Automotive sales in the United Arab Emirates are projected to grow by five per cent in 2015, despite months of slowdown in the local automotive industry.
Industry sources said the local industry managed to overcome a sluggish period thanks to credit facilities, lower prices and offers on new vehicles.
Speaking to Al-Ittihad, sources mention that the local market has been reporting a surge in the entry of hybrid vehicles, adding that expanding investments in the hybrid industry need parallel infrastructure development.
During the first eight months of the current year, auto sales in the UAE rose beyond all projections to a total of 281,000, according to Sayyed Alim, chief executive of Abdulla Al Masaood & Sons Group.
He says that the local auto industry continues to pick up despite the deregulation of fuel prices in the country and expects the market to expand by five per cent this year.
He notes that his group is about to announce price cuts of eight to ten per cent on 2015 models, as well as a package of other offers, including free insurance and maintenance.