SWISS WATCH EXPORTS TO UAE CROSS AED 256 MILLION IN Q1 2006
“Dubai Caters to UAE Population As Well As Vast Trading Hinterland” - Nieto
Michel Nieto, Chief Executive Officer of luxury Swiss watchmaker Baume & Mercier, will be visiting Dubai next month (November) as part of his overall regional business assessment strategy that has taken him throughout the GCC and the Middle East region.
His visit comes against the backdrop of strong growth in Swiss watch exports to the UAE. According to the Federation of Swiss Watch Industry FH statistics, Swiss watch exports to the UAE touched AED 256 million (US$69.80 million) during the first quarter of 2006. For the whole of 2005, Swiss watch exports to the UAE amounted to AED 1.04 billion (US$283.39 million)
“The region has been experiencing economic expansion at a greater speed than ever before offering significant business potential for us. International business interest in the Middle East is on a sharply rising trend and over the past three years, figures for trade, shipping, industrial investment, construction and most other key indicators of the emirate’s business activity have all shown highly positive growth and these factors augur well for the watch industry,” remarked Mr. Nieto.
“We have been monitoring the growth and development and the key word to explain Dubai’s success in winning the interest of foreign investors is “opportunity”, as the emirate offers unrivalled attractions as a base for doing business in the prosperous and growing markets of one of the world’s most rapidly developing regions,” he stressed.
“For the watch business too, Dubai caters not only to the local population but to its vast trading hinterland and premium luxury brands like Baume & Mercier can increase their share in the region especially the UAE, because of customized products,” said Mr. Nieto.
“Besides it is always a pleasure to visit Dubai, I too would like to underline that with each of visit, I notice that the city’s skyline has undergone massive changes. Baume & Mercier is privileged to be present in this vibrant city for such a long time,” said Mr. Nieto who became the CEO of the luxury Swiss watchmaker in October 2002.
Mr. Nieto, has an engineering degree in micro-techniques and a business management degree from the UTS Institute of Lausanne, Switzerland.
The 40-year old CEO became Marketing & Communications Director at Baume & Mercier in February 2002, which ultimately became the steppingstone to his present position.
Baume & Mercier, present in 75 countries, currently enjoys regular sales growth in all its markets. The company gives extraordinary focus to design because of which there is an authenticity to each and every model that is recognisable as distinctively Baume & Mercier, even though every model is different.
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- KIA sales in UAE rise 43.8% in February 2006
- Jones Lang LaSalle:Global Market Perspective April 2010