Dubai makes its comeback

Isaac Mostovicz writes that the recession blues is over for Dubai, where the luxury market is back in full swing...

The luxury market is showing further resilience, and contradiction, from the economic crises spanning the world. In the Middle East, amongst high unemployment and rising food prices, one city is displaying a resurgence in its luxury retail sector.

Dubai was not immune to the financial crisis, and retailers reported a 45% decrease in sales in 2009, but thanks to demand by wealthy Emiratis and tourists from Russia, China and India, business activity in the UAE private sector hit an 18-month high in January 2011.  Back to indulge in their luxury delicacies, Dubai is back on track to regain its position as the second most attractive city in the world for retailers.

Chocopologie is one of the retailers that is ready to get Dubai back on the up. The chocolatier claims to sell the world’s most expensive truffle “La Madeline au Truffe”, selling for $272 a piece. Other truffles include the Antoinette, a dark chocolate heart dipped in white chocolate and French rose water.

Other products making a comeback include Dior mobile phones in a jeweled finish, and calf-skin leather bags, both from Dubai’s Rivoli Group, and platinum Breguet Double Tourbillion Classique Grand Complication watches, priced at over $440,000 apiece.  Auction houses Sotheby’s and Christie’s are also wanting a slice of the pie in Dubai, where they have seen some of the biggest sales.

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