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BMI: United Arab Emirates Autos Report (Sept-11)

2011-10-13 13:48:00 (читать в оригинале)

Although hit by a central bank overhaul of auto finance in May, car sales in the UAE are expected torebound significantly in 2011 as the country's economy demonstrates a fuller recovery from the 2009Dubai debt crisis and experiences the benefit of higher oil revenue.However, BMI's view that credit restrictions will create opportunities for vehicle financing units in theMiddle East is playing out, as dealers in the UAE launch finance programmes in response to new creditregulations. The new rules state that banks cannot lend more than 80% of the vehicle's value. Coupledwith that is a restriction on the amount of credit an individual can undertake in relation to their monthlyincome. Anecdotal evidence shows that vehicle sales in the UAE fell by between 20% and 40% year-onyear(y-o-y) as soon as the new rules came into effect, as many consumers predictably brought purchasesforward to March and April when 100% financing was still available.However, some carmakers and dealers are taking a pro-active approach to boosting sales with their ownfinancing packages. There is clearly a response to the new banking regulations in some of the schemes,which cut down the monthly instalments. Under the new regulations, loan repayments should not accountfor more than 50% of a person's monthly income.BMI believes there is already a precedent for the growth of carmaker and dealer-backed financing in theUAE, and evidence that it can encourage growth in sales. Following the global financial crisis, dealersbegan offering more finance packages, which led to a gradual uptick in sales from late 2009. Providingsome form of financing is vital to an autos market such as the UAE, which is very credit oriented.Dubai's car imports rose 33% in 2010. Car re-imports grew 8%, making them equal to the pre-crisis 2008level of US$2.45bn. In 2005-2010, Dubai imported most vehicles from Japan (44%) and re-exportedvehicles to Libya, Iraq, Iran and Saudi Arabia.Iraq, Ira