Posted by Neil King
The automotive market in the Gulf Cooperation Council (GCC) region is expected to witness strong growth this year, a new study has found.
According to research by Business Monitor International (BMI), such resurgence is being driven by a recovery in the region's economies, improving confidence levels and better access to credit, Emirates Business 24/7 reported.
The study also found that Arabian Automobiles Company, the exclusive dealer for Nissan Motor, Infiniti and Renault in the GCC, is aiming to claim a 25 per cent share of the UAE vehicle market by 2010.
BMI commented: "The solid performance we are forecasting comes on the heels of the auto market's resilience in 2009, when sales only posted a marginal decline … Vehicle sales have been in recovery mode since they bottomed out in Q2 2009, and economic conditions have been steadily improving since then."
Meanwhile, a survey by benefits consulting firm Towers Watson revealed last week that a significant proportion of employers in the Gulf region are increasing the benefits and bonuses paid to staff.