Car sales are accelerating across the Middle East as consumer confidence remains strong despite changes to financing rules and supply issues.
Ford and Renault are two of the fastest growing brands across the Emirates, while 4x4s and cross-overs continue to drive the market.
General Motors enjoyed its 12th consecutive month of sales growth last month, up overall in the Middle East by 21 per cent in the third quarter to 35,565 cars, compared with the same period a year ago.
"September capped an outstanding 12 months for GM Middle East," said John Stadwick, the president and managing director for GM in the region.
Sales of 4x4s across General Motors three brands - Chevrolet, GMC and Cadillac - increased by 30 per cent in the three months until the end of last month and sales of crossover cars, those combining features of a 4x4 with features from a passenger vehicle, increased by 37 per cent in the same period.
Ford also had a robust quarter, topping off nine months of customers snapping up the US brand.
Its biggest 4x4, the Expedition, increased sales by 130 per cent in the first nine months and the new model Edge crossover jumped 70 per cent in the same period.
This compares with overall growth across all Ford models of 57 per cent in the Middle East and 37 per cent in the UAE in the same period.
"More and more customers are choosing Ford thanks to its strong new products, and this is helping us grow stronger and gain market share across the region," said Larry Prein, the managing director for Ford in the Middle East.
All dealers have had to adapt to a new financing landscape this year after the Central Bank introduced changes to lending rules, which mean customers now have to come up with a 20 per cent deposit to buy a car with a loan.
Many dealers now help customers by paying for deposit or by offering other perks, such as free insurance.
Car makers such as Nissan and Toyota have also had to deal with supply issues in the wake of the earthquake and tsunami in Japan in March.
Meanwhile, the French manufacturer Renault continues to build its footprint in the UAE. It is gaining a large following through social media and marketing, and by rolling out new products such as the Safrane saloon and the Megane hatchback.
Arabian Automobiles, the exclusive Renault, Nissan and Infiniti distributor in Dubai and the Northern Emirates, said sales increased 59 per cent in the eight months up to the end of August. Sales of Nissan increased 20 per cent despite supply issues and Infiniti grew 23 per cent, in the same period.
Emirates Motor Company, part of the Al Fahim Group, reported a 10 per cent increase in sales of Mercedes-Benz across Abu Dhabi in the first nine months of the year and 17 per cent growth in the third quarter. Sales of Jeep cars increased 21 per cent in the third quarter, driven by the new Gran Cherokee, it said.
"The market is definitely stronger, but sales have been helped by new products," said Chris Preston, the chief executive of automotive at Al Fahim. "We have had some great financing rates from the banks, which has galvanised people into action, but I also think the underlying picture in Abu Dhabi is getting stronger."
In the luxury segment, car makers indicate sales are set to grow by a record 20 per cent this year, according to numbers this week from IHS Automotive, a consultancy. The figure is more than double the growth in the previous year of 9.7 per cent.
[ rjones@thenational.ae ]
COMPANY PROFILE
Company name: ASI (formerly DigestAI)
Started: 2017
Founders: Quddus Pativada
Based: Dubai, UAE
Industry: Artificial intelligence, education technology
Funding: $3 million-plus
Investors: GSV Ventures, Character, Mark Cuban
Turning waste into fuel
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres
ABU DHABI'S KEY TOURISM GOALS: BY THE NUMBERS
By 2030, Abu Dhabi aims to achieve:
• 39.3 million visitors, nearly 64% up from 2023
• Dh90 billion contribution to GDP, about 84% more than Dh49 billion in 2023
• 178,000 new jobs, bringing the total to about 366,000
• 52,000 hotel rooms, up 53% from 34,000 in 2023
• 7.2 million international visitors, almost 90% higher compared to 2023's 3.8 million
• 3.9 international overnight hotel stays, 22% more from 3.2 nights in 2023
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
SPEC SHEET: APPLE IPAD PRO (12.9", 2022)
Display: 12.9-inch Liquid Retina XDR, 2,732 x 2,048, 264ppi, wide colour, True Tone, ProMotion, 1,600 nits max, Apple Pencil hover
Chip: Apple M2, 8-core CPU, 10-core GPU, 16-core Neural Engine
Memory: Storage – 128GB/256GB/512GB / 1TB/2TB; RAM – 8GB/16GB
Platform: iPadOS 16
Main camera: Dual 12MP wide (f/1.8) + 10MP ultra-wide (f/2.4), 2x optical/5x digital, Smart HDR 4
Video: ProRes 4K @ 30fps, 4K @ 24/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: TrueDepth 12MP ultra-wide (f/2.4), 2x, Smart HDR 4, Centre Stage, Portrait, Animoji, Memoji; full HD @ 25/30/60fps
Audio: Four-speaker stereo
Biometrics: Face ID, Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to nine hours on cellular
Finish: Silver, space grey
In the box: iPad, USB-C-to-USB-C cable, 20-watt power adapter
Price: WiFi – Dh4,599 (128GB) / Dh4,999 (256GB) / Dh5,799 (512GB) / Dh7,399 (1TB) / Dh8,999 (2TB); cellular – Dh5,199 / Dh5,599 / Dh6,399 / Dh7,999 / Dh9,599
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
CRICKET WORLD CUP LEAGUE 2
Mannofield, Aberdeen
All matches start at 2pm UAE time and will be broadcast on icc.tv
UAE fixtures
Wednesday, Aug 10 – Scotland v UAE
Thursday, Aug 11 - UAE v United States
Saturday, Aug 14 – Scotland v UAE
Monday, Aug 15 – UAE v United States
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, Vriitya Aravind, CP Rizwan, Basil Hameed, Rohan Mustafa, Zawar Farid, Kashif Daud, Karthik Meiyappan, Zahoor Khan, Junaid Siddique, Sabir Ali, Alishan Sharafu
Table (top three teams advance directly to the 2023 World Cup Qualifier)
1. Oman 36 21 13 1 1 44
2. Scotland 24 16 6 0 2 34
3. UAE 22 12 8 1 1 26
--
4. Namibia 18 9 9 0 0 18
5. United States 24 11 12 1 0 23
6. Nepal 20 8 11 1 0 17
7. Papua New Guinea 20 1 19 0 0 2
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Elvis
Director: Baz Luhrmann
Stars: Austin Butler, Tom Hanks, Olivia DeJonge
Rating: 4/5
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
COMPANY PROFILE
Company name: OneOrder
Started: March 2022
Founders: Tamer Amer and Karim Maurice
Based: Cairo
Number of staff: 82
Investment stage: Series A
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
More about Middle East geopolitics
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
ASIAN RUGBY CHAMPIONSHIP 2024
Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea
Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea
match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
Civil War
Director: Alex Garland
Starring: Kirsten Dunst, Cailee Spaeny, Wagner Moura, Nick Offerman
Rating: 4/5