The rich rolled out the cash last year, pushing Rolls-Royce cars to their highest sales figures since BMW bought the company in 2003.
Fuelling demand in the luxury brand was the Gulf's love for the status symbol, with sales in the region doubling compared with 2009.
This helped Rolls-Royce to sell a record 2,711 models globally last year, up 171 per cent from 2009, the company announced yesterday.
"I'm very optimistic that we'll see sustainable growth in the next years given that the economy is getting stronger and stronger," said Torsten Mueller-Oetvoes, the company's chief executive. "People are coming back to the showrooms. They're prepared to spend money again and that should help us. Our dealers, especially in the Middle East, are investing in new showrooms."
Sales in the Middle East region doubled, with the UAE the biggest growth market, said James Crichton, the company's regional director for the Middle East.
Sales in Abu Dhabi surged 176 per cent, while Dubai posted a 50 per cent rise last year compared with 2009. "Consumer confidence in Abu Dhabi remains stronger than it does in Dubai," Mr Crichton said. "Some of the impact of the property market are still having effects in Dubai … But the good news is every single market [in the region] has grown for the year."
Growth in many markets was robust - 400 per cent in India, 600 per cent in China and 200 per cent in the US, said Mr Mueller-Oetvoes. The Middle East is Rolls-Royce's third-largest regional market. By country, the UAE was its fourth-largest market, behind the US, China and the UK.
Mr Crichton would not disclose exactly how many cars were sold in the UAE or the Middle East but said the Abu Dhabi dealership ranked among the top five worldwide.
One factor contributing to Rolls-Royce sales growth last year was the introduction of the Ghost model. The relatively cheaper car, priced at about Dh1.1m (US$300,000), compared with the Phantom at Dh1.6m, opened up Rolls-Royce to a broader segment of younger drivers.
"The Phantom is our tuxedo, which is a car used for special occasions. Whereas we are positioned with the Ghost as a business suit, to be used on a more regular basis," Mr Crichton said.
But consumers in the region were among the keenest to have customised cars, said Mr Mueller-Oetvoes. Such adaptations could more than double the cost of the car.
"More or less 100 per cent in the Middle East region were bespoke," he said.
aligaya@thenational.ae
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
