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Kuwaiti firm may invest in Continental AG
Kuwaiti Investment Authority may be considering investing in German auto parts supplier Continental AG, Reuters has cited German business weekly WirtschaftsWoche. The magazine has reported 'Kuwaiti investors' have been in contact with Chief Executive Karl-Thomas Neumann in the past few days. The weekly has further mentioned a meeting took place in Hanover with the premier of Continental's home state of Lower Saxony, Christian Wulff to discuss the political feasibility of a possible investment.
Porsche puts Qatar over VW
Porsche has ruled out selling shares to Volkswagen and will now only consider an offer from Qatar, AFP has reported. Porsche's supervisory board, which is to hold an exceptional meeting on July 23, has placed the question of a Qatari investment under the heading 'decision' while one by VW is listed under 'information,' German daily Bild has said. VW, the biggest European carmaker, has offered to buy 49.9% of Porsche, which itself currently owns 51% of VW, the report has said.
Shanfari unveils Maserati Automatic in Oman
Oman's Al Shanfari Group has launched Maserati's GranTurismo S Automatic into the Sultanate's market. The new Maserati is designed by Pininfarina and features a 4.7 litres V8 engine producing 440bhp (323kW) at 7000 rpm and a maximum torque of 490Nm at 4750 rpm, coupled with a ZF 6-speed automatic gearbox. The GranTurismo sprints from 0 to100 km/h in 5 seconds flat, and is capable of reaching a top speed of 295km/h.
Mercedes sales rise 21% in Bahrain
S. A. Al Haddad and Bros, Bahrain's authorized distributor for Mercedes-Benz, has announced that it delivered 57 vehicles in June, up by 21% year-on-year and a slight increase on previous month's figures. 'For the second month in a row we have not only increased our deliveries but also beaten our numbers for the same period last year,' general manager Ulf Ausprung said. 'We have the right models at the right time and at the right prices to excite our growing number of customers,' he added.
Porsche might give VW options to Qatar for free
Porsche may hand over its Volkswagen options to Qatar for free, to remove liabilities tied to the derivatives and clear the way for investments from VW and Qatar, Bloomberg has reported citing three people familiar with the situation. Qatar would then pay about €5bn ($7bn) to banks that sold Porsche the call options. Qatar would get shares equal to 20% of Volkswagen. Porsche may get a nominal payment from the transaction.
Aabar to buy stake in Tesla
Daimler AG has said it has sold 40% of its equity interest in Tesla Motors Inc., a leading producer of electric vehicles, to its new major shareholder, Abu Dhabi-based investment firm Aabar Investments. The new deal allows the two firms to leverage their shared interest in the development of low-CO2 drive systems. The two companies have already agreed to cooperate on the integration of Tesla's lithium-ion battery packs and charging electronics into the first 1,000 units of Daimler's electric smart car.
Volvo names Al-Futtaim as sole distributor for Saudi
Volvo Cars Middle East has announced the appointment of Al-Futtaim as the sole distributor for passenger cars in Saudi Arabia. Al-Futtaim, who has been a long-standing partner and sole distributor in the UAE for Volvo trucks, passenger cars and heavy equipment for several decades, will showcase the full range of Volvo models. Volvo said Al-Futtaim's appointment follows the decision by its former distributor in the kingdom, Zahid Tractor, to exit the car business as part of its business strategy to focus on the B2B sector.
BMW posts H1 sales increase
BMW Group Middle East has said that its dealers have recorded positive sales growth during the first six months of 2009, with a total of 7,165 vehicles sold across 14 Middle East markets. The firm has said that its car sales had recorded its highest growth rate in Lebanon at 84% (531 units), followed by Syria which reported a growth of 58% (451 units) and Saudi Arabia where sales had improved by 24% (1,241 units).
GM Jordan sales down 20%
Sales of General Motors (GM) cars in Jordan had dropped by 20% during the first half of this year, General Motors has said. Zaid Abdallat, general manager of Abu Khader Automotive, GM's dealer in the country has said that the results had exceeded forecasts of Jordanian and the Middle East's agents due to stagnation in the market.
Porsche board to discuss Qatar offer
Chairman Wolfgang Porsche had called an extraordinary supervisory board meeting for July 23 to discuss a possible sale of a stake in Porsche SE worth over $6.97bn to Qatar, Reuters has cited source familiar with the matter. The source further mentioned Porsche management had already 'concluded' negotiations with Qatar and is set to present the concept to its supervisory board.
Alfardan launches Land Rover trade-in service
Alfardan Premier Motors, the importer of Land Rovers in Qatar, has launched a new service for customers wishing to trade-in their vehicles for the latest Land Rover and Jaguar models. The service includes a comprehensive value assessment for trade-in vehicles by professional assessors at the certified pre-owned vehicles showroom.
All-new Citroën launched in Saudi
Bakhashab Brothers Holding Company, the exclusive dealer of Citroën in Saudi Arabia, has launched the new Citroën C5 in the Saudi market. The C5 features a NaviDrive communications system integrated with GPS satellite navigation, a parking space measurement system that instantly alerts the driver to parking spaces which are suitable for the car, and an electronic parking brake that engages and disengages automatically.
Lexus IS300 hardtop convertible on sale in UAE
Al Futtaim Motors, the exclusive distributor for Lexus in the UAE, has launched the hardtop convertible version of the IS300 sports sedan. The new convertible's three-panel roof opens in just 20 seconds, the fastest time for this type of retractable roof system in the market, the company said. Utilising the same power train as the IS300 sedan, the IS 300C features a 3.0 litre V6 engine delivering 228 horsepower coupled with a six-speed automatic transmission.
Porsche denies report of other bidders
Porsche SE has denied a newspaper report which said five more potential bidders are in the running for a Porsche-owned derivatives package that controls around 20% of Volkswagen voting shares. The German sportscar maker is still engaged in exclusive talks with Qatar about a potential investment in and over the sale of the derivatives package controlling VW shares, a Porsche spokesman was quoted as saying by Reuters.
Gargash launches 'exclusive' used car program
Gargash Enterprises, the official distributor for Mercedes-Benz in Dubai, Sharjah and the Northern Emirates, has announced the launch of an approved used car program called 'Proven Exclusivity' for vehicles under six years old with less than 150,000 kilometres on its odometer. All vehicles in the programme are registered with MB NET, the global Mercedes registration system, which checks chassis numbers, service and car repair histories. Customers have the opportunity to trade in any make of vehicle and take advantage of the used car scheme, the company said.
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