Market News

Across the Middle East, the consumer confidence level remains very optimistic

Across the Middle East, the consumer confidence level remains very optimistic with positive scores for all five indicators, despite slight declines when compared to the previous edition of the index released six months ago.

Consumers are most optimistic about regular income (81.2 vs. 85.1), employment (79.9 vs. 80.8), economy (79.3 vs. 80.0), quality of life (76.7 vs. 79.9) and stock market (75.2 vs. 79.9). The Middle East’s aggregate score of 78.5 remains higher than that of Asia/Pacific (63.3) and Africa (78.1), as was the case in the previous survey. 

In the Middle East, Kuwait (96.8) overtakes Qatar (96.4) as the market with the highest level of consumer confidence, followed by the UAE (94.7), Saudi Arabia (93.3), Oman (87.1), Egypt (54.1) and Lebanon (26.9). 

Consumer sentiment in the UAE is at its highest ever with a score of 94.7, according to the latest MasterCard Index of Consumer Confidence.

This coincides with the local equity markets hitting a five-year high amidst an all-around real estate recovery coupled with jobs growth.

Additionally, with the 100-day countdown already underway for the results of Dubai’s Expo 2020 bid, business and consumer sentiment is being buoyed by rising trade and tourism numbers.

Consumers in the UAE are ‘extremely optimistic’ about all five indicators measured in the MasterCard index, a media statement issued by the company on Tuesday said.

 
When compared to the previous edition of the survey released six months ago, consumers are more optimistic about the economy (96.8 vs. 94.6), employment (96.1 vs. 95.2), regular income (93.1 vs. 84.7) and the stock market (92.8 vs. 86.9). Consumers also remain very optimistic about quality of life (94.5 vs. 95.6), despite a slight decrease in its score when compared to the previous edition of the index, it added.  

The latest findings indicate that female respondents are more optimistic than male respondents about the coming months (95.4 vs. 93.9), and that consumers over the age of 30 years (95.4) are more optimistic than younger respondents (92.2).

 
“Over the past few years, the UAE has firmly positioned itself as an attractive global destination where business, leisure and cosmopolitan living merge. Confidence among UAE consumers has largely been upwards and today we are delighted to announce that it has reached its all-time high,” said Eyad Al Kourdi, UAE country manager, MasterCard.

The MasterCard Index of Consumer Confidence is based on a survey conducted between April 2013 and May 2013 on 12,205 respondents aged 18 – 64 in 27 countries within Asia/Pacific, Middle East and Africa. This is the 41st survey of consumer confidence conducted since 1993.

Dubai airport passenger traffic rises 6.1% to more than 5.31m in July

Passenger traffic at Dubai International, the world’s second busiest airport for international passengers, rose 6.1 per cent in July, according to a traffic report issued by operator Dubai Airports recently.

Passenger traffic in July reached 5,310,361, an increase of 6.1 per cent compared to 5,006,155 during the corresponding month in 2012. Year to date traffic is up 15.3 per cent to 37,972,464 compared to 32,937,794 during the first seven months of 2012.

Aircraft movements totalled 28,462 during July, an increase of 2.3 per cent from the 27,829 recorded during the same period last year. Passengers per aircraft movement in July came in at 201.

Among the strongest markets in terms of percentage* passenger growth were Eastern Europe (+58.7 per cent), driven by flydubai expansion to multiple destinations in the region and Emirates’  new service to Warsaw. Passenger traffic to and from Australasia rose 49.4 per cent driven by Emirates expansion and Qantas’ new operation connecting Australia and London through Dubai.

On a country level, Australia (+53.6 per cent), the UK (+22.1 per cent), Sri Lanka (+20.6 per cent) and France (+17.5 per cent) recorded the largest increases.

In terms of overall passenger numbers, Western Europe traffic took over as the top market thanks to robust growth (+13.4 per cent) during the month.
The Indian subcontinent, which fell to second spot, continued to show positive growth (+6.1 per cent) due to the expansion of several Indian carriers including Indigo, Spice Jet and Air India Express. North American traffic growth slowed recently, in comparison with the strong growth trends witnessed last year.

“Dubai International continues to build its reputation as a leading global hub that is characterised by relentless traffic growth, rapid expansion and an unflagging commitment to service,” said Dubai Airports CEO Paul Griffiths.

Movado Q2 sales climb by 17%

Movado Group announced last tuesday that sales for the second quarter ended July 31 totaled $138.3 million, a 17 percent year-over-year increase from $118 million in the prior-year period.

Gross profit was $74.8 million, or 54 percent of sales, compared with $65.8 million, or 56 percent of sales, in the second quarter of last year. A shift in channel and product mix caused the drop in gross margin percentage, Movado said.

Operating income increased to $17 million, or 12 percent of net sales, from $10.7 million, or 9 percent of sales, in the prior-year period. Net income rose from $8.2 million to $12.7 million.

Movado Chairman and CEO Efraim Grinberg said the company continued its positive momentum from the first quarter. “Our topline strength was fueled by strong innovation across our Movado and licensed brands and included the continued successful introduction of our Scuderia Ferrari watch brand and our newly repositioned Coach watch brand into the fashion watch category,” he said.

Year-to-date, net sales increased 12 percent to $248.3 million compared with $221.7 million in the first six months of the prior fiscal year.

Gross profit fell from 56 percent of sales to 54 percent of sales due to changes in channel and product mix.

Operating income increased from 9 percent to 11 percent of net sales. Net income rose from $14.7 million to $20.7 million.

The company increased its guidance for the year, now expecting net sales to increase 13 percent, up from an earlier estimate of 12 percent.

Movado Group designs, sources and distributes Movado, Ebel, Concord, ESQ Movado, Coach, Tommy Hilfiger, Hugo Boss, Juicy Couture, Lacoste and Scuderia Ferrari watches worldwide and operates Movado stores in the United States.

Unified GCC tourist visa could be reality soon

The Gulf Cooperation Council (GCC) is headed towards a unified tourist visa as early as 2014, according to a senior official with the committee.

“The GCC is currently striving to set up a computer system to exchange data in order to facilitate the issuance of a unified tourist visa for the entire region,”  Abdullah Al-Shobaily, assistant secretary-general for economic matters at the GCC, told Saudi newspaper, Al-Hayat daily.

According to Al-Shobaily, no timeframe has been set for the implementation of this single visa for the region.

He added: “Hammering out an agreement between the six GCC member states requires the completion of several technical and other formalities, including the installation of an information exchange system between government departments in the member states.”

The agenda was discussed during a recent sitting of the Tourism Cooperation Committee of the GCC and the Gulf Tourism Committee of the Federation of Gulf Cooperation Council Chambers in Fujairah.

Economics has been cited as the driving force behind this decision with a  bid to promote tourism within the six-member nations by simplifying visa procedures for tourists.

Meanwhile, Al-Shobaily was also quoted as saying that unified GCC laws against commercial fraud and consumer protection are also in the final stages, to protect the rights of consumers, manufacturers, distributors, importers and exporters, as well as the economies of the six countries.

The Gulf Customs Union, set for a tentative schedule of 2015, will combat the sale of counterfeit goods within the GCC.

Dubai and Kuwait among most improved cities to live

According to the latest survey released by The Economist Intelligence Unit, Dubai and Kuwait City have been ranked in the top 10 biggest improving cities in a global livability. The report ranked Dubai at number 77 had improved 2.9 percent in the past five years. Kuwait City, which came in at 81, was also amongst the top 10 most improved, with a 2.5 percent jump. The survey ranks five categories: stability, healthcare, culture and environment, education and infrastructure. Cities which dropped down the rankings with negative livability changes were linked to the Arab Spring, European austerity and Chinese discontent.

Manchester United replaces Hublot with Bulova as partner

In a press release statement issued by the Manchester United club recently, the MU club confirms that the US brand Bulova will replace Swiss brand Hublot as the club’s Official Timekeeper and Global Partner in a new three-year deal. The new partnership will see Bulova replace Hublot’s presence on the club’s scoreboards at Old Trafford, the stadium’s digital advertising boards during all Premier League home matches. Bulova will also produce co-branded timepieces featuring the legendary Manchester United crest. Specially-crafted Bulova timepieces will also be displayed around Manchester United’s Old Trafford stadium, including in the players’ dressing room, at the Club’s Aon Training Complex and its offices in Manchester, London and Hong Kong.

Worldwide diamond consumption to surge by more than 60 percent by 2020

As stated in the 2012 Global Diamond Industry Report, released by Bain & Company, the global business consulting firm, a surge in rough diamond consumption by the growing middle classes in China and India will push global consumption to USD 26.1 billion in value, from its 2011 level of USD 15.6 billion - reflecting an annual compound growth rate of approximately six percent per year. The annual bellwether diamond industry report, conducted in collaboration with the Antwerp World Diamond Centre (AWDC) finds that global demand will outpace supply, signaling solid pricing prospects and a strong positive outlook for the industry overall.

Gold prices climbs to 3-1/2 month high on Syria jitters

Saudi tourists boosts UAE economy

Company News

Montblanc opens its new boutique in The Galleria on Al Maryah Island, Abu Dhabi

Montblanc has opened its latest boutique in the Middle East in the exclusive The Galleria shopping precinct at Sowwah Square, on Al Maryah Island, Abu Dhabi. An upmarket commercial, retail and residential development positioned as the luxury lifestyle destination at the heart of the capital’s Central Business District, Sowwah Square is situated on Al Maryah Island. Located on the ground floor of The Galleria’s two-level luxury retail podium, the 129m² Montblanc boutique features the new Montblanc façade recently launched as part of the brand’s global retail branding strategy. The boutique will showcase the full Montblanc product offering, from its distinctive and world renowned writing instruments, to its increasingly admired timepieces, fine leather goods and jewellery collections.

Audemars Piguet announces its new Women's advertising campaign

Audemars Piguet is launching its new global advertising campaign dedicated to women. The campaign features stunning images of supermodel Anouck Lepère and introduces a new brand line “There are exceptions to every rule” reflecting the spirit of independence cherished by the brand and its customers. It is the complementary feminine interpretation of the powerful brand campaign launched last year featuring the tag line: “To break the rules you must first master them” and will run alongside the current product and institutional campaigns starting September 2013.

Emirates Team New Zealand moves to final event to win Louis Vuitton Cup

The Emirates Team New Zealand defeated Luna Rossa Challenge, a final time to claim victory in the Louis Vuitton challenger series 7-1. ETNZ will now move on to the final event of the sailing competition against defending champion Oracle Team USA. Racing for the America’s Cup will begin on 7 September and will feature a “best-of-17” race format. In June of this year, OMEGA introduced its Seamaster Diver ETNZ Limited Edition, a sporty timepiece that boldly celebrates the team’s campaign to claim the America’s Cup, sailing’s greatest trophy. OMEGA is proud to support ETNZ and its skipper Dean Barker and congratulates them on their victory.

Jacob & Co. launches its new international advertising campaign

The super swimsuit model Natasha Barnard is the new face of Jacob & Co.’s new advertising campaign, which will be launched globally later this month. Jacob & Co.’s ads will feature Barnard wearing the brand’s new fine jewelry collections, and will first appear in various international and regional publications. Barnard was discovered in her native country of South America when she was 18, and has most recently appeared in campaigns for brands Guess and Wonderbra. The new collections from Jacob & Co. can be described as “Art Deco with a twist” and “sexy, confident and fun in a way that you don’t see anywhere else.” According to Founder and Chairman Jacob Arabo.

Concord launches its new website

Concord has launched a dynamic new website to fully demonstrate the brand’s approach to innovation and creativity. The new website is a masterful presentation of its past, current success and future direction. The site features sections on the brand heritage, collection, product highlights, store locator and after-sales service information all in keeping with its global brand identity. The website launch has been timed to coincide with the 150th anniversary of the Saratoga Race Course, namesake of the brand’s iconic watch collection featuring the signature Concord trademark horses embossed on the back of the case.

Product Launch

Graham launches Chronofighter 1695 Silver inspired by George Graham original pocket watch

GRAHAM has created its new Chronofighter 1695 featuring an automatic 42 mm chronograph powered by a Swiss movement. The minutes counter is placed at 6 o’clock and the date at 3 o’clock, a distinctive disposition. In keeping with Gentlemen’s taste for style, GRAHAM also chosen to crown the watch with a silver (925) case. The silver (925) case back is elaborately hand-engraved with the Greenwich Royal Observatory as a tribute to the early life of George Graham, the official watchmaker of this important British Institution. The case back also features a sapphire aperture on the balance wheel and the escapement. The silver colored dial is finely-worked and features Roman numerals to recall George’s original pocket watch.

Arnold & Son unveils UTTE Asprey Special Edition

Arnold & Son has unveiled a special limited edition of its Ultra-Thin Tourbillon Escapement (UTTE) for Asprey of London. The UTTE is a masterful demonstration of elegant design and superb technical prowess. The ultra-thin A&S8200 movement – and the ultimate UTTE watch – is the result of several years of research and development, and boasts important features and functions. The UTTE has a movement that is just 2.97 mm thick and a case thickness of only 8.34 mm, making the UTTE one of the thinnest tourbillion watches on the market. Additionally, while the movement diameter is 32 mm, the tourbillon cage is a massive 14 mm in diameter – thus occupying almost half of the movement space for impressive visual appeal.

Harry Winston introduces Premier Feathers Collection

Each of the three new models issued in limited production features a marquetry created with the feathers of a bird belonging to an authorized species and specifically bred for this purpose. Each dial thus crafted composes a nocturnal motif in shades of sky blue, turquoise, or sapphire blue, revealed by a touch of immaculate white or deep purple. These stunning creations are framed by a 36 mm-diameter 18-karat white gold case set with 66 brilliant-cut diamonds adorning the wrist in a flowing, sensual manner; while three iconic arches evoke the neoclassical façade of the Harry Winston flagship salon in New York City, and the diamond-set crown adds a further precious touch. This timepiece equipped with a quartz movement is teamed with a satin strap in a shade echoing the main dial color.

Jaeger-LeCoultre Deep Sea Chronograph Cermet

This timepiece is professional in more than one respect, since it meets all the criteria laid down for diver’s watches in the ISO 6425 standard. It has a unidirectional rotating bezel, while the luminescent hands and hour-markers enable easy and error-free indication readings, even in poor visibility conditions. The Jaeger-LeCoultre Deep Sea Chronograph Cermet watch fully complies with the requirements established by the ISO standard regarding shock resistance and antimagnetic protection. Finally, as a reminder that this timepiece water-resistant to 10 bars (100 metres) is designed to guarantee absolute reliability in an aquatic environment, its solid caseback is adorned, like the historical model, with an engraving of a frogman surrounded by bubbles. The diver’s watch is teamed with a calfskin strap complete with a varnished edge ensuring it remains fully impermeable, whatever the circumstances.

Zenith reveals El Primero Stratos Flyback Rainbow

The El Primero Stratos Flyback Rainbow is driven by the El Primero Calibre 405 B automatic movement built around a column wheel. While this chronograph naturally beats at the frequency of 36,000 vibrations per hour enabling 1/10th second precision, it is also equipped with a date display, a telemetric scale, and above all with the famous flyback function. Closely bound up with the world of aviation, the latter enables pilots to stop, start and restart the chronograph at a single press on the push-piece, compared with three presses required for a standard chronograph. Made of black Alchron – a light and resistant titanium and aluminium alloy – the case with its 45.5 mm diameter is topped by a rotating bezel bearing a scratch-resistant aluminium ring. The timepiece is limited edition of 250 piece and will be available at Zenith’s Boutiques around the world.

Ecuestre collection by Carrera y Carrera

Carrera y Carrera pays tribute to the majestic animal as the protagonist of its new collection, Ecuestre. The Purebred Spanish horse, emblematic, beautiful, proud, dependable, brave, and admired all over the world for centuries.  This is the Andalusian horse, an animal with thousands of years of history, and today, the devotion continues stronger than ever. Manuel Carrera, master goldsmith and founder of the firm, has infused these creations with the personal style that has transformed the jewelry brand into a worldwide benchmark.  Passionate about the equestrian world, he has imbued each piece with his unique flair, creating true works of art.

Exhibitions & Events

Dubai International Jewellery Week 2013

Dubai International Jewellery Week will showcase the very best in jewellery design, unique timepieces and incredible collections from around the world. The event will place from December 4 to 7 2013 at the Dubai World Trade Centre (DWTC) and will feature the most exclusive, stylish and one-of-a-kind pieces from international jewellery designers. Visitors will find everything from diamond jewellery collections, bridal jewellery, designer jewellery and antiques all under one roof and they will also discover current trends and view the latest collections whilst enjoying the sophisticated ambience and fabulous show attractions for an unforgettable experience.

Celebrity News

James Blunt wears Iconic Terrascope in newest video "Bonfire Heart"

JEANRICHARD appears in international music star, James Blunt’s latest video. The Swiss watchmaker’s Iconic Terrascope with black dial and black rubber strap is presented throughout “Bonfire Heart”. This is the first single to be released out of Blunt’s much anticipated fourth studio album “Moon Landing” that is expected to hit the market by the end of October 2013. The collaboration between both, the singer-songwriter Blunt and JEANRICHARD is about the dedication to a passion and the pursuit of dreams. It is about more than music or a watch – it is a philosophy of life and the desire to enjoy the road being travelled along the way.

Golshifteh Farahani wears Jaeger-LeCoultre watch during the 70th Venice Film Festival

Iranian actress Golshifteh Farahani wears the Jaeger-LeCoultre Rendez-Vous Celestial watch at the Orizzonti Jury photocall during the 70th Venice Film Festival at the Palazzo del Casino on August 28, 2013 in Venice, Italy.

Be constantly updated on the latest Watch & Jewellery Business markets of the Middle East, as well as information on competitors, promotions, product trends, industry analyses, appointments, new product introductions & developments and market research.

Our weekly 'Arabian Watches & Jewellery Business Newsletter Broadcast' is distributed to over 22,000+ industry executives, Watch & Jewellery manufacturers and distributors, retailers, investors and media consultants globally.

Unsubscribe / Submission of News / Open Forum / Obtaining our news distribution / Confidentiality Important Copyright Notice / Disclaimer

Developed by We Do Web