The UAE has the world’s second greatest potential for luxury spending growth after Qatar, according to the Knight Frank Wealth Report, published today.
The research, compiled by the property agent Knight Frank and the luxury analyst Ledbury Research, measured the increase in the number of luxury retail stores, the increase in the number of business and first class flights taking off and landing, GDP growth and growth in stock market values.
It found that last year the UAE registered a 6.2 per cent increase in the number of luxury branded stores taken from a basket of super luxury brands, while Qatar registered a 20 per cent increase.
The number of premium flights in both countries increased by 8 per cent over the year while the UAE’s GDP increased by 3.1 per cent while Qatar’s increased by 5.2 per cent. At the same time the UAE’s stock markets registered a 56 per cent growth while Qatar’s grew 23 per cent.
The news comes amid a flurry of luxury store openings in both Dubai and Abu Dhabi. Last month, the British luxury grocer Fortnum & Mason disclosed plans to open in The Dubai Mall. And in January, Garrard, the jeweller that designed Princess Diana’s engagement ring, announced a goal to double its sales across the Middle East.
Saudi Arabia came third in the index, followed by Ghana and the United States.
“The high positioning of the Middle East in this ranking highlights the resilience of the Middle Eastern market after the global financial crisis and shows that there is still a great deal of room for growth,” said Andrew Shirley, the report’s editor.
lbarnard@thenational.ae
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