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Nov 25 2007

BMW is the dream car in the UAE and Emiratis' fantasy is a Bentley says Mawarid Finance survey

Dubai, November 25 2007: A BMW luxury car ranks first for UAE residents when asked about their dream car, while Emirati nationals fantasise about owning a Bentley.

The findings emerge from a survey by Mawarid Finance of visitors to the recent Middle East International Motor Show in Dubai.

More than 1,000 individuals from different nationalities and income groups were canvassed, ranking BMW as their No 1 choice with 13.4 percent of the votes.

Mercedes Benz came second with 12.2 per cent of votes from all respondents (11.30 per cent for non UAE nationals and 13.8 per cent for Emaratis).

Lamborghini ranked third among UAE nationals' most desired car, while the rest selected a Ferrari on their list of dreams.

Other options varied between an Austin Martin, an Audi, a Porsche, a Jaguar, a Mezarati and others.

Mawarid Finance conducted the research to develop an in-depth understanding in the UAE car market and buyers' preferences.

Respondents were asked about their dream car, model, colour, and the most common means of payment, whether auto finance schemes or cash.

Participants' nationalities reflected the UAE's diverse population, one-third of respondents being UAE nationals. Men accounted for 82.7 per cent of the sample, half of whom were aged between 21 and 30.

"Interaction with all community groups ranks highly in Mawarid's strategy to reach the widest consumer bases and develop innovative products that better meet their different needs," said chief executive officer Mohamed Musabbeh Al Neaimi. "The 'dream car' survey is the first among many such initiatives that our company will launch in the future.

"Our platinum sponsorship generated enormous benefits for Mawarid Finance in introducing our company and innovative products, and launch Sayarat Mawarid as a competitive and appealing auto finance scheme."

Mawarid finances vehicles through its Sayyarat Mawarid programme based on Islamic principles. The company covers the entire purchase price if the vehicle costs more than 70,000 dirhams and resells it to the buyer through instalments over 72 months - the UAE's longest loan period for vehicle finance.

Sayyarat Mawarid is one of the many products, services, and investment opportunities offered for personal and corporate applications. All are based on Islamic financing concepts such as Murabaha, Ijara, Istisnaa, Mudharaba, Musharaka, and Wakala.

Mawarid Finance is a private joint stock company established in Dubai, UAE, towards the end of 2006 with a paid-up capital of one billion dirham. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.

-Ends-

© Press Release 2007


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