Car firm to invest US$245 million into UAE operations
Tuesday, 03 July 2012 10:46
Al Nabooda Automobiles has announced plans to invest AED 900 million (US$245 million) into expanding its operations network in the UAE
The group – the sole distributor of the Porsche, Audi and Volkswagen brands in Dubai and the Northern Emirates – will invest the funds into ten individual projects that will include the construction of the world’s largest Audi new car sales terminal on Dubai’s Sheikh Zayed Road.
Al Nabooda Automobiles chief executive officer K Rajaram said, “This is a significant investment by the company in the future of the UAE. The investment programme underlines our intention to lead the market for many years ahead.
“The new facilities we are creating to showcase the Porsche, Audi and Volkswagen brands provide the most powerful evidence of our commitment to our business partners, to our customers, and to the local communities where we operate,” he added.
Along with the Audi facility, which will be completed in September 2012 at a cost of AED 118.5 million (US$32.2 million), the group will build an AED 144 million (US$ 39.2 million) Porsche showroom in Dubai and will begin work on an AED 120 million (US$32.7 million) facility in Sharjah that has been scheduled for completion in July 2013.
The Sharjah facility will be comprised of Porsche, Audi, and Volkswagen showrooms, as well as a combined workshop.
Al Nabooda has said it will open an AED 133 million (US$36.2 million) combined Audi and Volkswagen workshop in Dubai by the end of 2013, as well as starting operations on an AED 85.5 million (US$ 23.3 million) combined multi-brand facility in Fujairah before the end of 2012.
Among the other projects outlined by the company as part of its expansion project across Dubai and the Northern Emirates was an AED 212 million (US$57 million) paint and body shop in Jebel Ali, Dubai, and an AED 7 million (US$1.9 million) new car storage facility.