GCC's luxury automotive sector boosted by increasing numbers of millionaires living in the Gulf

Analysts recently reported that there are about 68,000 millionaires currently residing in the UAE, and more than 89,000 in Saudi Arabia, according to the 11th annual World Wealth Report , and the region's continued economic boom is contributing significantly to the growth of the luxury car sector throughout the Gulf.

'We are witnessing a marked increase in 'aspirational' buying across the region's automotive market this year. The accumulation of private wealth is contributing to the demand for luxury car ownership, making the UAE and wider GCC a newly emerging hub for high-end cars and four-wheel drives,'

said Shahzad Sheikh, Editor of CAR magazine.

To help Middle East-based readers select the highest performance and most luxurious models currently available in the market, the region's premier motoring magazine, CAR Middle East, has announced the launch of its first Car of the Year awards to coincide with the 9th Middle East International Motor Show.

The awards will be presented to senior executives from the automotive industry at a gala event at the Dubai Creek Golf & Yacht Club on 14 November. The aim of the awards is to celebrate key products, innovations, services and persons in the context of the Middle East's automotive market over the last year. The awards are being judged by a panel of unbiased experts, with more than 50 years combined experience in the automotive market, led by the magazine's editorial board and joined by CAR UK International Editor, John Sootheran.

'In total, twenty winners will be announced across five separate categories, along with a prestigious overall Car of the Year accolade. Our readers trust us to make honest and informed decisions, so it was vital to have seasoned and well-respected experts who understand the importance of these awards both to the industry and our readers,' Sheikh explained.

Award categories include Performance Cars, Luxury Cars, Passenger Cars, SUVs and Industry Awards that will include Manufacturer of the Year and Automotive and Motor Sport Industry Person of the Year.

Sheikh believes that the experience, knowledge and expertise of the judges will make these the most covetable and credible awards in this region. 'This is the first time that CAR, one of the world's most established and authoritative motoring titles, will be presenting awards based specifically on the Middle East market, reflecting the increased stature of the region as an automotive hub,' he stated.

Looking at a 12 month period from November 2006 up to the end of October 2007, the judges will base their selection of winners on personal experience and knowledge of the motor and motor sports industry both regionally and internationally.

A short-list of award winners will be released by 1st November, with the award winners being publicly revealed at the Dubai Motor Show on 15 November, through a specially produced 16-page supplement. The supplement will be widely distributed at the event, giving the industry and show-goers a preview into the comprehensive awards coverage that will be featured in the December issue of the magazine.