His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, met with Richemont Group CEO Nicolas Bos on January 19, 2026, to discuss deepening cooperation and leveraging Dubai’s growing role as a global economic and luxury hub. The high-level meeting underscored the UAE’s commitment to forging strategic alliances with leading international corporations, reinforcing Dubai’s position as a critical gateway for high-value economic sectors, and supporting the objectives of the ambitious Dubai Economic Agenda D33.
Strategic Alignment for Economic Growth
The discussions focused on mutually beneficial strategies to capitalize on the robust growth trajectory of the city’s luxury goods sector. Richemont, one of the world’s foremost luxury conglomerates, manages a diverse portfolio of prestigious Maisons, including Cartier, Van Cleef & Arpels, and Jaeger-LeCoultre, and has significant existing ties to the region, maintaining its Middle East, India, and Africa headquarters in the Dubai Airport Free Zone.
Dubai officials highlighted the Emirate’s competitive advantages that appeal to international luxury groups seeking regional expansion: a resilient pro-business ecosystem, world-class modern infrastructure, and a globally connected marketplace. These elements are crucial in attracting foreign investment and expanding the footprint of high-end retail and innovative companies within the UAE.
Supporting ‘D33’ Objectives
The luxury goods industry is a vital component of the diverse sectors targeted by the Dubai Economic Agenda D33, a comprehensive strategy designed to position Dubai among the world’s top three urban economies by 2033 and drastically increase foreign trade to AED 25.6 trillion.
The partnership with companies like Richemont supports two key pillars of this agenda: boosting high-value economic contributions and strengthening Dubai’s status as a global epicenter for specialized trade and investment. By fostering innovation and attracting premium brands, Dubai aims to solidify its reputation not just as a location for consumption, but as a regional hub for luxury supply chain management, creative development, and specialized services.
Richemont’s Global Footprint and Regional Importance
Founded in 1988 and based in Switzerland, Richemont reported annual group sales of €21.4 billion for the financial year ending March 31, 2025. The group’s operations span jewelry, watches, fashion, and accessories and include over 2,400 monobrand boutiques across the globe. Richemont’s vast scale and specialized expertise make its collaboration invaluable to Dubai’s aspirations in the luxury market.
The presence of its regional headquarters in the Dubai Airport Free Zone signifies the strategic importance of the city as an operational and logistical base for accessing crucial markets across the Middle East, India, and Africa.
The meeting was attended by several senior UAE officials, including His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and His Excellency Helal Almarri, Director General of the Dubai Department of Economy and Tourism. The participation of these officials underscored the government’s holistic approach to facilitating and strengthening these strategic business partnerships across various governmental and economic bodies.
Outlook: Dubai as the Nexus of Luxury Commerce
The sustained high-level engagement between Dubai’s leadership and globally influential firms like Richemont signals a clear strategic direction: leveraging its robust infrastructure and supportive regulatory environment to become the world’s preeminent nexus for luxury commerce. As global luxury spending continues to shift, particularly towards emerging markets accessible via the Middle East, Dubai is proactively cementing the foundations needed to attract specialized foreign direct investment and ensure sustainable growth in one of the world’s most enduring high-value sectors.