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Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s; Bahrain’s Q1 GDP up 3.3% fueled by non-oil sector growth; Dubai International Airport sees record year for passengers after 8% rise in H1
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Market News
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Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s
Abu Dhabi-based investment and holding company, ADQ has entered into a definitive agreement to acquire a minority stake in Sotheby’s, the global leader in fine art and luxury auctions, the companies announced. The deal, valued at approximately $1bn, marks a significant partnership aimed at supporting Sotheby’s growth and innovation plans. Under the terms of the agreement, ADQ will acquire newly issued shares of Sotheby’s, which will be used to reduce leverage and fuel the company’s ambitious expansion efforts. ADQ’s investment aligns with its broader strategy of pursuing value-accretive opportunities that contribute to the economic diversification of Abu Dhabi. |
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Bahrain’s Q1 GDP up 3.3% fueled by non-oil sector growth
Bahrain’s real gross domestic product (GDP) grew by 3.3 per cent year-on-year (YoY), according to a quarterly economic performance report by the Ministry of Finance, driven by robust growth in the key sectors of the non-oil economy. The latest data from the ministry shows that non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP. The Gulf state’s oil GDP grew 3.4 per cent, the report indicated, with accommodation and food services, and financial services and insurance among the top performing sectors. |
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Dubai International Airport sees record year for passengers after 8% rise in H1
Dubai International Airport (DXB), the world’s busiest airport for international traffic, welcomed 44.9 million passengers in the first half of the year, the airports operator said, noting strong demand from key markets such as India and the resurgence of China. Traffic from China, which was hard hit by restrictions during the Covid-19 pandemic, exceeded one million passengers, up 80 per cent year-on-year and representing 90 per cent of 2019 levels. |
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Global gold demand rises 4% in Q2
The World Gold Council’s Q2 2024 Gold Demand Trends report revealed a 4 per cent increase in global gold demand year-on-year (YoY) to 1,258 tonnes, marking the strongest second quarter in their data series. The surge in demand was primarily supported by a significant 53 per cent increase in over-the-counter (OTC) transactions, which reached 329 tonnes. The report highlighted that increased OTC demand, continuous central bank purchases, and a slowdown in ETF outflows contributed to record-high gold prices in Q2. Gold’s price averaged at $2,338 per ounce, 18 per cent higher YoY, peaking at a record $2,427 per ounce during the quarter. |
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Richemont reports resilient sales for Q1 2024 - while sales in the Middle East & Africa rose by 8%
At constant exchange rates, sales in the quarter ended 30 June 2024 rose by 1% to € 5.3bn, after growing by 19% in the prior-year period, demonstrating the Group’s resilience in a continuing uncertain macroeconomic and geopolitical environment. All regions delivered growth except for Asia Pacific where sales contracted by 18%, as higher sales in South Korea and Malaysia only partially mitigated a 27% decline in China, Hong Kong and Macau combined. In Europe, sales increased by 5%, driven by resilient local demand and stronger tourist purchases. In the Americas, the 10% sales progression reflected sustained domestic demand across all distribution channels. The strongest regional sales growth was once again generated in Japan, at +59%, on top of strong comparatives (+14% in the prior-year period). Sales in the Middle East & Africa rose by 8%, benefitting from growing domestic and tourist spending in the UAE and Saudi Arabia. |
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Swarovski's Lab Grown Diamond launch in the UAE
Building on the success of its Swarovski Created Diamonds collections in the USA, China, and Japan, the Austrian Maison ventures further into the fine jewelry market with the announcement of their launch in the UAE. Crafted with Swarovski’s exquisitely cut laboratory grown diamonds, which are identical to mined diamonds in every way but origin, Swarovski Created Diamonds fine jewelry collections showcase the brand’s mastery of light and savoir-faire.
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Company News
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The FHH partners with the Hour Marker
As the FHH Academy celebrates its 10th anniversary this year, it also strengthens its ties in the Indian market by partnering with The Hour Markers to reach inquisitive watch enthusiasts and professionals alike across the burgeoning region. Since its founding, the FHH Academy has empowered over 35,000 alumni with the only international training programme of its kind, and officially certified over 12,000 of them, via the tireless efforts of its local trainers and distributors across 22 countries. This aspect of the FHH Academy’s organisation around external entities may be lesser known but it is nevertheless crucial to its success on such a wide scale. |
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Eberhard & Co. as Main Sponsor and Official Timekeeper of "La Leggenda di Bassano - Trofeo Giannino Marzotto"
Eberhard & Co. has renewed its participation as Main Sponsor and Official Timekeeper of "La Leggenda di Bassano - Trofeo Giannino Marzotto", a regularity race part of the ASI (Italian Historical Automotoclub) circuit dedicated to vintage barchette organised by the Circolo Veneto Automoto d'Epoca (Veneto Vintage Motors Club). For the occasion, the historic cars were accompanied by an exceptional forerunner: the marvellous Dallara Stradale driven by the two-time World Rally Champion Miki Biasion, Brand Ambassador of Eberhard & Co. One hundred vintage cars of great historical and collector value from 12 countries travelled more than 400 kilometres through the enchanting landscapes framed by the Dolomitic Alps between Veneto and Trentino, touching beautiful locations in both regions, all the way to San Martino di Castrozza. |
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Product Launch
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Introducing the Grand Seiko Manual-winding Hi-Beat 36000
This year, Grand Seiko introduced a new hand-wound high-beat watch for the first time in over 50 years. The sound, feel, and appearance of the new manual-winding Caliber 9SA4 were no less important than its high accuracy and long power reserve of 80 hours. The new movement is housed in an elegant dress watch measuring less than 10mm thick. The eye-catching white birch-inspired dial pattern adds a touch of sophistication to this fantastic representation of Japanese craftsmanship. |
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Introducing the Delphis Sub Zero by Chronoswiss
Chronoswiss has launched its latest horological marvel, the Delphis Sub Zero. This all-blue wonder is a testament to the eternal beauty of ice and glaciers, merging innovative design with meticulous craftsmanship – with a cool twist. The Delphis Sub Zero is an extraordinary timepiece encased in a 42mm CVD-coated blue stainless-steel case, perfectly complemented by a matching blue rubber strap. This icy blue ensemble creates a striking visual that is both bold and sophisticated, like an explorer of the frozen wilderness, capturing the essence of eternal ice. The Delphis Sub Zero is powered by the new manufacture movement C.6004, reflecting Chronoswiss’s commitment to innovation and precision. |
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Delma presents the Heritage Chronograph 100 Years Limited Edition
Following the success of the sold-out stainless steel Bicompax Heritage Chronograph, DELMA introduces a new stainless steel Heritage Chronograph in celebration of their 100th anniversary. The new tricompax Heritage Chronograph 100 Years LE is a sporty adaption of its early predecessors based on the ETA 7750 movement. Original features such as the Tachymeter, Telemeter and Arabic numerals are enlarged and invigorated with red accents to enhance style and distinctiveness. The vintage inspired cathedral shaped hands and applied Arabic numerals are appointed with SuperLuminova C3 for legibility in all conditions. The date is accompanied by a day tracker for ultimate convenience and punctuality. |
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Presenting the new Broadsword Recon Bronze Limited Edition by Bremont
Limited to just 100 pieces, the Broadsword Recon Bronze is an evolution of the original Broadsword Recon limited edition that was issued and sold out in 2023. This new iteration features a stunning bronze case construction, which will develop its own unique patina over time. Each case is manufactured from CuSn8™ bronze, a ‘living’ metal that develops a completely unique patina over time, no two watches will ever look the same. The timepiece features a sandwich dial construction with vintage Super-LumiNova®, designed for maximum visibility. |
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Perrelet launches Turbine Splash
For its first appearance at Windup WatchFair in Chicago, USA (12to 14 July 2024), Perrelet will present an entirely new creation: the Turbine Splash. A limited edition watch with an artistic vocation, which is yet another demonstration of the boundless imagination of Perrelet's designers, capable of creating ever new models for the historic Manufacture's most emblematic collection. The Turbine Splash takes its name from the splashes of colour that characterise its lower dial. The Turbine Splash features a sub-dial dominated by the Turbine, whose rotation partly reveals and partly obscures the Pollock-like splashes of colour. As always, the famous device is made up of 12 blades that rotate around a central axis. |
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Celebrity News
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Lewis Hamilton wears Yoko London
British Grand Prix champion, Lewis Hamilton wore Yoko London Akoya and South Sea strands at Silverstone. |
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Rihanna wears Emirati Fine Jewellery Brand Ailes
International pop star Rihanna was wearing Emirati fine jewellery brand Ailes this weekend as a part of her sporty-chic look to the AC Milan versus Man City Game at the Yankee Stadium in New York. Layering statement diamond pieces from Ailes' newly launched Chaines collection and the brand's signature and much-loved Waves collection, Rihanna stacked together three necklaces (including one incredible 5ct pear solitaire), multiple Wave bangles and the newly launched Chaines rings. |
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