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Auto News Articles - Ferrari Fever Hits Persian Gulf as Sheikdoms Spend Oil Billions
News Article
Ferrari Fever Hits Persian Gulf as Sheikdoms Spend Oil Billions
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Source: Bloomberg
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Date:5/4/2006
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Source Link: Click Here |
Middle East magnates, flush with cash from high oil prices, are filling their garages with sports cars and SUVs, helping cover the costs of developing super cars such as the 1,001-horsepower Veyron. Both Ferrari SpA, a unit of Turin, Italy-based Fiat SpA, and Porsche AG reported that sales in the Middle East grew faster than in the U.S. and Europe last year.
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