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Saudi Arabia's budget deficit narrows as oil revenue rises, UAE consumer spending to exceed $261b in 2021, M.A.D. Gallery in Geneva Robbed
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Market News
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Saudi Arabia's budget deficit narrows as oil revenue rises.
Saudi Arabia’s second-quarter budget gap narrowed to 46.5 billion riyals (Dh45.5 billion, $12.4 billion) from the same period last year after income from oil advanced.
Total revenue climbed 6 per cent in the second quarter to 163.9 billion riyals after income from crude jumped 22 billion riyals to 101 billion riyals, the finance ministry said in a statement.
Saudi Arabia is reporting quarterly budget figures for the first time this year in an effort to increase government transparency, part of Crown Prince Mohammad Bin Salman’s “Vision 2030” plan for life after oil.
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UAE consumer spending to exceed $261b in 2021.
Consumer spending in the UAE, which amounted to nearly $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5% over the next five years to exceed $261 billion in 2021, analysis released by the Dubai Chamber of Commerce and Industry showed.
The analysis, based on recent data from Euromonitor International, revealed that consumer expenditure per household during 2016 was highest in the UAE when compared to other GCC countries, amounting to around $103,000, followed by Bahrain ($96,000).
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M.A.D. Gallery in Geneva Robbed.
According to close resource, the MAD Gallery in Geneva was robbed last Tuesday night at 6 PM, when two armed men entered the store at closing time and fled with several watches and valuable pieces of an undisclosed value. The two suspects were last seen at 6:50 PM fleeing in an SUV across the Swiss countryside tailed by policemen. No casualties were announced. |
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LVMH expects double-digit sales growth in second-half of 2017.
Sales of LVMH's watch brands could maintain their double-digit percentage growth in the second half of 2017, despite tougher year-on-year comparisons, the head of the luxury company's watch business said on Thursday. Watch and jewellery sales at the world's biggest luxury company rose 13 percent in the first half.
"We hope to be able to maintain this pace of growth even if the comparables are less favourable in the second half," Jean-Claude Biver, who is in charge of LVMH's TAG Heuer, Hublot and Zenith brands, said in a statement emailed to Reuters.
Swatch Group gave a similarly positive outlook for the second half last month. Biver said TAG Heuer's second-generation "connected" watch launched in March had become the brand's best-selling model by the end of July. The watch lets wearers switch between a smartwatch head and a traditional mechanical watch movement.
He also said TAG Heuer was working on a smartwatch that could connect to high-speed mobile networks without needing a linked smartphone within range, confirming a report in Swiss newspaper Handelszeitung.
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Company News
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TAG Heuer celebrates the start of Premier League season with football fan event.
To mark the start of the Premier League season, Tag Heuer – the league’s official timekeeper – in association with Sport360, held a private cocktail event at the Nezesaussi, Manzil Downtown Hotel. With it being the first game of the season, the excitement in the air was hard to miss as fans cheered on Arsenal and Leicester at the ultimate sports hub in Downtown Dubai. |
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ANONIMO: Congratulates Joan Mir for its sixth victory.
The talent of Palma de Mallorca, the rider Joan Mir won its 6th victory in Brno and confirmed its championship leadership in moto 3. The Nautilo awarded to the winner of the ANONIMO Speed Challenge during the Copa del Rey was presented by King Felipe VI of Spain. |
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Product Launch
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BOVET artisans presents Amadeo® Fleurier virtuoso III.
BOVET 1822's craftsmen presents two new captivating and symbolic dial materials: Aventurine and Meteorite. A 5-Day tourbillon with retrograde Perpetual calendar and reversed hand-Fitting with full skin alligator strap with red or white gold ardillon. Amadeo® Fleurier virtuoso III dial is Meteorite or blue aventurine. |
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MR PORTER partners with Baume & Mercier.
MR PORTER partners with Baume & Mercier, in launching a curated selection of timepieces on MR PORTER on August 15th. MR PORTER will launch with eleven timepieces from the Clifton Collection, known for its masculine and refined aesthetic. Additionally, MR PORTER will launch with two timepieces from the quintessentially elegant Classima Collection. |
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Versace introduces the Palazzo Empire bangle watch.
The “semi bangle” version has an elegant semi rigid bracelet: available in tones of yellow gold, rose gold or silver, this true watch-jewel has a mirror-finish surface. The other characteristics remain the same: the bold head of 3D Medusa that seems to float. |
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Zenith presents Chronomaster El Primero Full Open.
The classic chronograph with a skeleton dial, in both 42mm and a retro 38mm size. The larger watch has a slightly larger date wheel to maintain the proportions. Notably, the skeleton date wheel on the 38mm has a more refined look, having thinner numerals. Both the 38mm and 42mm models are available in stainless steel or steel with an 18k pink gold bezel. |
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