The world may be feeling the start of a global recession, but demand for luxury cars continues to accelerate.
Rolls-Royce and Bentley — two of the biggest names in the luxury car market — announced record sales this year and a surge in demand for the latest electric vehicles.
Lamborghini also had a stellar 2022, delivering 9,233 cars worldwide, an increase of 10 per cent from the previous year. It has already pre-sold its entire production run to early 2024.
Experts say a greater choice of SUVs made by high-end brands, as well as the option to customise new cars, helped to boost sales.
Rolls-Royce reported an 8 per cent increase in vehicle sales in 2022 compared with the previous year, rising to a record 6,021 worldwide.
The average cost of one of the luxury cars is about $574,000.
Bentley recorded an increase in sales by 4 per cent last year compared with 2021 figures, selling 15,174 of its high-end vehicles.
Private dealers in Dubai, one of the most reliable markets for luxury cars, said the region’s prestige vehicle industry was booming despite the global economic downturn.
“The Middle East has always been a strong performer for Rolls-Royce and Bentley, regionally, in terms of sales numbers,” Ryan Hughes, co-owner of RMA Motors in Dubai Investment Park, told The National.
“One of the main reasons has been the introduction of the luxury SUV Cullinan and Bentayga models.
“They are some of the best-performing models and have encouraged sales numbers to improve.
“The Cullinan is the best-selling product in our region, and for Asia it seems to be the Ghost.
“The next big step globally is the launch of the Spectre, the first electric Rolls-Royce. It will be interesting to see how it performs.”
RMA Motors has reported impressive growth, with a 10 per cent increase in luxury car sales in 2022 and an 18 per cent growth forecast for 2023, Mr Hughes said.
Custom-made Rolls-Royce cars have helped to increase profits for the German-owned manufacturer, with the Middle East the leading region for bespoke orders.
The car maker in 2022 opened its first private office outside the UK to cater to the burgeoning market for custom luxury cars in the Middle East.
The office is in Dubai’s One Central district.
“The Middle East region continues to contribute significantly to Rolls-Royce’s overall success and saw the strongest sales growth of any region in 2022,” said Rolls-Royce regional director Cesar Habib.
“It is a key market for bespoke vehicles.
“While we don’t provide sales forecasts, we are optimistic that 2023 will be another strong year for Rolls-Royce Motor Cars in the Middle East and Africa."
Bentley also reported a consistent appeal among consumers for the Continental GT and GT Convertible, which starts at $238,300, and accounted for about a third of all sales.
Its popular SUV — the Bentayga — made up 42 per cent of all company sales.
It also recorded growing demand in 2022 for bespoke vehicles, as customers looked to make their cars unique.
Custom vehicles delivered last year increased by 6 per cent in the Middle East to 968 last year, up from 915 in 2021.
“During the past three years, we witnessed increasing demand across our portfolio and we expect the business to continue on a healthy growth trajectory in 2023,” said Joseph Tayar, director of the prestige division of Al Habtoor Motors.
“Customers in the UAE do really value their personal tastes and they are not worried to express it.”
Customised cars are a key performer for Bentley in the UAE, with lead times from six to 12 months.
“The product scarcity we faced during the past three years affected customer expectations and behavioural patterns,” Mr Tayar said.
“Focus has shifted towards highly customised vehicles and clients are accepting the lead time required for production.
“Supply issues have been corrected all around the world by most manufacturers and we have now a steady supply of Bentley vehicles arriving in UAE.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
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Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
