UAE's economic growth over the past few years has given rise to a new wealthy elite looking for ways to spend their money.
By 2010, the Middle East luxury market potential is expected to hit the $100 billion mark as UAE ranks amongst the top five countries worldwide for consumer purchasing power of luxury clothes and accessories.
According to an Industry report by Swedish industry analyst group Generation DataBank, the regional market will see an average growth of 12.2 per cent per annum over next five years in the Duty Free and Travel Retail Sales, compared to the global average of 7.6 per cent.
These figures underline country's growing prominence as a primary trading hub for the regional luxury industry, which also expected to get a boost with the introduction of the Millionare Fair, region's leading luxury fair.
Major Luxury industry players will now be looking to use the first edition of this show, scheduled to be held from 15th December to 17, 2007, to take advantage of the opportunities Dubai presents for the luxury industry.
The trend-setting lifestyle event was launched in 2002 in Amsterdam by Gijrath Media Group. With brands such as Bentley, Bvlgari and Breitling, Rolex, Remy Martin and Rolls Royce under one roof, the event brought in a new era in luxury and lifestyle.
The fair offers not just the latest in world's luxury brands but its unique spirit is based on a great variety of displays, entertainment and hospitality.
marketing@alchempro.com
