The affluent in the Middle East are expected to splurge more on luxury products in 2013, exhibitors at a luxury expo in Dubai say.
Nasjet, the largest private jet company in the Middle East, has exceeded its 2012 target and set a 20 per cent high goal over last year for 2013.
“We are quite optimistic of achieving our targets as we expect people in the regional to spend more on luxury products this year,” an optimistic Muhammad Murad, Director, Regional Sales, Nasjet, told Emirates 24|7.
The Saudi-based company owns 15 private jets and manages 60 aircrafts for business tycoons and corporates across the Middle East.
Though Murad did not disclose the number of jets sold last year, he said Gulfstream G450 Executive Jet costs $40 million for a new one while a five-year old sells for $25 million.
The World Luxury Expo, part of the Dubai Shopping Festival 2013, is being held at Burj Al Arab from January 15 to 17.
Sari Bechara, Sales Specialist, Bentley Emirates, said they sold over 310 luxury cars in the UAE in 2012.
“It is difficult to give the number, but we certainly expect to sell more cars than last year,” he stated.
On display is the Bentley Mulsanne, the pinnacle of luxury British motoring that mixes hand-crafted refinement with engineering excellence. The car is priced at Dh1.312 million.
Besides, McLaren MP4-12C Spider 2013 is being showcased and is priced at Dh1.15 million.
Bechara say they sold over 50 units of Mclaren MCP 4 in the UAE last year. The car is priced at Dh1.05 million.
Montegrappa, an Italian manufacturer of fine writing instruments, is selling the “Centennial Dragon” solid 18k gold pen for Dh3.1 million.
The “Centennial Dragon” Rose Gold edition is priced at Dh772,000, while the Batman collection is available at Dh18,400.
A company salesperson said they have sold the limited edition in the UAE, but could not provide any number.
The Middle East luxury market will grow by 15 per cent, becoming the 10th largest market in the world in 2012, according to Bain & Company’s worldwide study.
Global luxury goods market revenues will witness a full-year growth of 10 per cent taking the total luxury goods revenues to an estimated $284 billion.
Follow Emirates 24|7 on Google News.