Daimler Financial Expands to UAE

The financial arm of German manufacturer Daimler announced that starting this week it will open a Mercedes-Benz Finance and Mercedes-Benz Leasing business in Abu Dhabi, United Arab Emirates. The new operations will be run together with Al Fahim Group, the Emirates' Mercedes-Benz distributor and Gargash Enterprises, the Dubai Mercedes distributor.

"Our presence in the United Arab Emirates is of high strategic importance for Daimler Financial Services," Juergen Walker, Daimler Financial Services CEO said in Abu Dhabi. "It makes us the first automaker to have its own finance and leasing company in the United Arab Emirates. Once we have successfully established our business operations here, in the mid-term we will decide about offering financial services in other Middle Eastern markets as well."

As was the case with China, where Daimler Financial open its division there earlier this year, the UAE is a growing market for Mercedes. The country is in fact the brand's most important in the region, with 7,800 passenger cars and 3,100 commercial vehicles sold there in 2008.

"We are confident and expect stronger Mercedes-Benz sales. The start of our jointly owned financial companies will further boost the attractive­ness of the Mercedes-Benz brand in Abu Dhabi," Rashed A. J. Al Fahim, Al Fahim Group chairman said at the conference.

"For the first time, we can now provide our Mercedes-Benz customers in Dubai, Sharjah and the Northern Emirates with a broad range of financial services products that make owning a new or used Mercedes-Benz the easiest it has ever been," Abdul Jabbar Gargash, Gargash Enterprises director added.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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