Ferrari revs up in capital

The Italian car maker is expecting a double-digit increase in its earnings worldwide this year. Pawan Singh / The National

MARANELLO // Ferrari is increasing its presence in the capital with the launch of the first Ferrari World theme park and the opening of a new showroom on the Corniche.

The Middle East is one of Ferrari's main growth areas. The company, whose luxury sports cars carry the famous prancing horse badge, last year achieved a 30 per cent increase in sales in the region on the previous year, despite a 5 per cent decrease globally.

This year, Ferrari is expecting a double-digit increase in its earnings worldwide. The car maker has a strong affiliation with the UAE via Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, having a 5 per cent stake. Etihad Airways is also a major sponsor of the Ferrari Formula One team. "Our dealer there is investing," said Enrico Galliera, the commercial and marketing director of Ferrari. "We have good expectations."

Al Tayer Motors is the official Ferrari dealer in the UAE. The existing Ferrari showroom near Maqta Bridge will be replaced by a new development that is expected to open by the end of the year. Mr Galliera said Ferrari limited its production runs to make sure demand exceeded supply and keep the brand exclusive. The cars are only made to order. It typically takes about a year from buying the car from a dealer to receiving the finished vehicle.

In newer markets, he said there was still much to be done to increase the understanding that each car was individually manufactured to specifications and could not simply be bought and driven away from the showroom on the same day. Last year Ferrari produced 6,250 cars. The world's first Ferrari World theme park is scheduled to open in Abu Dhabi on October 27. Ferrari said it had worked with the Abu Dhabi-based Aldar Properties, which is developing the theme park, to make sure its strict brand standards were adhered to.

"It's something that we believe will give a strong boost to the knowledge and awareness of the Ferrari brand, not only in the Middle East," said Mr Galliera. "If things go well, [Ferrari World] might be the first of others," said Stefano Lai, the Ferrari communications director. Ferrari has a presence in 57 countries and plans to start selling its cars in India early next year. At the Paris Motor Show last week the company unveiled its limited edition SA Aperta, which will cost more than €400,000 (Dh2 million) each. Only 80 will be produced and all had been sold before the show.