Arab luxury world 2016 maps luxury business in ME

Arab luxury world, a conference on the business of luxury in the MENA region is being held on June 1 and 2, 2016 in Dubai. The conference provides a platform for meaningful discussions, sharing ideas and networking with industry experts. The two-day conference by Mediaquest Corp, welcomed the who’s who of the regional luxury sector, from Watches and Jewelry, Fashion and Accessories, Perfumes and Cosmetics, Premium Cars, Tourism, and Art and Culture. The conference kicked off with the key note address by Patrick Chalhoub, Co-Chief Executive Officer, Chalhoub Group. He gave a clear insight to the luxury market in terms of tourism, hospitality, retail and other sectors. He stated that the region was transforming from abundance to an age of maturity, knowledge, seriousness and more rigorous governance. He reiterated that these are the times to better understand the underlying forces that are reshaping the luxury industry in the Middle East. There were several key macro-economic events in 2015 which had a strong impact on the luxury market. It entails the depreciation of the Russian rouble, break down of the Chinese stock market, Saudi stock market slows down by 50%and the oil price drop.