Middle East and Africa markets that luxury brands

  Libya and Iraq could be coming to China and Brazil
Global hotspots of the luxury goods industry.

These new markets in the Middle East and Africa are important countries for growth in the coming years for

luxury brands, according to a study in Walpole Luxury Summit 2013 industry growth of Eastern unveiled

tomorrow.

Dr Florence Eid, chief economist at the Economic Research Arabia Monitor Group, predicts that Libya, Algeria

and Iraq look markets and said. "We see new customers for the Arab and African countries, the phenomenon of

rising oil prices and the liberalization of markets open means that we will see new depositors and donors. "

Some countries, including Nigeria, Algeria, Libya, Mozambique and Iraq are on the list of mega brands seeks

new growth she suggested.

Dr. Eid in his report entitled "Riding out the global slowdown: the elastic purchasing power in the Middle

East and North Africa," predicted that luxury brands are worried about a slowdown in China now turn to the

increase in Arab and African middle class.

She added: "In the past export revenues would have gone directly into Swiss bank accounts, but now invested

wealth in the region and is distributed - the creation of a new middle class.

"A glimmer of hope after the violence of the Arab Spring is that people now have higher expectations than

ever before. We have a tremendous growth in the middle class."

Algeria, Iraq and Libya combined GDP was estimated to grow to a total of $ 732bn in 2018.