Sep 25 2007 |
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UAE car market poised to grow 23% over three years
25 September 2007
Dubai: The UAE market for new cars is expected to grow by 23 per cent in the next three years, a leading automobile dealer said.
Sales of new cars could cross 260,000 this year, said Michel Ayat, chief executive officer of Arabian Automobiles .
"The UAE automotive market has witnessed double digit growth over the past five years. The market is estimated to cross 320,000 units by 2010," he said during a car launch event in Dubai.
The Nissan dealer in Dubai and the Northern Emirates introduced the 2008 models of the Nissan Altima, Qashqai, Xterra and Navara on Sunday night.
The company aims to sell 40,000 cars a year by 2010. Arabian Automobiles earlier this year announced it would spend Dh500 million on building new showrooms, warehouses and service centres in its quest for a bigger share of the local car market.
Expansion
"To support growth, Arabian Automobiles has ambitious plans of infrastructure and network expansion, including a warehouse in Jebel Ali Free Zone and new showrooms and workshops," Ayat said.
The company's biggest logistics facility will be built at a cost of Dh350 million in Dubai Industrial City .
It will be developed on three million square feet of land and have a capacity to hold 12,000 cars.
Arabian Automobiles will spend Dh50 million on the new Infiniti car showroom on Shaikh Zayed Road.
It is scheduled to open in December 2008.
Most of the new facilities are expected to be ready in 2008 or 2009.
By Shakir Husain
© Gulf News 2007. All rights reserved.
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