Dubai: Throughout countless wars, revolutions and upheavals around the Middle East, there has been at least one consistency: Ahmed Seddiqi & Sons has sold Rolex watches.
Operating for six decades with an exclusive license to sell the famous luxury Swiss brand in the UAE, this week saw the opening of the largest Rolex store in the world in Dubai, a crowning moment for the descendants of founding father Ahmed Seddiqi.
One such descendant, Mohammad Abdulmagied Seddiqi, chief commercial officer at Seddiqi Holding, the retailer’s parent company, told Gulf News on Thursday that he was optimistic about the prospects of the region, and that despite concerns over regional politics and economic headwinds, Rolex watches were more popular in the UAE than ever before.
“The world has been suffering a lot, in terms of crisis,” he said, adding: “I would say our region has been suffering the most because of the oil drops, because of the war in Yemen, because of the issues happening in Syria, because of the political situation happening with our neighbours in Qatar and Iran.”
Nevertheless, the Emirati businessman said, he was confident in the vision of the UAE’s leadership, and their ambition to drive the country forward.
“[They want to] provide the best possible experience for the tourists, as well as for the locals and expats living here,” Seddiqi said.
With a portfolio comprising over 70 luxury watch and jewellery brands, including Patek Philippe, Rolex, Hublot and Audemars Piguet, and 75 stores throughout the UAE, Ahmed Seddiqi and Sons is a towering force in the country’s retail landscape.
Seddiqi, who has worked for the family business for over a decade, went on to speak at length about the stability that the UAE has enjoyed since its formation.
“Today, the security that we have here in the UAE is priceless. Knowing that we are not very far … we are in a Bermuda Triangle today, but we are living in peace, people are enjoying, the city is growing. This is a confidence. We are here, we can do it,” he said.
It has not all been plain sailing, however.
Shop closings
Recalling the 2007 global financial crisis that hit UAE businesses a year later, and the impact it had on the country, Seddiqi said: “Dubai suffered a lot then. But we didn’t stop.”
“A lot of shops closed, but at Seddiqi, we didn’t close a single shop, and we didn’t fire a single employee from the company,” he said, restating a fact he has referenced in previous interviews.
Instead, he added, Seddiqi invested in better training and more quality showrooms, in order to “come back even stronger.”
And now, the senior executive said, the global economy was again looming on the precipice of crisis.
“So now that we are feeling that the crisis is coming, and there are talks that something big will hit soon, hopefully not, but we are ready, and we are strong, and will stay strong, and continue to provide the best possible service to our consumers,” Seddiqi said.
Much like in 2008, Ahmed Seddiqi & Sons is not cutting back. According to Seddiqi, there will be no store closures due to the arrival of its new flagship Rolex outlet at Dubai Mall.
Indeed, the company says it is still on the lookout for new retail locations, including Meydan One and Nakheel Mall.
A Rolex is cash
The Emirati, British, French, German and Chinese customers who make up the bulk of Rolex’s sales in the UAE have remained unwavering in their appetite for luxury watches.
Typically aged between 25 and 50, Ahmed Seddiqi & Sons is happy with the “healthy diversity” of its customer base, according to the senior executive.
Only Russians have dropped off in recent years, Seddiqi said, due to the weakening of the rouble. As a result he noted, their purchasing power had declined, and they visited the UAE more to holiday now rather than to shop.
On the enduring appeal of the group’s watches, many of which cost Dh60,000 and above, Seddiqi was confident: “People will always want a Rolex, no matter what.”
“A Rolex is cash.”
He, however, declined to divulge the number of watches the company sells annually in the UAE.
Gulf expansion
The company’s ambitions for expansion are not limited to the UAE. The retailer said that it was exploring how it might export its 1915 by Seddiqi & Sons concept, a slightly less expensive version of the store aimed at younger customers, to the rest of the Gulf.
But Seddiqi stressed that the company would always prioritise its home market, the UAE.
