Swiss watch exports to the UAE crossed AED 131 million by September 2007 up by 61% over the same period last year as leading luxury Swiss watch manufacturer IWC announced regional market expansion plans with the opening of a new boutique in Abu Dhabi.
The new showroom will complement the IWC’s existing outlets in Dubai, Istanbul and several other point of sales across the Middle East and reflects the surging demand for luxury mechanical watches within the region; a demand fuelled by high disposable incomes throughout the region and a stable and buoyant economy.
IWC Regional Brand Manager, Gianfranco D’Attis remarked: “Abu Dhabi is an obvious choice for opening our boutique as it is the richest of the oil-laden United Arab Emirates, has a large expatriate population and is aiming to transform itself into a global tourist destination. Abu Dhabi is diversifying its economy and dynamically expanding and people from far-flung corners of the world are settling to live and work, enjoying first-class shopping, elegant hotels and a unique culture in Abu Dhabi,” he added.
Mr. D’Attis noted that Abu Dhabi benefits from a cosmopolitan outlook in a politically stable country with a liberal economy. “A unique mix of culture and arts flourishes in Abu Dhabi. It is the new Middle-East location for the world-renowned Guggenheim and Louvre museums, along with a new performing arts centre, maritime museum and national museum. Diverse sports & leisure pursuits are part of the active lifestyle residents can enjoy and the most recently announced 2009 Formula 1™ Abu Dhabi Prix, Ferrari Theme Park and Warner Brothers Theme Park all situated on the Yas Island, a 2,500 hectare Island.
Forbes magazine, in March 2007, named Abu Dhabi as the world's richest city. Responsible for more than 90 percent of the UAE’s oil production, Abu Dhabi possesses the fourth largest oil reserves in the world. According to media reports, Abu Dhabi has an investment fund exceeding $800 billion with more than $140 billion in government and privately-funded development projects currently underway in Abu Dhabi.
“IWC has been producing mechanical watches for nearly 140 years, so has a wealth of experience in this area of chronometry,” says Mr. D’Attis. “This unique heritage is proving to be a major attraction for people who want a high performance mechanical watch and we are seeing this recognition translate through increased sales figures for all our collections in Dubai,” he continues.
IWC’s latest collection, the Da Vinci range, is one among many collections that will be available through Abu Dhabi’s newest boutique. The new boutique is located in the Marina Mall, a landmark in shopping and entertainment set on the sparkling waters of the Abu Dhabi Breakwater. Rivoli who are famous for their diverse portfolio of international luxury brands and prominently located outlets in the Middle East are partnering with IWC for the Abu Dhabi boutique.
“Our new Da Vinci watch collection is performing very well, thanks to the fantastic publicity we received from the launch,” says Mr. D’ Attis. “The watch features a mechanical date calendar with a century slide that changes the first two digits of the display every 100 years – it truly is a masterpiece of mechanical engineering,” he adds. “It has proved to be a popular model in our Dubai outlets and we are anticipating the same for Abu Dhabi,” he adds.
