Women in the UAE spend 38 per cent more on make-up than their counterparts in France, home to some of the world's biggest beauty brands.
It should therefore come as no surprise to hear that the industry is booming in the Emirates. And a recent study by the Dubai Chamber of Commerce and Industry (DCCI) has revealed just how much it is worth. Between 2003 and last year annual imports of beauty products to the UAE rose from Dh1.4 billion (US$381.1 million) to Dh4.1bn, while exports jumped from Dh100m to Dh400m over the same period. The value of Dubai's cosmetics retail sector grew from Dh3bn in 2005 to Dh5.5bn last year.
The forecast is based on a report by Euromonitor International, which recently revealed that spending on cosmetics in the UAE is considerably higher than that in many European countries.
A number of factors fuelled the growth of the sector in the Emirates, including a phenomenon known as the "lipstick effect".
"This is the view that is commonly held among consumers that cosmetics and well-being products are often considered a daily necessity," said Dr Belaid Rettab, the senior director at the DCCI's Economic Research and Sustainable Business Development sector.
"These products exhibit stable sales and are hardly affected by the economic cycle."
The Dubai Shopping Festival and Dubai Summer Surprises also contributed to the growth of the sector, but duty free sales at Dubai International Airport played a major part, Dr Rettab said.
"The airport is a strategic transit hub in the region and has incredibly strong sales in luxury goods, especially cosmetics and perfumes, and this trend is expected to continue."
Tourism generally contributed to the expansion of the sector as visitors tend to spend their holiday money in luxury spas and on beauty treatments and products, Dr Rettab said.
Dubai's young population and sizeable middle class accounted for the final factor in the growth of the cosmetics sector.
"Young people tend to spend more on luxury products and this is increasingly true for regions where people have higher disposable incomes," Dr Rettab said.
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Naga
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Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity