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22/05/2024

The Emirates, a booming market

The Emirates represent a preferred destination, particularly for creating your own company, because they constitute a very good compromise. The country is at the crossroads between Europe and Asia and is considered as a safe place in terms of well-being, all of which constitutes an attractive destination for tourists and workers all around the world.

More specifically the cosmopolitan city-state of Dubai, welcomes well-off and aspiring traders, business professionals, and amateurs, coming from almost any destination, who are also accustomed to the most modern modes of communication. This is reminiscent of the excitement of the great city-worlds of the past, such as the powerful city of Alexandria.

But which individual sectors are booming?

EVENTS

Over the past decade, Dubai has strengthened its status as a world leader in corporate event planning with a focus on security and attendee experience.

Moreover, the Emirates are also recognized for their ability to host world-class events in the fields of leisure, culture, and entertainment, such as concerts, festivals, and sports championships.

In total, this sector is estimated at more than AED 165 million (approximately € 43 million). Due to the 2020 Universal Exhibition, this figure has skyrocketed.

INFLUENCER MARKETING

The Emirates, and Dubai in particular, represent an extremely dynamic market in terms of influence. Social media usage in this country is astounding, with a very young, multicultural, and high-income population. It is the most commonplace communication tool for influencers, as well as for brands.

The city which borders the Persian Gulf, thus presents itself as an artificial paradise that fits perfectly with its image from social media and reality TV. It symbolizes modern success, where 85% of the inhabitants are expatriates.

Many agencies, already specialized in the matter, offer Western and French influencers the best possible settle experience.

For instance, Ykone, a company pioneering in the field of influencer marketing, has settled there since 2015 with the goal in mind to support luxury brands specifically, as well as large tourism firms, another key pillar for the region.

A study produced by the company Kolsquare estimates that in 2022, the influencer marketing business amounted to approximately USD 15 billion.

LUXURY MARKET

The UAE is one of the most visited countries in the world, and with the support of the country’s regulation authorities, has met a solid expansion of its tourism industry.

Thus, the sustained growth of the luxury sector in the Middle East can be attributed to the constant development of the tourism industry.

In that sense, travelers visiting the country generally come from a wealthy social background with a high purchasing power. They create a solid customer base that luxury houses are very much fond of. In addition, the numerous expatriates on site generally benefit from high incomes and financial means, and therefore stoke the demand for luxury consumer goods well above average.

These premium brands have grasped the importance of this market of customers and as a result, give a preview of their newest product launches in the Emirates specifically, with a wide range of choice that meets local expectations.

Gucci notably has a product portfolio in the country consisting of more than 29 perfume variants, a practice which is rarely found in other international areas.

In 2020, the UAE luxury goods market was valued at USD 2,977.69 million, and is expected to register a growth of 7.17% during the 2021-2026 forecast period.

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