Luxury Ferrari, Maserati auto brands poised for growth

Dubai: Al Tayer Motors, dealers for Ferrari and Maserati brands in the luxury segment, expects huge jump in the sales of both brands in the coming years.

"We project Ferrari sales to increase by 11 per cent in 2011, while Maserati sales are forecast to go up by four per cent in the year," Hussam Hosni, general manager for Luxury Auto, Al Tayer Motors, told Gulf News.

He added that Ferrari currently commands a 32 per cent market share in the UAE, and Maserati's share is 10 per cent at present.

Both luxury car manufacturers expect their business in the Middle East to increase manifold in the next few years.

For Ferrari, which sold around 6,570 cars globally last year, the Middle East represents seven per cent of company sales at present, according to Enrico Galliera, senior vice president for Commercial and Marketing, Ferrari SpA.

Growing significantly

"It is growing significantly. There is a scope to grow sales from this region in double digits in the next five-odd. We still believe that in the Middle East, especially in Dubai and Abu Dhabi, there is a huge untapped potential for our product," he told Gulf News.

Similarly, Maserati sold approximately 5,700 cars globally in 2010, with the Middle East accounting for around seven to eight per cent.

"This number would probably mature into double digits in the next five years," said Umberto Cini, Managing Director for Maserati Middle East and Africa, adding that the UAE accounts for about "30-35 per cent" of the company's Middle East sales.

"Back in 2006, this region accounted for three per cent of Maserati's business, which then grew to 10 per cent in 2008," he pointed out.

UAE stability plan

Furthermore, the UAE represents approximately 40 per cent of the Middle East luxury car market, according to Cini. "In the short term, it is set to grow for sure. In the long term, the stability plan that the UAE has will definitely help the market," he said.

Supporting Cini's view is Pierto Innocenti, General Manager, Ferrari Middle East and Africa. He said: "The UAE is the trendsetter market for the Middle East region. About 25 per cent of the cars sold in the UAE are premium to luxury cars. As far as our segmentation goes the starting price for the luxury car segment is more than $200,000."

Sales boost

Eyeing potential increase in sales for both its luxury car brands, Al Tayer Motors yesterday opened a contemporary Ferrari and Maserati showroom in Dubai. Spanning more than 18,000 square feet on two levels, the state-of-the-art showroom is almost double the size of the previous dedicated facility for Ferrari and Maserati. According to Hussam Hosni, General Manager for Luxury Auto, Al Tayer Motors, the company is investing Dh14.8 million in the facilities for Ferrari and Maserati.