Gulf car sector to grow in 2010

28/06/2010 - Dubai Lifestyle News
Gulf car sector to grow in 2010

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.

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