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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.
Crisis-driven sales ease in Dubai
Used-car dealers in Dubai say they are seeing fewer high-end cars being sold for quick cash by owners, reported Reuters. Crisis sales reached a peak in February and March, dealers said, but have slowed since then as banks increased lending and companies laid off fewer employees than they were earlier this year. However, distress sales could pick up again during the slow summer season.
Saudi enforces ban on cars older than five years
The Saudi Customs Department has started implementing an official decision banning the import of used cars, buses and other light goods vehicles that are older than five years into the kingdom, reported Arab News. Suleiman Al-Tuwaijeri, director of the Customs Department at the Jeddah Islamic Port, said the ban does not, however, cover spare parts for old vehicles in use, adding that a six-month grace period has been granted to importers to set matters straight.
VW supports Qatar taking stake in carmaker
Volkswagen would support Qatar taking a substantial voting stake in either its debt-laden parent Porsche or in VW itself, a company spokesman told Reuters. 'In principle we view this positively since it would accelerate the process to form an integrated group with 10 brands,' the spokesman said.
BMW's new Z4 makes Qatar debut
Alfardan Automobiles, BMW dealer in Qatar, has announced the arrival of the new BMW Z4 to the country. The new BMW Z4 is available with any of three straight-six cylinder engines offering 306 hp, 258 hp and 204 hp. The new roadster also features Dynamic Drive Control as standard, which ensures significantly more powerful acceleration with an even faster gearshift, the dealer says.
Porsche Qatar deal expected
Qatar is to strike a deal with Porsche by mid-June that will help to pay down its $12.8bn debt, according to Reuters. Porsche's Chief Executive Wendelin Wiedeking has worked out two possible options for an agreement with Qatar. The first option is to buy up Porsche's options for 24% of shares of Volkswagen via its Qatar Investment Authority fund, while the second is for Qatar to buy a direct stake in Porsche Holding, which controls the company's sports car business as well as its 51% stake in Volkswagen.
Maserati GranTurismo launched in Jeddah
Fast Auto Technics Co, the importer of Maserati in Saudi Arabia, has launched the new Maserati GranTurismo S Automatica in Jeddah. The new model features a 4.7L V8 engine, which develops 440HP (323kW) at 7000 rpm with a maximum torque of 490Nm at 4.750 rpm. Furthermore, the GranTurismo S Automatica is equipped with a ZF 6-speed automatic gearbox with a wet sump, Skyhook suspension system featuring continuously adjustable dampers and a new generation passenger airbag with Low Risk Deployment functionality.
GM to sell Saturn to Penske
General Motors Corp has announced that a preliminary agreement has been made with Penske Automotive Group, in a bid to sell its Saturn brand and preserve more than 350 dealerships and 13,000 jobs, AP has reported. GM is planning to narrow its focus to the Chevrolet, Buick, GMC and Cadillac brands and trim its dealership network.
Ford to introduce new models
Dubai-based Ford Middle East national sales manager, Alex Schaeffer has said that the company has no plans to cut staff across the region, according to the Gulf Daily News. He also said that the Middle East is a very important market for Ford and a lot of new models will be introduced in the region within the next few months. 'These will consist of smaller cars, luxury sports utility vehicles as well as the immensely popular crossover utility vehicles,' Schaeffer said.
GM says it is committed to Middle East
General Motors Middle East President Mike Devereux has said that GM was a 'vibrant, profitable business' in the Middle East, and is gaining market share in the region despite a 19% drop in sales during this year's first quarter. He also emphasized GM's commitment to the region and said none of the auto maker's regional operations is affected by GM's bankruptcy filing.
Al-Futtaim offers redundancy insurance for buyers
UAE-based Al-Futtaim Automotive has unveiled a new redundancy protection programme for buyers under which customers get a payout of 15% of the invoice value of the vehicle purchased in the event they lose their job involuntarily. Customers are free to use this payout as they wish. For example, if the vehicle was purchased on finance, the payout can be used to continue to make their monthly payments while they find new employment, the dealer said.
GM to file for bankruptcy
General Motors Corp is set to file for bankruptcy today as the US government attempts to revive the 100-year-old automaker. The filing in a federal court in Manhattan is expected before US markets open and caps a three-decade-long decline for the Detroit automaker that has ended in crisis. The planned filing would be the third-largest in US history and the largest manufacturing bankruptcy.
Qatar still eyes stake in Porsche, says PM
Qatar is still considering taking a stake in Porsche, or other German auto companies, the country's prime minister told Reuters. Sheikh Hamad bin Jassem al-Thani said the matter is 'still under study'.
BMW Z4 arrives in Dubai
New BMW Z4 Roadster has made its debut in Dubai and is now available from AGMC, the exclusive importer of BMW in Dubai, Sharjah and the Northern Emirates. The new BMW Z4 comes with a range of three straight-six power units: 306 hp in the BMW Z4 sDrive35i, 258 hp in the BMW Z4 sDrive30i, and 204 hp in the BMW Z4 sDrive23i. The sport roadster's top speed is 250 km/h (155 mph).
Doha Bank offers Mitsubishi financing
Qatar's exclusive dealer of Mitsubishi Motors and Mitsubishi Fuso Trucks and Buses, Qatar Automobiles Company, in association of Doha Bank, has launched financing solutions for all Mitsubishi products. R. Seetharaman, CEO of Doha Bank has said the offer includes a discounted interest rate, no down payment, and free GPS navigation kit. The campaign will run until the first week of August 2009.
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