UAE leads car market in Gulf

The sale of cars in the UAE are likely to grow significantly in 2011 according to an international report. The Business Monitor International 2011 says that as the UAE economy recovers from the crisis and experiences the benefit of higher oil revenue, car sales in the country are bound to rebound. Pertinently both the new car market as well as pre-used car market in the UAE is registering growth with the latter's annual sales touching 100,000 units. It is reported to be worth Dh5.5 billion ($1.5bn). More than 66 per cent of all new car purchases in the UAE are made by customers between the ages of 18 and 29, a recent survey by the New Vehicle Buyer Survey has revealed. The automobiles industry in UAE is taking the lead among Arab countries in average sales growth as it recorded a double-digit growth rate in the first quarter compared to the same period last year. The industry witnessed a 12 per cent growth in sales while Saudi Arabia's rate was flat and Qatar at 1.4 per cent.