Dubai envisions boost to luxury market in visit by Cartier CEO

Dubai is courting Cartier as it looks for ways to enhance its luxury sector amid headwinds from ongoing regional conflict.

That was evident in the enthusiastic reception Louis Ferla, CEO of the luxury French jewelry brand, received when he visited Sheikh Maktoum bin Mohammed, UAE Minister of Finance and Deputy Ruler of Dubai, on Saturday.

“Innovation and design are essential to enhancing the competitiveness of Dubai’s luxury retail sector and developing shopping experiences that meet the aspirations of its residents and visitors from around the world,” Sheikh Maktoum said in an X post.

Dubai’s zeal for luxury brands has taken a hit from the Iran war, which has dampened consumer confidence and dramatically slashed tourism.

Cartier’s most recognizable piece, the minimalist “Love” bracelet that starts at more than $5,000, is a regular feature on the wrists of wealthy Gulf nationals and expats.