Life & Style | Motoring
UAE car sales accelerate 37% in first half
Car sales in the UAE grew 37 per cent in the first half of this year on the back of population growth and strong economy, according to industry figures.
- By Shakir Husain, Staff Reporter
- Published: 00:05 July 29, 2008
Dubai: Car sales in the UAE grew 37 per cent in the first half of this year on the back of population growth and strong economy, according to industry figures.
The half-yearly growth rate was 13 per cent higher than the percentage increase in full-year car sales in 2007. Last year the UAE recorded sales of more than 296,000 cars compared with 239,000 units during the previous year, according to Arabian Automobiles Company, the Nissan and Infiniti dealer in Dubai and northern emirates.
"The luxury segment represents 12 per cent of the market by volume and 24 per cent by value," Arabian Automobiles chief executive officer Michel Ayat said at the launch of the new Infiniti FX in Dubai on Sunday night.
Quoting figures of the Middle East Automobile Council (MEAC) - a group representing leading vehicle manufacturers, Ayat said the UAE accounts for 40 per cent of GCC luxury car sales, followed by Saudi Arabia at 21 per cent and Kuwait at 14 per cent.
The UAE luxury car market has grown 56 per cent between 2005 and 2007, he said, and added he expects the growth to remain strong in the years to come. The company is projecting the Infiniti FX's sales to be 6,500 units in 2012, compared with 2,500 last year.
Car sales in the GCC are growing at a faster rate than most regions. MEAC figures show the GCC recorded a sales growth of 26 per cent in the first half of 2008 compared with the corresponding period last year.
UAE car sales increased the fastest in the GCC at 37 per cent. The car market globally expanded by just 0.8 per cent.
"The GCC is experiencing one of the highest growth rates globally. It has become the key market for global car manufacturers," Ayat said, attributing the robust growth to increase in population, rising individual wealth and the region's vibrant economies.
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