ABU DHABI // Swatch Group, the world's largest watch manufacturer, announced yesterday that it has acquired a stake in Rivoli Group, the high-end retailer from Dubai.
Rivoli and Swatch have worked together informally for some 20 years, but officials said this strategic partnership would fuel Rivoli's efforts for regional and international expansion, particularly into Saudi Arabia and India.
"We have long been associated with Swatch Group, but this agreement will really allow for great expansion," said RRamanathan, the group general manager of corporate affairs for Rivoli Group.
The value of the agreement remains undisclosed, but officials said it made Swatch Group the second-largest shareholder in Rivoli, after Dubai International Capital (DIC), which acquired a stake last September.
Operating more than 245 retail outlets in the UAE, Bahrain, Oman and Qatar, Rivoli has a diverse portfolio of international brands such as Dunhill, Omega, Cartier and Montblanc.
"We believe that we can help in the existing market and in new markets like India and Saudi Arabia," said Béatrice Howald, a spokesman for Swatch Group. "Rivoli is very experienced in retailing and we have a lot of experience in selling watches and producing luxury goods, so this makes sense."
With a turnover of six billion Swiss Francs (Dh20bn) last year, Swatch Group is the largest manufacturer and distributor of watches and jewellery in the world, operating from its headquarters in Switzerland. Its brands include Omega, Tiffany & Co and Calvin Klein, as well as Swatch.
"We, as a shareholder of Rivoli, want it to do as well as possible," said Mark Lunn, a spokesman for DIC. "Swatch coming in will increase the value of the company."
Mr Lunn added that the presence of a retailer in DIC's portfolio had enabled his company to take advantage of the success of the GCC luxury goods market.
"The GCC has always been a growth market and has always had a lot of affluent people. We are seeing the GCC emerging as a place for investment opportunities and [as a] consumer market as well," Mr Lunn said.
As well as its stake in Rivoli, DIC's investment portfolio includes Mauser, an industrial packaging leader, Almatis, an alumina maker, and Alliance Medical, the leading provider of diagnostic imaging services to the European health care sector.
The Dubai Gold and Jewellery Group, a body that represents the Emirates' jewellery industry, estimates that the regional luxury goods sector will reach a value of Dh367bn by 2010. Emerging markets currently account for about 30 per cent of all luxury goods sales worldwide, with analysts predicting double-digit increases in the coming years. They say that the growth is linked to the emergence of a new middle class in countries such as India, China and Russia, with more money to splurge on pricier items. However, many expect the rate of growth in worldwide demand to weaken by as much as one per cent next year.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Rating: 2.5/5
