Franco-Swiss luxury manufacturer aims at 30% of its global business from the Middle East by 2012

"We have witnessed a plethora of luxury goods manufacturers making a beeline for Dubai Airport Free Zone to reach out to the affluent and high net worth individuals in the region," said Ibrahim Ahli, Marketing Director, Dubai Airport Free Zone.

He noted that the Gulf economies have been booming due to windfall oil revenues after crude prices peaked at around seven times their 2002 levels earlier this year.

"The Gulf's oil-fuelled boom has so far protected the region from the major upheavals that have shaken the financial and property sectors in the United States and Europe," Mr. Ahli observed.

He stated that a recently published world wealth report indicates that the Middle East has the highest concentration of financial wealth in the world.

"The number of high net worth individuals (HNWIs) in the Middle East grew by 9.5 percent in 2006-2007," Mr. Ahli remarked.

The buoyant economies of the region combined with the Middle East consumers' inherent passion for luxury brands has created a regional luxury market on the cusp of exponential growth.

General Manager of Saint-Honoré Middle East, Olivier Birault confirms that the regional luxury goods market is very well oriented.

"We have seen strong demand for our high end rose gold and diamond watches as well as cufflinks and writing instruments," Mr. Birault stressed.

Mr. Birault added: "Our goal is to have a steady and regular increase in our sales and to realize 30% of Saint-Honoré worldwide business from the Middle East region by 2012."

Saint-Honoré Middle East established a base in Dubai Airport Free Zone in 2005 and are in charge of supporting their Arab distributors and cover 14 countries from Dubai.

Saint-Honoré the brand has been present in the Middle East since 1990s.

Established in 1996, the Dubai Airport Free Zone is home to more than 1,500 multinational companies from various sectors.

With flexible operations processes that meet client demands, the Free Zone makes up a vibrant community of some of the biggest international companies.

Companies at the Free Zone enjoy 100% tax exemption, 100% ownership rights, and easy access to airport facilities, rapid cargo clearance and availability of competitively priced multinational talent in a cosmopolitan city.

Leading companies located at the zone include Ferrari, Rolls Royce, Airbus, Isuzu, HTC, Benq, Victoria's Secret, Boeing and LaCie.