UAE retains Top 10 ranking in Swiss watch industry’s 2014 exports

2014 figures show rise of 8.9% for UAE over 2013 and 19% over 2012 in Swiss watch imports 

Dubai, UAE; March 31, 2015: In 2014, the UAE continued to uphold its top ten ranking in the import of Swiss watches, showing a substantial growth of 8.9% over the previous twelve months. The Federation of the Swiss Watch Industry’s cumulative 2014 reports reveals that the UAE still dominates the region’s timepiece imports at a value of 1,017.6 million Swiss Francs (add dirham amount here).

The year showed exports to Asia accounting for over half the Swiss watch global export shares at 54%, with Middle Eastern markets including UAE, Saudi Arabia, Qatar and Kuwait in the Top 30 global ranks, comprising a substantial 9.5% of the total value. Following a steady increase of 5% in units compared to the previous year, 2014 figures show 2,973,016 exported units of wristwatches to the Middle East. This growth cements the Middle East as the second highest regional importer after other European countries.  

Mr. Mohammed Abdulmagied Seddiqi, Vice President of Sales and Retail of the region’s leading timepiece retailer, Ahmed Seddiqi & Sons, said:  “The UAE continues to maintain its position as one of the world’s top luxury retail destinations with a consistent demand for Swiss watchmaking expertise. We are proud to have been such an integral part of this growth, having been in the business of curating time since 1950.  Both existing collectors and a new generation of watch enthusiasts are driving the continued growth of Swiss watches in the Emirates, and we expect this trend to continue in 2015.”

In 2014, the Swiss watch industry maintained a figure of 22.2 billion francs in yearly global exports and sustained an annual growth rate of 1.9%. The ranks of global Swiss watch export distributions in 2014 were dominated by Hong Kong, USA, China, Japan, Italy, Germany, Singapore, France and the United Kingdom. Including UAE in this ranking, figures show a rise of 8.9% above 2013 with an increase of 13.5% of the year’s units in December alone to maintain UAE’s position as a global leader in luxury retail.

For additional information on Ahmed Seddiqi & Sons please visit: www.seddiqi.com