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FINANCIAL NEWS
Gulf luxury car market is flourishing
02 Sep 2017
(MENAFN) The market in luxury sports cars in the Gulf has been impacted by the effect of lower oil prices and government budget cuts, but some manufacturers have swum against the tide in the first half of 2017.
Aston Martin, which announced record sales figures last week, said that the Middle East was the only global market that showed a significant downturn in the first half, but that it had increased its market share in the period, largely at the expense of big rivals like Ferrari and Lamborghini.
“Consumer confidence in this sector has been hit by the low oil price and the effects of spending cut backs. The good news for us is that we have gained market share and are now second to Ferrari, the long term market leader,” said Christopher Sheppard, chief executive of Aston Martin MENA.
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