Executive Motoring
- The news you choose »
- Login to Add to Watchlist
Categories
Special offer for Pajero buyers
Dubai-based Al Habtoor Motors has partnered with Emirates NBD and Abu Dhabi Commercial Bank to offer customers who want to buy a new Mitsubishi Pajero, the facilities of no down payment and interest rates up to 4.99% for a 5-year period. The special Pajero promotion, which includes 2 years free insurance and free servicing, is available to individuals whose salaries start from Dhs5,000, and will be running till August 14, 2009.
XC60 boosts Volvo regional sales
Volvo Cars Middle East has said that it is satisfied with sales results for its new Volvo XC60 model, which constituted 38% of Volvo sales during Q1 2009. Volvo managed to sell 142 units across the GCC region, 80 of which were sold in the UAE. Volvo also said the XC60 accounts for almost 50% of its sales in Qatar.
Hummer V8 on sale in Qatar
Qatar's Mannai Trading Co. has announced the launch of the 2009 Hummer H3 SUV model into the Qatari market. The new model features a 5.3 litre V8 MFI engine, which delivers 300bhp (224kW) at 5200 rpm and 320 lb-ft of torque (432 Nm) at 4000 rpm, 4-wheel anti-lock brakes, a new rear-view camera system fitted as standard, and a feature called StabiliTrak to assist with hill starts.
Qatar may take more shares in Porsche, says report
German magazine Focus has said the Qatar Investment Authority could acquire more shares in Porsche than previously thought. The magazine has referred to details of a paper outlining the future ownership structure that it said Porsche CEO Wendelin Wiedeking had presented to the Porsche and Piech families. It said there had been a provision for an external investor to hold 29.9%, when so far only a 25% share had been mentioned. However, there was no direct mention of Qatar.
Mercedes-Benz G Class sales up by 139%
Mercedez-Benz G-Class brand continues to be popular in the Middle East as May deliveries reported 139% increase in sales over the same period last year. The brand has reported 445 G-Class vehicles delivered to customers across the Middle East and Levant from January 2009. May deliveries posted 259 vehicles compared to the first five months of last year which posted 186.
Outcome from QIA talks with Porsche expected soon
The outcome of talks for Qatar Investment Authority (QIA) to buy into Porsche are expected to be known within three weeks. The sports car maker has debts of €9bn after it bought a 51% stake in Volkswagen. It is now in exclusive discussions with QIA for it to buy a stake in Porsche of at least 25%. Qatar's Prime Minister, Sheikh Hamad bin Jassem al-Thani, said: "We have not disclosed any details, nor has Porsche because there is an agreement between the two parties not to divulge any information."
Mercedes plans used car programme
Mercedes-Benz Cars Middle East & Levant is launching a 'Proven Exclusivity - Mercedes-Benz Approved Used Car Programme" in Qatar, UAE and Saudi Arabia. Cars will be under six years old and have been driven for less than 150,000km. Prospective customers will be able to trade in any make of car.
Renault on track to build plant in Morocco
French carmaker Renault says it is moving ahead with plans to build a manufacturing plant for low-cost vehicles in Tangier, Morocco. Carlos Ghosn, president and chief executive of Renault, said buildings of the plant will be erected beginning September this year and that the only change would be 'the rate of production' of the factory, which would depend on market circumstances.
Jordan, Iraq car exports fall
President of the Jordan Free Zone Investors Association, Nabil Abu Rumman has said that automobile re-exports to the Iraqi market had dropped by 70% during the first half of this year, compared to the same period of 2008, according to the Jordan Times. He attributed the decline to security reasons on the Iraqi side and 'complicated entry procedures' into Jordan for Iraqis, in addition to competition from Dubai and Syria. The number of imported cars to be re-exported to other markets such as Iraq and Libya is expected to be reduced from over 16,000 to 12,000 because of low demand, Abu Rumman added.
Porsche moots $3.45bn Qatar stake
Porsche SE may sell a stake worth as much as $3.45bn to Qatar, according to people familiar with the situation, Bloomberg has reported. Negotiations about the sale are proceeding 'in a good atmosphere,' said Porsche spokesman Albrecht Bamler. He declined to comment on the price.
DIB offers auto finance
Dubai Islamic Bank (DIB) has launched Al Islami Auto Finance, which is available for up to 72 months, with a minimum monthly salary requirement of Dhs3,000. No down payment or salary transfer is required to avail of this offer, which covers both new and pre-owned vehicles, DIB said.
Ajman bank offers 0% Lexus finance
Shariah-compliant Ajman Bank has introduced a new offer in partnership with Al-Futtaim Motors that gives potential Lexus buyers the option to place a 15% down payment on new purchases with a three year financing agreement at a zero percent profit rate. The offer is valid on purchases made up to July 1 2009, the bank said.
GCC car sales pick up in Q2
A report from AutoMiddleEast.com has revealed that distributors are positive about the market as car sales in the GCC region picked up during the second quarter of 2009. Disparities were found evident between the luxury end and the high volume mid market but the report was conclusive that overall the outlook is positive. However, General Motors distribution has confirmed it will see an overall fall in sales in the GCC and Levant from 1,150,000 in 2008 to around 850,000 units in 2009.
MAG to buy Continental plant
Fawaz Sabri, vice-chairman of UAE-based MAG Group has told Reuters that it has submitted a letter of intent to Continental AG to begin due diligence on buying its Claroix plant in northern France, and has given Continental 14 days to respond. 'We intend to get more information and details on the factory to put our business plan together,' Sabri said, adding it was the group's intention to buy the plant, its land and equipment to produce an estimated three million tyres a year.
Porsche in exclusive talks with Qatar
A spokesman for Porsche has confirmed his company is engaged in 'exclusive talks' with Qatar Investment Authority to sell a stake in its holding company via a capital increase of common shares or by divesting its options for Volkswagen shares, Reuters Reported. The Financial Times had earlier reported that QIA could take a stake of up to 25% in Porsche's holding company in a deal involving a capital increase of up to $6.25bn.
It looks like you are using a Mac - check out our 
Web Feeds