Dubai, March 31, 2009: Al-Futtaim Automotive has entered into an exclusive arrangement with leading UAE banks to provide credit facilities for passenger vehicles to retail buyers who are currently struggling to finance their purchase due to issues such as salary levels.

In recent months banks and financial institutions have tightened their lending policies, in the wake of the global financial crisis, and stringent criteria such as higher salary limits, are being applied to those applying for loans.

Al-Futtaim Automotive’s exclusive financial tie-up is a bold move by the UAE’s largest motor vehicle distributor to unlock this credit hold on the country’s automotive market.

Representing some of the world’s most popular and desirable brands: Toyota, Lexus, Honda, Volvo, Chrysler, Jeep and Dodge, Al-Futtaim Automotive is globally acknowledged as the pioneer in the region’s auto industry, supplying four out of every ten cars on the UAE roads.

Under this exclusive scheme auto loans will be possible to those customers earning a monthly salary of AED 4,000 and above, a considerable improvement on the current typical salary criteria of AED 10,000. As well as this relaxed minimum salary level the scheme offers Al-Futtaim Automotive’s customers the benefits of zero down payment and interest rates from a highly competitive 5.5%. Loans will be available at all Al-Futtaim Motors and Trading Enterprises showrooms in the UAE.

Colin Leitch, Group Director, Al-Futtaim Automotive said: “Lending institutions play a very important role in automobile sales. We are confident that this partnership with UAE’s leading banks will help our customers get the best deals with minimum hassle and in turn reinvigorate UAE’s automobile industry by turning back the clock to a time when the ability to buy a car was not constrained by financial challenges.”

“Our objective is clear: provide potential consumers an opportunity of owning the best value car with no fuss,” Mr. Leitch added.

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Notes to the Editors:
About Al-Futtaim Automotive
Al-Futtaim Automotive represents some of the world’s most popular brands: Toyota, Lexus, Hino, Honda, Volvo, Chrysler, Jeep and Dodge and is regarded as a pioneer in the region’s automotive industry with four out of every ten cars on the UAE roads.
Offering customers convenience, choice and the highest standards of after-sales service through its comprehensive network of showrooms, service and parts distribution centres in the UAE, Al-Futtaim has also built strength and reputation for excellence for passenger and commercial vehicles, construction equipment, used car sales, rental and leasing in almost all countries in the Gulf and MENA regions, and the sub-continent.
Established in the 1930s the Al-Futtaim group is structured into seven operational divisions; Automotive, Engineering, Electronics & Technology, Retail, Financial Services, General Services, Real Estate and Joint Ventures. Today, Al-Futtaim operates through more than 65 companies in sectors as diverse as commerce, industry and services, and employs in excess of 20,000 people across the UAE, Bahrain, Kuwait, Qatar, Oman, Egypt, Saudi Arabia, Sri Lanka, Syria, Pakistan, Singapore and Europe.

For more information please contact:
David D'Souza
Director - Public Relations
GMASCO Marketing Communications
An Al-Futtaim group company
Tel: +971 4 228 2101
Fax: +971 4 227 9801
Email: David.DSouza@gmasco.com