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| Middle East FDI hits record USD $ 75.0 billion in 2007 |
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Strong Middle East economic growth coupled with reforms and bigger profits has stimulated capital flow into the region by more than 20.0 % to a record USD $ 75.0 billion in 2007, despite a surge in inflation, according to the Inter-Arab Investment Guarantee Corporation (IAIGC), an affiliate of the Arab League.
2007’s Middle East Foreign Direct Investment (FDI) was the highest and exceeded triple the 2004 capital inflow of around USD $ 24.0 billion and 15 times higher of the 2000 FDI of nearly USD $ 5.0 billion.
Saudi Arabia (USD $ 18.293 billion), Egypt (USD $ 10.043 billion), UAE (USD $ 8.386 billion), Sudan (USD $ 3.541 billion) and Tunisia (USD $ 3.312 billion) were among the top five countries attracting the highest FDI in 2006, which saw a total of USD $ 62.406 invested in the region. These countries were followed by Jordan (USD $ 3.121 billion), Bahrain (USD $ 2.915 billion), Morocco (USD $ 2.898 billion), Lebanon (USD $ 2.794 billion) and Algeria (USD $ 1.795 billion) to take the top ten spots in FDI investment in the region. |
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| eBay ordered to pay USD $ 63.0 million to LVMH in French court ruling |
A court in Paris ordered Internet auctioneer eBay to pay USD $ 63.0 million in damages to Louis Vuitton Moet Hennessey (LVMH) for selling fake luxury goods online, intended to send a strong message about copyright protection. eBay, the world’s largest online auctioneer, immediately announced it was lodging an appeal and rejected the view that the court decision was a victory for patent law.
LVMH hailed the decision as a major coup against illegal sales on the Internet. “It is a major first, because of the principles that it recognizes and the amount sought,” remarked Pierre Gode, an aide to LVMH President, Bernard Arnault. Global luxury group LVMH was seeking USD $ 79.0 million in damages from US-based eBay and its Swiss affiliate eBay AG for auctions of fake goods and unauthorized sales of perfumes.
In related news, a ruling in a U.S. lawsuit filed by Tiffany and Co. against eBay is still pending. The bench trial was held before a federal court judge in New York in November 2007. |
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| More than 28,000 fake watches destroyed by Swiss authorities |
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More than 28,000 counterfeit watches, confiscated by the Swiss Customs Authority have been destroyed by shredding at the MHT Recycling SA Company in Cressier, Switzerland, under the aegis of the Swiss Watch Industry. From 1 July 2008, the private import of non-bonafide brands and design counterfeits to Switzerland is interdicted. |
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| Qatar revises 2007 GDP to QAR 258.0 billion |
The Qatar Statistics Authority (QSA) has recently revised its 2007 gross domestic product (GDP) upwards to Qatari Riyals (QAR) 258.6 billion (USD $ 71.232 billion) from the previous estimate of USD $ 64.04 billion). “Qatar is a fast-growing economy and a new census is required to keep up with big changes on the ground,” said Shaikh Hamad Bin Jabor Al Thani, Acting President of the Authority. There are now 40,000 business establishments operating in Qatar compared to 30,000 in 2004. |
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| Big diamond seizure by Indian Customs |
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Officials at the Chennai (formerly Madras) Port Customs recently seized coloured and polished American synthetic diamonds (zirconia stones of Signity and Durofurg brands) with an estimated value of USD $ 315,000. Docks Intelligence (DI) unit officers made the seizure, one of the biggest ever in the history of Chennai Customs, following a tip-off. The consignment originated in Malaysia and the contraband was concealed in biscuit tins, part of a package of consumer goods addressed to a returning Non Resident Indian (NRI) returning after a four-year stint in the South East Asian country. |
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| Obituary - Doyen of UAE watch & jewellery retailers passes away |
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The death was announced in Dubai of Ahmed Qassim Seddiqi, founder of the well-known Ahmed Seddiqi & Sons, one of the oldest and largest exclusive retailers of high-end Swiss watch brands (including A. Lange & Sohne, Audemars Piguet, Baume & Mercier, Chopard, de Grisogono and Rolex to name a few) and elite jewellery & accessories labels in the UAE. Ahmed Seddiqi founded his eponymous company in the 1950s and over his lifetime saw his retail network blossom forth from a single shop in the old Dubai Souk (marketplace) to a network of over 34 independent outlets and exclusive boutiques in some of the most exquisite locations across the UAE. The deceased is survived by his sons, Abdulmagied Seddiqi & Abdul Hamied, both of whom are involved in the day-to-day functioning of the company.
HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE & Ruler of Dubai visited the Seddiqi Family home in Jumeirah to offer condolences. |
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| Double win for Hublot |
| As the Official Timekeeper and Official Watch for the just-concluded ‘UEFA EURO 2008’, Hublot had a successful participation in the European soccer tournament for this season. As an immediate spin-off, another victory was scored when Hublot gained the Official Sponsorship of the victorious Spanish team. The brand created a special chronograph, in a limited edition of 250 pieces, for the Spanish Football Federation based on the All Black model with red index and the logo ‘FEF’ at the 9.00 o’clock position. |
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| Christian Dior opens first boutique in Qatar |
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Christian Dior has opened its first boutique in Qatar at the Villagio Mall in Doha. The interior design of the 236.0 sq. m. store takes its inspiration from the original concept of the Paris flagship. A specific area has been created to display the range of Dior watches in an ambience reminiscent of a traditional French apartment complete with lush grey zibeline carpets, oval chairs and Louis XVI sofas. |
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| GoldVish opens first Middle East boutique in partnership with BinHendi Enterprise |
| GoldVish telephones will now be displayed and available to elite Middle East buyers for the first time. BinHendi Watches & Jewellery, a division of the UAE-based multi-faceted BinHendi Enterprises and GoldVish have recently opened the brand’s first exclusive boutique in the Middle East in the plush lobby of Dubai’s opulent Burj Al Arab, showcasing the world’s most exalted mobile telephone. The ribbon-cutting ceremony was co-presided over by Mohi-Din A. BinHendi, President, BinHendi Enterprises and Amna BinHendi, CEO, BinHendi Enterprises with the attendance of Ibrahim Jaafar of GoldVish and Haissam Chamsine, Sr. Vice President, BinHendi Watches & Jewellery. |
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| Top retailer Blue Salon to represent Krieger watches in Qatar |
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Swiss-made Krieger Watches, the brand founded twenty years ago by Miami entrepreneur Ira Krieger, will be represented in the Gulf State of Qatar by Blue Salon. The iconic brand was inspired by the movement of tidal waves, a new concept addition to the world of watches. Among the brand collections are Gigantium, Elite, Mysterium, Sea Stallion, Tidal and Chrono. “We are pleased to add Krieger Watches to our impressive watch portfolio in the State of Qatar. Krieger’s watch-making expertise and our retail infrastructure and capabilities make an optimum mix for promoting the brand in the country,” said Ashraf A. R. Abu Issa, CEO, Blue Salon, in welcoming the brand to Qatar. |
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| Damas IPO raises USD $ 270.6 million, to be listed on DIFX |
Damas, the integrated jewellery & watch retailer, has announced the pricing of shares in its Initial Public Offering (IPO) at USD $ 1.0 per share (offer price). The base offering is 270.0 million shares to be listed on the DIFX and trading will commence on 8 July 2008. The Damas Group operates in 18 countries with 438 stores around the world. |
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| Diamond expert visits UAE |
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Belgian diamond expert and businesswoman Ann Van Spaenonk, with a two-decade career in the business, recently visited the UAE on a fact-finding mission. Diamond grading is her field of expertise and the chemist-turned-diamond connoisseur addressed seminars and met with industry professionals during her brief visit to the UAE |
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| Corum unveils Romvlvs Perpetual Calendar |
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Corum has unveiled the 41 mm Romvlvs Perpetual Calendar, the latest creation to emerge from the Corum workshops. It bears the authentic classicism of the Romvlvs collection. Equipped with a Perpetual Calendar, one of the major horological complications, this collection has been released in a limited edition of only 25 pieces. Housed in an 18-carat red gold case, the exclusive movement is entirely open-worked. |
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| Tanagra presents a celebration of fine jewellery |
| Tanagra Abu Dhabi is unleashing a range of pearl and jewellery collectibles across its boutiques in the UAE. Among the offerings include the creations of Parisian jeweller Dinh Van, Danish designer Georg Jensen, Monte Carlo based Misaki, Filipina designer Bea Valdes, French designer Rose Haylland and US-designer Jay Strongwater. |
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| Latest collection of Nina Ricci watches launched in the UAE |
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Nina Ricci’s latest release, the N025, a feminine, refined and contemporary watch has been released in the UAE in conjunction with national distributor & leading luxury retailer Paris Gallery. According to Frederic Bastiat, Director, Time Avenue, responsible for the worldwide distribution of Swiss-made Nina Ricci watches, the new watch is available in three exquisite styles: white steel with diamonds, steel with diamonds and black steel. |
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| International Exhibition of Jewels & Watches to be held in Syria |
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The International Exhibition of Jewels and Watches will be held at the Damascus Four Seasons Hotel in the Syrian capital from Sunday, 13 to Wednesday, 16 July 2008 under the patronage of the country’s Minister of Economy & Trade. The Exhibition is organized by Dr. Eng. Nabil Marzouk of the Economic Group for International Investment Promotion. |
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| Hublot sponsors Gstaad Polo Summer event |
Hublot will continue its sponsorship of the 3rd Annual Gold Cup (also called the Silver Cup) of the Gstaad Polo Summer event, a principal and important fixture of the Swiss Polo Calendar. The event to be held in this Swiss town in the Bernese highlands, will also welcome an important guest, Hublot CEO, Jean-Claude Biver. Hublot will also continue its sponsorship of a similar Polo event in the Argentinean capital Buenos Aires. |
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| a.b.art watches to be exhibited at Frankfurt Exhibition |
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Swiss brand a.b.art will be showcasing its watches at the tendence autumn +winter exhibition in Frankfurt am Main from 4 to 8 July 2008, according to Francois Zahnd, CEO & Managing Director. The Exhibition attracts 1,600 exhibitors. Subsequently, a.b.art will also be exhibiting at Home & Gift Exhibition in Harrogate, UK from 13 to 16 July 2008. |
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