UAE Watch Retailer CEO: ‘People Told Us This Country Was Safer Than Many in Europe During the Crisis’

Reflecto News | Business & Geopolitics | UAE

DUBAI — Mohammed Abdulmagied Seddiqi, CEO of Ahmed Seddiqi & Sons, the UAE’s leading luxury watch and fine jewelry retailer, has revealed that the perception of the UAE as a “safe haven” helped his business weather the recent regional war better than many of its European counterparts.

Speaking at the Dubai Watch Week, Seddiqi noted that despite being within range of Iranian missile and drone attacks, the Gulf state’s robust air defense systems and the government’s decisive handling of the security crisis provided a level of reassurance to both residents and international travelers.

“People told us this country was safer than many in Europe during the crisis.” — Mohammed Abdulmagied Seddiqi, CEO of Ahmed Seddiqi & Sons

💎 The ‘Safe Haven’ Premium

The luxury retail sector is highly sensitive to geopolitical instability. Affluent consumers, particularly international tourists, are quick to cancel travel plans when security perceptions shift.

Seddiqi’s comments imply that while Europe was dealing with economic fallout, energy shortages, and the psychological impact of a major war on its borders (the Ukraine conflict), the UAE successfully projected an image of a secure, functioning oasis.

A combination of factors contributed to this perception:

• Calm During the Storm: Despite waves of Iranian missile and drone attacks on the country, the UAE’s air defense systems (THAAD, Patriot) intercepted most threats, keeping civilian casualties to an absolute minimum.
• Immediate Reopening: The conflict began on February 28, 2026. By May 1, the UAE had reopened its airspace and declared operations normalized . This rapid return to normalcy contrasted starkly with European airports, which struggled with rerouted flights and insurance issues .
• Geographic Distance: For travelers from Asia or the West, the war in Europe felt immediate and disruptive (cutting off air routes and spiking fuel prices). The Gulf felt distant from the front lines of the Iran conflict, despite being targeted.

💰 High‑End Resilience

Luxury spending in the UAE during the first quarter of 2026 proved resilient. Seddiqi & Sons, which operates a multi-brand retail model and boutiques for Rolex, Patek Philippe, Audemars Piguet, and others, actually captured market share from European competitors.

Why? Wealthy Russians, blocked from traveling to Switzerland due to sanctions and airspace closures, pivoted to Dubai. Middle Eastern high‑net‑worth individuals, spooked by European energy uncertainty, kept their shopping local. Asian tourists, unable to travel to European hotspots, chose Dubai as a “risk‑free” alternative.

Even with oil prices spiking to $120 per barrel (creating inflationary pressure), the luxury goods sector in the Gulf is a “Veblen good”—demand increases as the wealthy feel the need to display status amid uncertainty.

🏛️ A Contrast in Narratives

Seddiqi’s observation provides a striking contrast to headlines about Yemeni Houthi attacks or Iranian missile barrages. While the legacy Western press focused on the danger of the strait, the ground reality inside the UAE—protected by air defense—was that life, and business, could continue. For the global luxury industry, Dubai did indeed look safer than Paris or London.

📋 Key Takeaways

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