BMW predicts double digit growth in Mideast sales

ABU DHABI, May 8, 2005; Xinhuanet reported that Germany luxury car maker BMW has projected a double-digit growth of sales in the Middle East in 10 years following a four-fold growth in the past decade, the Gulf News daily reported Sunday.

Helmut Panke, chairman of the BMW board, was quoted as saying that the regional growth is being driven by emerging markets such as Iran and Iraq as well as by increased demand in existing markets.

"Our retail sales were 10,590 in 2004. We believe the market will grow a gradual demand for premium cars in the coming years," said the chairman.

"In the next 10 years we will double our growth as emerging markets open up. We expect a double digit growth in the GCC marketsalso," Panke said, prior to the launch of BMW 7 series, M5 and M6 in the United Arab Emirates (UAE).

BMW sales in 2005 are expected to climb to 13,000 units, with global retail sales rising 8.2 percent to 292,207 units, predicated Panke.