| 31 Oct 2009 |
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Ferrari sales up 35% in UAE, 30% in region
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Abu Dhabi: Ferrari, the luxury carmaker from Italy, has sold 35 per cent more cars in the UAE this year and 30 per cent more cars in the Middle East in 2009 compared to a year earlier, despite the economic recession, the company's general manager for the region said here.
"This year, we have sold 500 Ferrari cars in the Middle East region. This includes sales of 150 cars in the UAE," Edwin Fenech, general manager for Ferrari Middle East and Africa, told Gulf News in an interview.
"The cars will be delivered through to the end of the year to our customers."
Fenech said that at a time when luxury car sales in the region have shrunk 25 per cent year on year, Ferrari's business hasn't been affected.
"Dubai and Abu Dhabi are our biggest market in the Middle East and they helped our sales to grow," he said.
"Our business was not affected, but the waiting period for our cars came down a little bit due to the crisis," he added.
"Ours is a niche product. All the cars are handmade and we produce only 6,000 cars a year," said Fenech.
Fenech said the average waiting period for a Ferrari customer in the region is currently ten months.
He said Ferrari is selling its California, 599 GTB, 612 Scaglietti and 458 Italia models in the Middle East.
Asked if Ferrari will introduce a lower priced car to boost its sales, Fenech said: "Definitely not. This is not our business model.
Abu Dhabi's Mubadala Development CompanyMubadala Development Company
owns a 5 per cent stake in Ferrari, which it purchased in 2005. Italy's Fiat SpA owns a majority 85 per cent stake, and Pierro Ferrari, son of Ferrari's founder Enzo Ferrari owns 10 per cent of the Maranello-based company.
On Thursday, Pierro Ferrari, who is visiting Abu Dhabi, ruled out any further stake sale in Ferrari to Mubadala near-term.
By Himendra Mohan Kumar
© Gulf News 2009
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Community Comments (1)
This is an clear indiation that RICH has become richer and Poors poorer.
This certainly indicates loose control of central bank's monetary policy which is not able to take extra money from the rich and allocate it to deserving section of the society.
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