uae luxury car sales flip in high gear amid slowdown
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

UAE luxury car sales flip in high gear amid slowdown

Arab Today, arab today

Arab Today, arab today UAE luxury car sales flip in high gear amid slowdown

Abu Dhabi - Arabstoday

Mother-of pearl dashboards and diamond-encrusted hood ornaments at the Dubai International Motor Show this week underlined how the safe-haven status of the United Arab Emirates is fuelling dramatic growth in sales of luxury cars. The market was hit hard by the 2008-2009 global financial crisis and recovered only partially last year. But this year\'s political unrest in the Arab world boosted sales in the UAE, which was spared such turmoil. Companies and individuals from around the region looked for a safe haven in Dubai, a key Gulf business hub \"The uprisings...have provided confidence that Dubai is important from a security point of view,\" said Michel Ayat, chief executive of AW Rostamani Automotive, which sells Nissan\'s luxury Infiniti models. With Brent oil prices above $100 a barrel, promising continued economic growth for the UAE, a debt crisis in Europe and financial stormclouds in the United States have also largely failed to deter wealthy consumers. The UAE economy is expected by analysts to grow about 3.8 percent this year. \"The crisis is everywhere. [But] even if the local has nothing to eat, that\'s no problem if he has a luxury car,\" joked Emirati businessman Salem Seif, 28, eyeing a new Porsche Cayenne sport utility vehicle at the motor show. Porsche in Dubai sold 211 new cars in August, the best-ever performance for any Porsche showroom globally, with the Cayenne remaining the brand\'s top seller. Sales for the first eight months of this year are up 46 percent from a year earlier, said Vijay Rao, the showroom\'s general manager. In the UAE, the Gulf\'s largest market for luxury cars, total sales are expected to jump 32 percent to 25,010 this year after a 16 percent rise in 2010, consultants IHS Automotive forecast. That would be the fastest growth in the Gulf and exceed volumes seen in the oil-boom years before 2008, when access to credit was easier. Luxury cars account for 9 percent of the country\'s car sales. And many of them are being bought by young customers just getting a taste for such vehicles; some 66 percent of all new car purchases in the UAE, which has the world\'s sixth highest per capita income at over $47,000, are made by customers between the ages of 18 and 29, according to Business Monitor International. A moderate economic slowdown looks likely in the UAE next year if the global outlook worsens, and this could cool the luxury car market. Dubai\'s safe-haven effect may also fade as partial political stability returns to other Arab countries; in the last few months, rapid growth in deposits at UAE banks has slowed, central bank data shows, suggesting there are no longer big inflows of foreign money seeking a refuge from political turmoil.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae luxury car sales flip in high gear amid slowdown uae luxury car sales flip in high gear amid slowdown

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae luxury car sales flip in high gear amid slowdown uae luxury car sales flip in high gear amid slowdown

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday