His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai and the UAE’s Deputy Prime Minister and Minister of Finance, met with Nicolas Bos, Group Chief Executive Officer of Richemont, on January 19, 2026, to discuss leveraging Dubai’s rapidly growing luxury sector and its strategic position as a global financial hub. This high-level engagement reaffirmed the UAE’s proactive approach to cultivating strong strategic alliances with major international corporations, aiming to support the ambitious expansion objectives outlined in the Dubai Economic Agenda D33.
The discussions focused on strategies for deepening cooperation, emphasizing how Dubai’s sophisticated business framework, best-in-class infrastructure, and extensive global connectivity make it an essential gateway for luxury brands seeking robust regional growth. Leaders acknowledged that the luxury goods market is a critical component contributing to the D33 objective, which aims to position Dubai among the top three urban economies globally and double foreign trade to AED 25.6 trillion by the year 2033.
Reinforcing Dubai’s Global Marketplace Position
The meeting highlighted the mutually beneficial relationship between Richemont, a preeminent Swiss-based luxury goods conglomerate, and Dubai’s supportive economic climate. Richemont, founded in 1988, manages an extensive portfolio of prestigious Maisons across jewelry, watches, fashion, and accessories, including iconic names such as Cartier, Van Cleef & Arpels, Piaget, and Montblanc.
Significantly, Richemont already maintains a substantial regional footprint, anchoring its Middle East, India, and Africa (MEIA) headquarters within the Dubai Airport Free Zone. This existing presence underscores Dubai’s appeal as an operational and commercial base.
The leaders assessed future avenues for joint expansion within a market increasingly defined by high-net-worth consumers and sophisticated demand. By bolstering partnerships with top-tier global retailers like Richemont, Dubai fortifies its standing as both a dominant retail destination and a primary hub for investment and innovation within the luxury ecosystem.
Key Attendees Underscore Economic Importance
The strategic relevance of the meeting was evident in the roster of prominent attendees from the UAE side. Joining Sheikh Maktoum bin Mohammed were His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Helal Almarri, Director General of the Dubai Department of Economy and Tourism; His Excellency Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group; and His Excellency Mohammed Al Zarooni, Executive Chairman of the Dubai Integrated Economic Zones Authority (DIEZ). The presence of these officials underlines the interconnected nature of Dubai’s economic strategy, spanning finance, tourism, and free-zone operations.
Richemont’s enormous global scale further illustrates the economic stake in this partnership. The group reported robust annual sales of €21.4 billion for the fiscal year ending March 31, 2025, operating over 2,400 monobrand boutiques across its global network and employing more than 40,000 personnel in over 150 locations.
This alliance is a key indicator of Dubai’s commitment to driving high-value sectors and enhancing foreign investment to achieve its audacious long-term economic goals. By proactively engaging with the world’s leading brands, Dubai ensures its marketplace remains dynamic, competitive, and globally influential in the realm of luxury commerce.