The Middle East head of General Motors, the US car maker pleading for government loans to save it from bankruptcy, is bullish about its growth prospects in the region, but warns that credit must get easier.
Mike Devereux, the newly appointed president of GM in the Middle East, said while sales were up year-on-year in the region, they had slowed in the past two months because of tight credit markets.
He said this problem was not helped by markets such as the UAE, where 70 per cent of GM vehicles were bought on credit.
"In the Middle East, the approval rates on consumer credit have gone down dramatically in the last 65 days," Mr Devereux said.
"Rejection rates used to be five per cent, and now they are 25-30 per cent."
He said GM was talking to its local dealerships to find solutions to the regional credit crunch, instead of dealing directly with GCC governments.
A week ago, the heads of the Detroit motor industry - GM, Ford and Chrysler - asked the US Congress to provide US$25bn (Dh 91.83bn) in bridging loans because of their inability to secure financing.
Congress will vote on the loan next month, after asking the car makers to come up with a plan for reform and cost-cutting.
Despite the slowdown, Mr Devereux said GM sales in the UAE were already 28 per cent higher year-on-year - in the first 10 months of this year, sales in the UAE had already reached 19,500, up from 15,250 in the first 10 months of last year.
In the Middle East as a whole, GM sales are up 13 per cent for the first 10 months of 2008, year-on-year.
Job cuts were not on the cards at GM in the Middle East, he said, but rather there were positions to fill. "We have 220 people at the Dubai World Trade Centre, and we're not cutting any there, as with our distribution centre at Jebel Ali," he said.
"We've got a number of positions to be filled next year, and we're continuing to invest here."
While the Middle East makes up just under two per cent of GM's worldwide sales - 150,000 units out of a global total of 9m - Mr Devereux highlighted the importance of the region.
Because of declining sales in its domestic market, GM this year moved production of its 4x4s, such as the Hummer, to one factory in Arlington, Texas. Mr Devereux said a quarter of the factory's output now goes to the Middle East.
He said 60 per cent of GM sales now came from outside the US
"Outside of the US we have markets like the Middle East, China and Russia which are real growth markets for GM - the last thing we can do is cut back on those places which are very good for us."
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
COMPANY%20PROFILE
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
