When I look at the numbers, Richemont's jewelry maisons' EMEA sales have grown at a 15% CAGR over the last seven years, compared to 11% for Europe. So, while it's faster, it's not extremely fast. Would you say there's still a longer growth runway, or what is inhibiting the Middle East from growing even faster than the current rates?

I wouldn't say they will grow faster, but the last decade's developments have been significant. You mentioned the double-digit increase. In my view, Saudi Arabia is at the beginning of its growth potential. However, there are more mature cities where investments have been made, like Abu Dhabi and Dubai. I also mentioned Doha and Kuwait City. Other cities like Bahrain and Oman are more niche. I would say there is continuous growth development.

When I look at the numbers, Richemont's jewelry maisons' EMEA sales have grown at a 15% CAGR over the last seven years, compared to 11% for Europe. So, while it's faster, it's not extremely fast. Would you say there's still a longer growth runway, or what is inhibiting the Middle East from growing even faster than the current rates?

There is also a younger generation. I wouldn't say acceleration is happening, but some more mature cities might see stabilization. Growth for the whole region might be driven by Saudi Arabia, not only in Riyadh and Jeddah but also in tier 2 and tier 3 cities in the mid- to long term as a whole. There are definitely investments, visa facilitation for tourism, and international companies. You don't need a majority sponsor in all countries or regions, so more brands can establish themselves, not only in luxury but in different environments.