph comes in two versions: one with an opaline silvered dial and a matt havana alligator strap; and the other with a black dial and a matt black alligator strap. Beneath its simple appearance, the dial reveals a number of subtly orchestrated details. It plays with volumes through vertical lines stamped across its centre, along with raised applied hour-markers that catch and hold the light. Finally, an inner bezel ring accentuates the overall depth effect.

Samsung’s unveils its new phone watch

Samsung has unveiled a highly anticipated digital wristwatch last Wednesday at least weeks ahead of a similar product expected from rival Apple. The so-called smartwatch is what some technology analysts believe could become this year's must-have holiday gift. Samsung unveiled the Galaxy Gear on Wednesday in Berlin ahead of the annual IFA consumer electronics show. Samsung says the Gear can act as an extension to a smartphone by discreetly alerting users to incoming messages and calls on its display screen, which measures 1.63 inches diagonally. Users can even make calls, secret agent-style without getting out their phone. The Gear also sports a basic camera and works with popular social media and fitness apps such as Twitter and RunKeeper.

Longines launches Avigation Oversize Crown

Based on a Longines model produced in the 1920s, The Longines Avigation Oversize Crown includes more than one feature that will fascinate fans of aviation watches as well as those keen on timepieces that boast the beauty of a pedigree. The ideal accessory for a pilot, with its 41 mm diameter, its black dial featuring white numerals and gold-plated, luminous, pear-shaped hands it is extremely easy to read in the semi-darkness of the cockpit. While The Longines Avigation Oversize Crown has retained the basic design of the original model, it is fitted with a mechanical, self-winding movement and available in three stainless steel versions. The basic version shows the hours, minutes and seconds, while an alternative model has a second time-zone and the third is a single push-piece chronograph fitted with Longines’ exclusive column-wheel chronograph movement (L788).

SAINT HONORE offers the new Lutecia Lady

SAINT HONORE has launched the new Lutecia Lady. Women who truly appreciate style will love the sophisticated dial and its cleverly arranged design: on the dial periphery, white mother-of-pearl shows the indexes and, in the upper portion, encloses an off-centre circle rendered more dazzling by the “Eclair Effect^TM”, an exclusive SAINT HONORE innovation that replicates the sparkle of “pave of diamonds”. Another major innovation found on this timepiece is the celebrated rotating SAINT HONORE monogram: the small seconds hand at 6 o'clock is replaced by a stylised flower that illumines the dial with every turn. And to add more scintillating shine, the 35 mm case is also adorned with an “Eclair Effect^TM” bezel and a black onyx cabochon on the crown that further enhances the exclusive character of this new design that is quintessentially SAINT HONORE.

Versace introduces the Mystic Foulard timepiece

Precious like the silk scarves from which it draws inspiration, Mystique Foulard interprets one of the most iconic themes in Versace: the Baroque. The fine dial is personalised with the famous fantasy patterns from the Versace’s DNA - a triumph of acanthus leaves, arabesque motifs and opulent corollae: the gold filigree decorations are silhouetted against a polychromatic enamel background featuring exuberant juxtapositions of blue & black, fuchsia & black and black & blue. The diamond indexes give the composition extra touches of light.  The IP rose gold case, with its characteristic central lugs, is fastened to the wrist by a patent leather strap in bright colours matching the dial. In addition there are two versions with the IP rose gold bracelet: one with a diamond-studded bezel and the other with a full pavé on the first bracelet links too. 

Courting Couture with Christian Lacroix

The Parisian fashion house of Christian Lacroix speaks pure poetry in its debut narration of stunning time-telling. A fable, a folk or simply a myth, each time piece is laced upon with Renaissance-inspired detailing and draped in anenigma of beauty. The meticulously crafted watches are both engaging and unapologetically dramatic. Salvaging couture effortlessly this season, the enthralling spells of artare available at select luxury outlets across the Middle East.

GRIEB & BENZINGER offers a new bespoke watch: Area 51

Earlier this year, a very unusual request arrived at the GRIEB & BENZINGER workshop from a customer. As his son is a huge fan of aliens and space, his personal wish was to receive an alien-themed watch along the lines of the Area 51 legend realized for him by use of GRIEB & BENZINGER’s famous horological techniques. Three-dimensional aliens with metalized surfaces and ruby-set eyes against a backdrop of a grey moon-surface dial with craters set with diamonds open a new era of GRIEB & BENZINGER BOUTIQUE customer design. Housed in a solid 18K palladium white gold case and secured using an extra-short strap with red stitching, this Area 51 watch will ensure its future owner, a 12-year-old boy lucky to have a loving father to fulfill his horological dream, has a smile on his face.

Italo Fontana unveils THE ELEMENTIUM watch

Italo Fontana has unveiled the new THE ELEMENTIUM, part of the flightdeck collection. The Flight deck is a watch coming from the past, it reminds of the altimeter devices that were used in the ‘20s aircrafts. Italo was visiting an air craft carrier and he noticed the similarities of the Flight deck control panels on the ship with those of the fighter jets, taking off and landing. These precision tools gave him the idea to sketch out the first drafts of a model, The Flight deck.  This time the case has been partially drilled in order to create small fissures into the sterling silver 925 material. Further more all the small cracks have been patiently filled by Italian craftsmen with 204 brown and black diamonds (Blacks 0,46 CT ,Brown 0,83 CT). This flamboyant and precious case turns this classic watch into a brand new jewelry masterpiece with full U-BOAT identity.

Exhibitions & Events

Sotheby’s Hong Kong Important Watches to take place in October

Sotheby's Hong Kong Important Watches Autumn Sale 2013 will take place on 8^th of October at the Hong Kong Convention and Exhibition Centre. In celebration of Sotheby’s 40th anniversary in Asia, the sale will bring together the finest and rarest of modern timepieces from established manufacturers such as Patek Philippe, as well as creations of independent watchmakers including Richard Mille’s “Rafael Nadal” tourbillon made for the tennis player, many of them never seen before at auction. The sale will also highlight Magnificent Clocks From An Important Private Collection – Part II, highly anticipated following the huge success in April 2013 that saw 22 clocks achieve HK$124 million / US$15.9 million. Offering approximately 500 lots, the sale is estimated to achieve approximately HK$112 million / US$14 million* – the highest pre-sale estimate of the category at Sotheby’s Hong Kong.

Christie's Watch auctions in Dubai starting from $ 1,000 - 80,000

This coming October, Christie’s Dubai will be re-launching their successful Watch sale, the only auction in this category to be held in the region, as part of their regular sale season. Breguet, Patek Philippe, Audemars Piguet, Bulgari, Chopard, Cartier, IWC, Rolex, Tag Heuer are among the brands represented by the 48 pieces to be offered with estimates from $1,000 to $80,000. With a combined value of around $1 million, the sale will be held immediately after the Part I sale on the evening of 29 October.

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