Monday, October 22, 2007

GCC’s Luxury Automotive Sector Boosted By Increasing Numbers Of Millionaires Living In The Gulf

from CAR Magazine, Middle East

Analysts recently reported that there are about 68,000 millionaires currently residing in the UAE, and more than 89,000 in Saudi Arabia, according to the 11th annual World Wealth Report, and the region’s continued economic boom is contributing significantly to the growth of the luxury car sector throughout the Gulf. “We are witnessing a marked increase in ‘aspirational’ buying across the region’s automotive market this year. The accumulation of private wealth is contributing to the demand for luxury car ownership, making the UAE and wider GCC a newly emerging hub for high-end cars and four-wheel drives,” said Shahzad Sheikh, Editor of CAR magazine.

No comments: