The UAE automobile sector saw sales plunge by up to 45 percent in the first two months of the year compared to 2008, a remarkable downturn from the years of double-digit growth when the $3.6 billion sector was one of the fastest growing in the world. “The end of the third quarter 2008 was vastly different from the fourth for manufacturers,” said Mike Devereux, president of GM Middle East. “This year we are looking at a decrease overall, with the same daily sales rates since December to now.” But while the economic slowdown has started to bite, the sector is not sitting on the sidelines until a recovery starts. It has resorted to a change in financing strategy and a greater focus on services to shift units as access to credit tightens and consumer preferences change. “The financial crisis has certainly affected automotive sales in the UAE, with banks applying
