Last week, smack in the middle of Haute Couture, reputed industry media, Business of Fashion’s Must Read is titled, “Why Luxury Brands Should Still Believe in the UAE”. The opinion piece, written by Mortimer Singer, President and CEO of Marvin Traub Associates, a business development and strategy consulting firm whose focus is on upscale retail and consumer goods, reminded us that not only is the UAE the financial center of the Middle East, but it is also the main link between Europe and the Americas, and Asia—and that the Emirate is doing just fine, thank you very much. While stories stemming from what Singer aptly labeled “old world jealousy” of abandoned cars at the airport and prison sentences for cash debts stuck in the minds of millions, the UAE kept on doing what it does best, going about its business, as usual. And what a business. The Emirate, set to surpass London as a travel hub in 2015, now boasts the highest concentration of luxury retailers in the world, second only to Hong Kong, as stated by Patrick Chaloub, Founder and CEO of The Chalhoub Group—the leading luxury goods retailer. The article reminds us that in less than five years, Abu Dhabi’s museum districts will be complete, as well as a $7 billion international airport. It won’t be long before we’ll be asking what measures other international players will take to play catch up.
