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"Last year, we broadened our expansion strategy across the Middle East region with a series of Montblanc boutiques in the UAE, Bahrain, Saudi Arabia, Kuwait, Oman & Qatar as well as shop-in-shop concepts to expand our retail distribution network,"
said Karl-Heinz Handke, Montblanc President Western Hemisphere and Member of the Executive Board of Montblanc International.
Commenting on the challenging global economic scenario and how it has impacted the luxury business in general, Mr. Handke said, "The financial crisis is altering customers' short-term viewpoints and buying behavior patterns making them more judicious and demanding, and this in turn makes them more appreciative of long established, flagship brands like Montblanc."
Luxury goods in particular are well received in the Gulf region due to the large population of young, employed workers and self employed alike with high disposable incomes, a propensity to spend, and a willingness to embrace luxury.
Montblanc has made strategic investments in the Gulf region by evaluating their potential using both macroeconomic and retail specific variables.
Qatar has experienced rapid economic growth over the last several years on the back of high oil prices, and in 2008 posted its eighth consecutive budget surplus.
The country's economic policy is focused on developing natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas have made Qatar the highest per-capita income country and one of the world's fastest growing at $101K (GDP Per Capita).
Proved oil reserves of 15bn barrels should enable continued output at current levels for the next 37 years. Qatar's proved reserves of natural gas are nearly 26 trillion cubic meters, about 14% of the world total and third largest in the world.
Posted by Rima Ali Al Mashni
