Autoblog

Bentley to show SUV concept unaltered in Beijing

Zach Bowman — Fri, 23 Mar 2012 16:28:00 EST

Filed under: Concept Cars, SUV, Geneva Motor Show, China, Bentley, Beijing Motor Show, Luxury

Automotive News reports Bentley is staying the course with the company's EXP 9 F SUV Concept. The ultra-luxury automaker plans to bring the vehicle to the Beijing Motor Show exactly as it appeared at the Geneva Motor Show earlier this month, despite the fact that the concept didn't exactly debut to resounding acclaim. Critics described the design as awkward and unbecoming of nameplate like Bentley, but the automaker says it wants to vet the design in as many markets as possible before finalizing the exterior. Here's hoping the crowds in China are as repulsed as those in Switzerland.

The EXP 9 F has already been green-lit for production, and while we have no qualm with the thought of a high-riding luxury brute with a twin-turbo 12-cylinder engine under the hood, we'd like to see something a little less muddled outside. Bentley says an SUV will give the company a leg up in markets like the Middle East and China, where luxury SUVs remain king. Through the first two months of this year, the company's sales are up 66 percent in China, putting the country ahead of the United States as the largest market for Bentley products.

Bentley to show SUV concept unaltered in Beijing originally appeared on Autoblog on Fri, 23 Mar 2012 16:28:00 EST. Please see our terms for use of feeds.

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Iraq could become next major car market

Chris Tutor — Wed, 21 Mar 2012 09:15:00 EST

Filed under: Car Buying, Chrysler, Dodge, Ford, GM, Volkswagen, Middle East

While China is still the big dog when it comes to growth markets for automakers, Iraq looks to be heating up. As the country slowly stabilizes, the country's 30 million citizens find themselves with a growing income and a need for more reliable transportation.

But, according to Automotive News, the biggest factor in the resurgence of Iraqi car-buying is a decrease in violence by insurgents. Last year only (?!) about 1,500 Iraqis were killed by roadside bombs, snipers or other violence. That's compared to more than 34,000 in 2006. As you might imagine, safer streets lead to much greater satisfaction derived from Sunday drives.

Ready to cash in on the auto-buying-boom are Volkswagen, Ford and GM. All three see huge potential in a country still driving thousands of VW Passats procured via an oil trade with Brazil in the 1980s.

Apparently, one popular car in Iraq is the Dodge Charger - nicknamed "Obama" by Iraqis. Then again, the LA Times said last year that the Chrysler 300 was known as "the Obama," so maybe the term goes for any large American sedan.

Iraq could become next major car market originally appeared on Autoblog on Wed, 21 Mar 2012 09:15:00 EST. Please see our terms for use of feeds.

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Demonstrations in Bahrain cause Grand Prix cancellation

Noah Joseph — Mon, 21 Feb 2011 12:58:00 EST

Filed under: Motorsports, Government/Legal, Middle East

Politics and racing don't go together. Whether it's former FIA president Max Mosley's fascist sympathies or the dispute over Cyprus being played out on the podium of the Turkish Grand Prix, there's just no place for it in motorsports. But with political unrest spreading across the Arab world, it looks like revolution has gotten in the way of racing once again.

On the back of successful regime change in both Tunisia and Egypt, protestors have been taking to the streets across the Middle East in an effort to overthrow corrupt regimes in their respective countries. Little of this has anything to do with racing, except in Bahrain. The Gulf state is home to the Sakhir circuit that hosts, among other events, the Bahrain Grand Prix that was originally set to kick off the Formula One season in just a few weeks. Now, however, track organizers have confirmed that Bahrain Grand Prix will not be held. "We felt it was important for the country to focus on immediate issues of national interest," said Crown Prince Salman bin Hamad bin Isa Al-Khalifa.

Organizers have already had to call off the GP2 Asia Series race that was supposed to take place there this weekend, and are being forced to do the same with the F1 pre-season test that was due to follow. This cancellation means that the 2011 Formula 1 season will now start on March 27 in Australia.

[Source: Autosport | Image: Hassan Ammar/AP]

Demonstrations in Bahrain cause Grand Prix cancellation originally appeared on Autoblog on Mon, 21 Feb 2011 12:58:00 EST. Please see our terms for use of feeds.

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Porsche announces Panamera 4S Exclusive Middle East Edition in Qatar

Noah Joseph — Tue, 25 Jan 2011 09:00:00 EST

Filed under: Sedan, Performance, Porsche, Misc. Auto Shows, Middle East, Luxury

It may be a tough sell to automotive executives to roll out a special edition to cater specifically to one market. Unless of course that one market has copious amounts of money to spend, and little in the way of demands in return for it beyond an added dose of exclusivity.

Rolls-Royce has done it time and time again with special editions exclusive to the Middle East. Porsche has until now resisted, opting to cash in on its name instead by expanding outside its traditional area of sportscars into the SUV and sedan markets. But the temptation has evidently proven too much as Zuffenhausen has reportedly announced a special edition Panamera at the Qatar Motor Show.

The Panamera 4S Exclusive Middle East Edition packs the same 4.8-liter V8 engine and PDK dual-clutch gearbox as the standard 4S and comes equipped with the Sport Chrono Plus package as standard. What sets it apart is the Carrera White exterior tint, red leather interior and special black alloys. That, and a little plaque on the door sill. Only 66 examples will be made exclusively for the Middle East (read: Persian Gulf) - you can bet they'll fetch a hefty premium, and that they'll sell out almost as soon as the order books are opened.

Gallery: Review: 2010 Porsche Panamera 4S

[Source: AMEinfo.com]

Porsche announces Panamera 4S Exclusive Middle East Edition in Qatar originally appeared on Autoblog on Tue, 25 Jan 2011 09:00:00 EST. Please see our terms for use of feeds.

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Report: Abu Dhabi using color-coded road surfaces to convey speed limits

Jeff Glucker — Mon, 03 Jan 2011 08:02:00 EST

Filed under: Government/Legal, Safety, Middle East

Abu Dhabi has updated the speed limits for certain roads in and around the city and to make sure everyone knows about the new limits, as well as to warn drivers that they've entered one of these changed sections, officials have come up with a unique solution - painting the speed limit on the road.

On select sections of road, bright red asphalt will serve as a warning that the speed limit has changed. The thinking: A driver might miss a sign on the side of the road but they (hopefully) won't miss the entire road.

[Source: Gulf News]

Report: Abu Dhabi using color-coded road surfaces to convey speed limits originally appeared on Autoblog on Mon, 03 Jan 2011 08:02:00 EST. Please see our terms for use of feeds.

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Report: Most in Iraq drive without licenses as gov't. works to institute new permits

Jeff Glucker — Fri, 17 Dec 2010 15:58:00 EST

Filed under: Etc., Government/Legal, Middle East

Judging by what we've seen on the web, driving through Iraq is a few notches tougher than dealing with Southern California during rush hour. It appears to be the old "Anything Goes" method when moving from Point A to Point B. Iraqi authorities are looking to change that by introducing a licensing system that aims to instruct drivers on correct procedures while hoping to also cut down the madness seen on the roads around the nation.

According to an AFP report, the number of cars on the Iraq's streets has doubled since Saddam Hussein's regime collapsed. Prior to the 2003 US.. invasion, there were 1.25 million registered vehicles, and now an additional 1.5 million have been imported into the country. With that many new vehicles hitting the road, authorities are working to implement a system to ensure that motorists understand how to legally operate their own vehicle.

Since the program was launched on October 21, some 8,000 drivers licenses have been issued. As the officials get more familiar with the procedures and computer systems, that pace is expected to pick up. The ultimate goal is that in just two years time every driver on the road will be one carrying a legal license to do so.

[Source: AFP via Yahoo! | Image: AFP/Getty]

Report: Most in Iraq drive without licenses as gov't. works to institute new permits originally appeared on Autoblog on Fri, 17 Dec 2010 15:58:00 EST. Please see our terms for use of feeds.

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Video: Chevy goes free-hand for its latest billboard spot

Jeff Glucker — Thu, 16 Dec 2010 20:01:00 EST

Filed under: Sedan, Marketing/Advertising, Videos, Chevrolet, GM, Middle East

Chevrolet creates a cost-effective billboard advertisement - Click above to watch video after the jump

An affordable car should get an ad campaign to match. Following that logic, Chevrolet's Middle Eastern advertising team put together a spot to highlight the low price of the all-new Cruze. Rather than slapping some highly-stylized photography work or clean studio images onto the side of a billboard, Chevy had an artist set to work on the blank canvas with a blue marker. For over eight hours.

Click past the jump to watch it come to life.

[Source: Youtube]

Continue reading Video: Chevy goes free-hand for its latest billboard spot

Video: Chevy goes free-hand for its latest billboard spot originally appeared on Autoblog on Thu, 16 Dec 2010 20:01:00 EST. Please see our terms for use of feeds.

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Top Gear's Middle East tour reportedly shot for Christmas Special

Noah Joseph — Wed, 24 Nov 2010 18:28:00 EST

Filed under: Etc., Middle East

Top Gear in Israel - Click above for high-res image gallery

Were you wondering what the Top Gear crew were doing in Israel when they were spotted there last month? Well wonder no more.

Reports from the British Isles are now stating that the tour across the Middle East was actually shot for a Christmas Special in which Clarkson, Hammond and May retrace the steps of the Three Wise Men who, according to Christian lore, visited the Virgin Mary and the Baby Jesus in the manger in Bethlehem. Only while the trio of yore did it on camel-back, two millennia later, the team of British auto journos - who may have picked up as many followers today as the Nazarene messiah did in his - rode in across Turkey and Syria in three old roadsters.

Looks like it's going to be a Merry Christmas after all, Charlie Brown.

Gallery: Top Gear in Israel

[Source: Telegraph]

Top Gear's Middle East tour reportedly shot for Christmas Special originally appeared on Autoblog on Wed, 24 Nov 2010 18:28:00 EST. Please see our terms for use of feeds.

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Top Gear trio spotted filming special in Israel

Noah Joseph — Wed, 20 Oct 2010 12:58:00 EST

Filed under: Spy Photos, Middle East

Top Gear arrives in Israel - Click above for high-res image gallery

The fellas over at Top Gear have been to just about every nook and cranny in Great Britain and criss-crossed continental Europe in all manner of train, plane and automobile. They've driven to the North Pole, scaled an active volcano, crossed the Sahara and traversed South America. They've driven through Vietnam, Dubai, Japan, the southern United States... nearly everywhere we can think of, really. Except Israel. But now they can cross the Holy Land off their collective bucket list as reports and photos come in from the tiny Eastern Mediterranean country showing Clarkson, Hammond and May taking in the desert sun.

Apparently filming a new episode in their epic series of cross-country adventures, the Top Gear crew was spotted crossing westward over the border between Jordan and Israel in a dingy trio of roadsters: Richard in a Fiat Barchetta, James in a BMW Z3 and Jeremy in a Mazda MX-5, complete with retrofitted hookah. (Just for tobacco, of course.) The cars appear to be accompanied by a convoy of support vehicles for the production and camera crews, and undoubtedly had to jump through a lot of hoops to get there as the border is typically open only for foot traffic.

We'll be ordering up some fallafels and tuning in to Arutz Shtayim just as soon as we know when the episode will air to see how James, Richard and Yirmiyahu manage to get themselves out from in between the Dome of the Rock and a hard place. In the meantime, check out the spy shots (courtesy of forum member Dark-Shadow) in the gallery below and the (translated) report from our friends over at Walla! Cars for a closer look at how the blokes are single-handedly re-instituting the British Mandate. Ashrecha for the tip, Nat!

Gallery: Top Gear in Israel

[Sources: Walla! Cars, Rotter.net]

Top Gear trio spotted filming special in Israel originally appeared on Autoblog on Wed, 20 Oct 2010 12:58:00 EST. Please see our terms for use of feeds.

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Abu Dhabi police to use televised shaming as tool to deter motorist scofflaws [w/video]

Jeff Glucker — Tue, 28 Sep 2010 11:29:00 EST

Filed under: Etc., Government/Legal, Technology, Videos, Middle East

Traffic Violations aired as public shaming tool - Click above to watch video after the jump

Police in Abu Dhabi take traffic violations very seriously, and they're reportedly adding a new tool to their arsenal - public shaming. After the evening news bulletin, videos will be shown of various traffic offenses along with the fines and penalties they incur. They have already lined up 30 such video violations and plan to run the series for a month.

The goal of these spots is to increase the awareness of what happens when you commit a driving infraction. This also highlights the idea that the Abu Dhabi police force need not be on-hand to witness the crime. Traffic cameras catch the action and they monitor many city streets around the clock.

You just know that U.S. television producers will "borrow" this idea and turn it into a reality show. Obey our traffic laws by hopping the jump to view the video. Thanks for the tip, Ajay!

[Source: Gulf News]

Continue reading Abu Dhabi police to use televised shaming as tool to deter motorist scofflaws [w/video]

Abu Dhabi police to use televised shaming as tool to deter motorist scofflaws [w/video] originally appeared on Autoblog on Tue, 28 Sep 2010 11:29:00 EST. Please see our terms for use of feeds.

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Brabus Vanish: When a Mercedes-Benz SL65 AMG Black Series just ain't enough

Noah Joseph — Tue, 13 Apr 2010 09:19:00 EST

Filed under: Aftermarket, Coupe, Performance, Mercedes-Benz, Middle East

Brabus Vanish - Click above for high-res image gallery

The Mercedes-Benz SL65 AMG Black Series doesn't leave much room for improvement. It hardly even leaves you with enough time, in fact, to say its name in full before it's already up to highway speeds from a standstill. It runs the 0-62 mph sprint in 3.8 seconds, passes 124 in 11 flat and tops out just under 200 miles per hour. Short of the SLR McLaren and the newer SLS AMG, the Black Series is the fastest roadcar Mercedes has ever made. But one customer in Dubai wasn't satisfied. So neither was Brabus.

The quintessential Benz tuner fitted the client's matte Black with bigger turbos, a new gearbox, bigger brakes and a new exhaust. The result is a 130-horsepower boost from the stock 670hp twin-turbo V12 for a total of 800. Brabus calls it the Vanish, which is probably just about right. For our part, we'll give kudos where kudos are due to the owner who went with a decidedly more understated look than the typical Dubai'd out gold-chrome Benzes we've come, however lamentably, to expect.

Gallery: Brabus Vanish

[Source: TopSpeed via eMercedes-Benz]

Brabus Vanish: When a Mercedes-Benz SL65 AMG Black Series just ain't enough originally appeared on Autoblog on Tue, 13 Apr 2010 09:19:00 EST. Please see our terms for use of feeds.

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Hennessey signs DiMora to sell Venom GT overseas

Noah Joseph — Mon, 12 Apr 2010 09:38:00 EST

Filed under: Coupe, Performance, India, Middle East, MISC

Hennessey Venom GT - Click above for high-res image gallery

You might say the American automotive industry is divided into two groups: The Big Three, and the rest. That latter category might include up-and-comers like Tesla, niche manufacturers like SSC, as well as super-modifiers like Hennessey and wannabes like DiMora. Those last two are hoping to break out obscurity with high-end offerings of their own, and have teamed up along the way to make it happen.

After decades of tuning Vipers and 'Vettes, Hennessey recently debuted the new Venom GT, a of Lotus on 'roids with a supercharged Corvette LS9 V8 mounted amidship. It can be ordered, starting at around $600,00, with 725, 1,000 or even 1,200 horsepower. Sounds exactly right for the Middle East, doesn't it?

To that effect, Hennessey has signed DiMora - the effort behind the vaporware Natalia SLS super-sedan - to sell the Venom GT in the Middle East and in India, two burgeoning markets for rich toys like this one.

Gallery: Hennessey Venom GT

[Source: Inside Line]

Hennessey signs DiMora to sell Venom GT overseas originally appeared on Autoblog on Mon, 12 Apr 2010 09:38:00 EST. Please see our terms for use of feeds.

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Gemballa-tuned Enzo MIG-UI waiting for The Empire to strike back again

Jonathon Ramsey — Mon, 21 Dec 2009 20:00:00 EST

Filed under: Aftermarket, Coupe, Performance, Ferrari, Middle East, Luxury

Ferrari Enzo MIG-UI by Gemballa -- Click above for image gallery

The black and white menace you see above was created for Gemballa's Middle East distributor, the Illyas and Mustafa Galadari Group, using Mustafa's personal Enzo as the subject. The roof scoop, jet-thruster-surrounds for the exhaust, and black rims are Gemballa hallmarks, on top of which the nose has been slightly sculpted and the hood sports a central scoop.

The widebody treatment has given Gemballa room to add new elements, like the vents up front and behind the wheels, the gills on the fenders, and stolen-from-a-Subie rear wing. Other Enzo features, like the side vents, have merely been massaged. The paint scheme, a far cry from the Middle East's de rigueur gold or chrome, is nothing short of arresting -- make of that what you will. We don't mind it.

The inside is rather subdued, comparatively speaking: black and quilted red leather, trimmed in red stitching and piping. We don't know anything else about the car at the moment -- seems the proud owners are holding back until it's officially rolled out, debutante style, to a waiting Dubai public. If anyone makes it to the unveiling, please let us know if it comes with a set of Imperial armor and an E-11 blaster...

Gallery: Gemballa Ferrari Enzo MIG-UI

[Source: TeamSpeed]

Gemballa-tuned Enzo MIG-UI waiting for The Empire to strike back again originally appeared on Autoblog on Mon, 21 Dec 2009 20:00:00 EST. Please see our terms for use of feeds.

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Bugatti honors Dubai with three special editions Veyrons

Chris Paukert — Tue, 15 Dec 2009 11:31:00 EST

Filed under: Convertible, Coupe, Performance, Bugatti, Misc. Auto Shows, Middle East, Design/Style, Luxury

Bugatti at the 2009 Dubai Motor Show - Click above for high-res image gallery

As with any other business, in the automotive sphere, it's mission critical to recognize on which side your bread is buttered - particularly in lean times like these. Bugatti may be losing money on each Veyron it builds, but that doesn't mean that company strategists don't know how to earn a crust. Need proof? This month's Dubai Motor Show finds the supercar builder unveiling a trio of special edition models in one of its most important markets.

The Middle East triumvirate will consist of the Veyron Nocturne, which features "galvanized side windows" that add continuity to the polished aluminum body panel accents, and there are also polished wheels and a "black nanocoated magnesium dashboard" with a center console rendered in galvanized platinum. Just five examples will be built.

Bugatti will also show its Veyron "Sang d'Argent" and a topless Grand Sport "Soliel de Nuit" model for those that like a little sun and sand in their hair. The former of which employs a silver metallic finish and alloys nicked from the Grand Sport and the latter incorporates "country coded" colors that include a silver metallic lower and an impossibly deep upper blue finish and a Havanna interior with quilted seats.

If you're interested, well, have your accountant's accountant ring up Bugatti, and summon your garage keeper to ensure you've got some extra room available in the first quarter of 2010 for when you take delivery. Oh, and you'll have to liberate anywhere from 1.45 million euro ($2.1M USD) to 1.65 million euro ($2.5M) from your chaise lounge cushions for the privilege. Not up for it? Well, you can at least check out our high-res images below and the official press release after the jump.

Gallery: Bugatti at the 2009 Dubai Motor Show

[Source: Bugatti]

Continue reading Bugatti honors Dubai with three special editions Veyrons

Bugatti honors Dubai with three special editions Veyrons originally appeared on Autoblog on Tue, 15 Dec 2009 11:31:00 EST. Please see our terms for use of feeds.

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Rolls-Royce launches limited-edition Phantom Bespoke Collection in the Persian Gulf

Noah Joseph — Sun, 16 Aug 2009 15:34:00 EST

Filed under: Sedan, Rolls-Royce, Middle East, Luxury

Rolls-Royce Phantom Bespoke Collection - Click above for high-res image gallery

While Rolls-Royce prepares to roll out the new downsized Ghost model, in the Middle East demand still soars for the full-size Phantom. But with every sheikh and his cousins driving - or more likely, being driven in - the big Rolls, the automaker has announced a new Bespoke Collection exclusively for the Persian Gulf region.

Enabling wealthy clients to specify all manner of trim and color options beyond the usual range of choices, the Phantom Bespoke Collection will deliver just six special vehicles to customers in the Middle East. Following the gold-finished DHC delivered last year, the first example in the new line - pictured here - is decked out in two-tone Arizona Sun over English White paint, with Creme Light and Saddle Tan leather interior complimented by handmade silk rugs and mother of pearl inlays. So you'd better wipe off your sandals before stepping foot inside, habibi. Check it out in the gallery below.

Gallery: Rolls-Royce Phantom Bespoke Collection

[Source: Drive Arabia via Autoblog.nl]

Rolls-Royce launches limited-edition Phantom Bespoke Collection in the Persian Gulf originally appeared on Autoblog on Sun, 16 Aug 2009 15:34:00 EST. Please see our terms for use of feeds.

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Spy Shots: Next Toyota Landcruiser Prado/Lexus GX caught in the Middle East?

Jonathon Ramsey — Wed, 08 Jul 2009 12:32:00 EST

Filed under: Spy Photos, SUV, Lexus, Toyota, Middle East

Toyota Land Cruiser Prado spy shots -- Click above for image gallery

A tipster in the Middle East has sent pics of what looks to be the area's next Toyota Land Cruiser Prado (known as the Lexus GX stateside). If it is the next version of the SUV, Toyota has gone for a massaging routine as opposed to brute force change. A reshaped front fascia contains swoopier headlights, a vertical-bar grille similar to that of the Australian model), and a raised lower bumper detail. The changes are minimal out back, with more pronounced taillamps and a unique U-shaped chrome taillamp garnish.

As the vehicle seen here is thought to be based on the same platform as the current model, it isn't clear if this is the same chassis that is expected to underpin America's next Toyota 4Runner/GX expected this Fall. In the Gulf region, Al Motor News figures that the predecessor's Toyota engines will carry over: a 2.7-liter four-cylinder and a 4.0-liter V6. The Gulf-market Lexus is also expected to get a 4.6-liter V8 engine option with 310 horsepower.

These shots were apparently taken at a dealer inventory lot, so it is assumed the Prado will be shown officially in the not-too-distant future. You can get a sneak preview for yourself in the gallery of photos below. Hat tip to Ebraheem!

Gallery: Spy Shots: 2010 Toyota Prado/Landcruiser

[Source: Al Motor News]

Spy Shots: Next Toyota Landcruiser Prado/Lexus GX caught in the Middle East? originally appeared on Autoblog on Wed, 08 Jul 2009 12:32:00 EST. Please see our terms for use of feeds.

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Chevrolet Camaro launches in the Middle East, stops to pose for photos

Chris Paukert — Wed, 10 Jun 2009 12:30:00 EST

Filed under: Coupe, Performance, Chevrolet, GM, Middle East

2010 Chevrolet Camaro in the Middle East - Click above for high-res image gallery

Despite being unusually thrifty for a muscle car, we can't help but think that Chevrolet's new Camaro is secretly happy at the prospect of being released into the Middle East, land of wide-open roads and discount crude. General Motors has just announced that the Camaro will pack its bags and head to the Middle East later this summer, where it already has a wait list at some dealers.

The market will receive two models to start - the 3.6-liter V6 model (in LT trim) and the fire-breathing 6.2-liter V8 SS, the latter of which will be available with the buyer's choice of a six-speed manual or automatic gearbox.

For our Autoblog Middle East friends, you can configure your new Bowtie at www.camaroarabia.com, and for the rest of us, there's a gigantic new high-res gallery of the Camaro checking out the local sights and the obligatory press release after the jump.

Let the countdown to the first sighting of a reflective gold painted Camaro SS begin!

Gallery: 2010 Chevy Camaro launches in the Middle East

Continue reading Chevrolet Camaro launches in the Middle East, stops to pose for photos

Chevrolet Camaro launches in the Middle East, stops to pose for photos originally appeared on Autoblog on Wed, 10 Jun 2009 12:30:00 EST. Please see our terms for use of feeds.

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Shaken, Not Stirred: Aston parent company reportedly defaults on $100M Islamic bond

Jonathon Ramsey — Tue, 12 May 2009 16:40:00 EST

Filed under: Aston Martin, Earnings/Financials

Investment Dar, the Kuwaiti firm that owns part of Aston Martin, has reportedly defaulted on payment for a $100 million Islamic bond that was due on April 27. In the process, Bloomberg says it has become the first Persian Gulf company to default on an Islamic bond.

In December of last year, Dar was considering selling a 20- to 30% stake in Aston Martin in order "to profit financially or technically" it said at the time. It was also trying to refinance its short-term debt, attempting to tap banks for 200 to 300 million Kuwati dinars ($691 million-$1 billion U.S.), the upper end of which being more than Dar paid for its share of Aston Martin in the first place.

According to Bloomberg, Dar remains open to selling peripheral assets to shore up its position and it is working with Credit Suisse to restructure. The investment firm has another big Islamic bond maturing in September, and even though the Kuwaiti government is working with national banks to assist them in the downturn, Dar probably doesn't want to be seen setting a pattern of stumbling. Thanks for the tip, Bo!

[Source: Bloomberg]

Shaken, Not Stirred: Aston parent company reportedly defaults on $100M Islamic bond originally appeared on Autoblog on Tue, 12 May 2009 16:40:00 EST. Please see our terms for use of feeds.

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22-year-old sheik spending $10M a year to become the Yankees of drag racing?

Jonathon Ramsey — Wed, 29 Apr 2009 10:00:00 EST

Filed under: Motorsports, Etc.

There are a number of parallels with an all-American tale of racing fan turned team owner: Man loves drag racing since boyhood, comes from a region crazy for the sport, started off in racing's little league, and races to win even in the big leagues. Yet the differences are enough to inform us that this is a Yankees tale, not an Oakland A's tale: the team owner in question is Qatari native Sheik Khalid bin Hamad Al-Thani, all of 22 years old, with a bank account that would make Croesus blush.

When Al-Thani was ready to start a top-level drag racing team after owning outfits in the lower grades, he called Alan Johnson, who had run the five-time championship-winning Army dragster team. With the aim of turning Qatar into a dragster's paradise and an estimated $10 million per year budget for a two-car team (top fuel dragster and funny car), Johnson signed up for the challenge.

A top team spends about $4 million and up for the NHRA series, which could put Al-Thani even above the U.S. Army team's expenditure. Both teams are sixth in the standings right now, with Larry Dixon (dragster) and Del Worsham (funny car) behind the wheels, but with Al-Thani committed to doing - and spending - what it takes, he might just be the Steinbrenner of drag racing before long, for better or worse.

[Source: Wall Street Journal]

22-year-old sheik spending $10M a year to become the Yankees of drag racing? originally appeared on Autoblog on Wed, 29 Apr 2009 10:00:00 EST. Please see our terms for use of feeds.

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Qatar pondering taking stake in Porsche?

Jonathon Ramsey — Tue, 28 Apr 2009 16:28:00 EST

Filed under: Porsche, Earnings/Financials, Middle East

The worst secret in the universe is that there's a lot of money in the Middle East and the Gulf states are looking all over the world for places to put it. Abu Dhabi's Aabar investment spent €1.95 billion on a 9.1% stake in Daimler (around $2.5B USD), and now the state of Qatar is eying what could be a double-digit stake in Porsche. Qatar hasn't floated any potential investment sums, but said one sheikh, "we are looking into this issue."

The deal likely wouldn't be a bad one for Porsche either. The Stuttgart maker has some cash intensive plans on the horizon, including a €3.3 billion credit payment ($4.3B) and upping its stake in VW another 25% to 75%. Porsche refinanced €10 billion ($13.2B) of its debt just last month, and now wants to raise €2.5 billion ($3.3B) to keep things moving. Having gone from a couple of models to five different lines in 28 variations, it is likely that Porsche will be looking for all of the investment monies it can get.

[Source: Auto News, sub req'd]

Qatar pondering taking stake in Porsche? originally appeared on Autoblog on Tue, 28 Apr 2009 16:28:00 EST. Please see our terms for use of feeds.

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