Executive Motoring

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2002

Car sales in UAE fall 45%
Car sales in the UAE fell up to 45% per cent in the first two months of this year amid tightened lending for automobile loans and low consumer confidence, the head of a leading car dealership told Gulf News. Michel Ayat, chief executive officer of Arabian Automobiles Company, the Nissan, Infiniti and Renault dealer in Dubai and the Northern Emirates, said sales are unlikely to improve anytime soon if banks continue to impose strict criteria for car loans.
United Arab Emirates: Thursday, April 02 - 2009 at 09:01

UAE Mercedes Benz dealer plans financing venture
Rashed Abdul al Fahim, the managing director of Al Fahim Group, the holding company behind Mercedes-Benz dealerships in Abu Dhabi, told The National that sales have dropped by 20% to 25% in the first quarter but that it was working with Mercedes-Benz's parent company Daimler to establish Daimler Financial Services in the Emirates by the end of 2009. The Al Fahim Group is moving to a new building in Musaffah, just outside Abu Dhabi, next month, which will be the largest Mercedes Benz facility in the world.
United Arab Emirates: Wednesday, April 01 - 2009 at 10:13

UAE dealer teams with banks to boost auto market
Al-Futtaim Automotive, the UAE's largest automotive distributor, has signed deals with leading banks in the country to provide new credit facilities to help buyers finance their purchases. Under the new scheme auto loans will be available to customers earning a monthly salary of Dhs4,000 and above, which is well below the typical salary criteria of Dhs10,000. The dealer is also offering zero down payment and interest rates from 5.5%.
United Arab Emirates: Tuesday, March 31 - 2009 at 14:58

TAC launches Temsa's super bus in Oman
Towell Auto Centre, the sole distributor of Temsa buses in Oman has launched Safari SD, the new super bus from Temsa. With an overall length of 12 metres, the coach is designed for long-distance journeys, offering ergonomically reclining seats with adjustable pitch and reduced noise levels.
Oman: Tuesday, March 31 - 2009 at 10:38

GM may announce sale of Hummer
General Motors may make an announcement today that it has sold off its Hummer brand of vehicles as part of a restructuring plan to win more government bailout funds, The New York Times has reported. A Hummer spokesman acknowledged that GM was trying to find a buyer for the brand, and said an announcement about the fate of the oversized sports utility vehicle could be made today. Sales of Hummers tumbled 51% last year.
Tuesday, March 31 - 2009 at 09:14

Peugeot Citroen sacks CEO Streiff
France's largest car manufacturer Peugeot Citroen has fired Christian Streiff, due to the 'extraordinary difficulties' facing the industry. The French government has already agreed to lend Peugeot Citroen and its rival Renault €3bn. Philippe Varin, current CEO of Anglo-Dutch steel group Corus, will replace Streiff as CEO from 1 June.
Monday, March 30 - 2009 at 11:13

GM's CEO resigns
After eight years of running the largest automaker, Rick Wagoner has stepped down as CEO of General Motors. His resignation, which came after pressure from the White House, happeened on the eve of the US President Barak Obama's unveiling of his plan to stimulate the US auto industry. Wagoner said he was asked to 'step aside' by Washington. Chief Operating Officer Fritz Henderson is expected to replace him as CEO.
Monday, March 30 - 2009 at 11:10

Qatar eyes German brand investment
Qatar plans to invest in the German automotive industry. This will make it the second Gulf Arab state to eye the country's carmakers in a week. Abu Dhabi's state-controlled IPIC has already announced that it has bought a 9.1% stake in Daimler for $2.7bn via exchange-listed investment vehicle Aabar.
Qatar: Sunday, March 29 - 2009 at 14:04