Description:
Middle East continues to be in Top Ten List of Global Luxury Markets. The consumption of luxury goods has surged by 11% in the region, driven largely by rapid growth in tourism, local consumption, and strong historic relevance of luxury in the region.
The market is expected to continue to grow fast driven by a large number of mall openings throughout the GCC region the coming five years.
Dubai is the heart of the regional market as the city alone commands around 30% of the luxury market in the Middle East and around 60% of the UAE’s luxury market.
The UAE is the 7th wealthiest country with a per capita income of US$65,037 (up 10.1%) and is home to the second highest number of international retail brands with jewellery being one of the top 5 contributors to the UAE economy.
Countries in Middle East, led by the United Arab Emirates are major consumers of gold.
Dubai is the largest importer and consumer of gold in the Gulf with a custom duty as low as 5% and zero taxation |
