The Middle East’s thriving luxury sector isn’t immune to the war in Iran, and CEOs of top brands have their eyes on the region. That has an effect on the shopping centers and so forth and for all the brands.”A recent Bernstein Research report forecasted luxury sales in the Middle East would fall by 50% this month, primarily a result of a decline in traffic and tourism. The Middle East region makes up about 6% of the world’s luxury market, but is among the fastest-growing geographies, with sales growing 6% to 8% organically, Bernstein reported. According to Bernstein, Dior and Gucci, which each get 20% of sales, excluding beauty and multi-brand stores, from the region. From 2019 to 2022, the ultra-wealthy in the Middle East and North Africa saw their wealth double, per a 2023 OxFam report.

Source: The North Africa Journal March 21, 2026 14:22 UTC