| Kippreport.com

Car ownership to hit 55pc despite RTA efforts

September 15, 2009 12:01 by kippreport

Ownership of private vehicles in the UAE is expected to rise to 55 percent said the Dubai Chamber of Commerce and Industry, in spite of the Roads and Transport Authority’s (RTA) efforts to encourage commuters to use public transportation.

The chamber also said that car sales are likely to rise by 5 percent to $11.68 billion in 2010 as banks relax their lending rules.

“[With] the UAE accelerating on the path to economic recovery, banks are now being more flexible with auto financing which will no doubt benefit the sector, fuel the demand, and ultimately increase sales,” Hamad Buamim, director general, Dubai Chamber said in a statement.

Tags: car, sales, UAE