First Grand Opening of a Ferrari Store in the Middle East
The first official grand opening of a Ferrari Store in the Middle East region took place today in Abu Dhabi. Ferrari's President Luca di Montezemolo, Ahmed Ali Al Sayegh, Chairman of ALDAR, Abdullah Abdel Rahim Al Fahim, Chairman of Al Fahim Enterprises and Ferrari's Commercial and Brand Director Dany Bahar, took part in the ribbon-cut ceremony.
The store will be managed by FADAR, a joint venture company between Al Fahim Enterprises and ALDAR Properties.
Located at the renowned Marina Mall, it is the 18th Ferrari Store in the world. On a total floor space of 116 sqm, the Abu Dhabi store offers a broad array of Ferrari products, including apparel and accessories for men, women, and children, leather goods, memorabilia, publications, toy models and electronic goods - some of them exclusively on sale at Ferrari Stores.
The wide goods' selection is on display in a showroom that was designed to offer customers an iconic journey through the areas that characterize the Prancing Horse's boutiques: fan in the first section, the exclusive luxury section and vintage on the left side and the children's section on the right.
True to the tradition of every Ferrari Store, on a scooped surface of simulated asphalt, cordoned off by a steel rope, there is an example of the Ferrari team's single-seater race car. At the entrance visitors are welcomed by the roar of a Formula 1 engine.
"Bringing the Ferrari brand to Abu Dhabi is a crucial element of our strategic partnership with the Prancing Horse, and today's inauguration of the Ferrari Store in Abu Dhabi is an important step on this journey" - commented Ahmed Ali Al Sayegh, Chairman of ALDAR. "Together with our partners at Al Fahim Enterprises we have created the joint venture company FADAR to manage the seamless roll out of the Ferrari brand to UAE consumers. We are confident that this central location at Marina Mall will offer excellent visibility and awareness prior to the park opening in 2009 on YAS Island."
" The opening of the Ferrari Store in Abu Dhabi marks our success with our partners, Ferrari and ALDAR to bring the full-fledged luxury experience to avid Ferrari fans" - commented Mr. Mohammed Al Fahim, CEO at Al Fahim Enterprises. "With the opening of this Ferrari store, as well as the one in Al Khobar, Saudi Arabia, we will continue to replicate its success in the Gulf region."
The Abu Dhabi Store arrives after the opening of several point of sale in Italy (in Maranello, Rome, Milan, Venice, and the airports of Bologna, Milan-Malpensa and Rome-Fiumicino), as well as Barcelona airport, the stores in Las Vegas and Los Angeles (USA), in Shanghai, Hangzhou, Beijing and Shenyang in China. Finally, a second new Ferrari Store in the Gulf region: 120 sqm at Rashid Mall, in the city of Al Khobar, Saudi Arabia.
An ambitious development plan foresees a total number of 40 mono-brand stores over the coming five years in Europe, America and the Middle and Far East. Imminent openings are Moscow (by the end of the year) and Singapore, Macao and Honolulu from early 2008 onwards.
Ferrari in the U.A.E.
U.A.E. (which includes Abu Dhabi, Dubai and other five Emirates) is one of the nine countries covered by Ferrari's Middle East & Africa Region. Ferrari entered the U.A.E. in 1987 appointing as exclusive importer and distributor Al Tayer Motors LLC, a parent company of Al Tayer Group. In 2006, the Region counted 248 cars delivered, for a 125% increase over 2004 and 84% increase over 2005. In 2006 Al Tayer Motors in U.A.E achieved 68 Ferrari retail sales.
One of the biggest Ferrari Sales and After Sales Centre worldwide opened this September in Umm Al Naar - Abu Dhabi: 1,700 smq comprising a 870 smq showroom, lounge, dealer selection area, aftersales, spare parts and mezzanine floor for pre-owned car sales. Another Ferrari showroom in the U.A.E. is the 3S Centre in Dubai, Sheikh Zayed Road (opened in 2005).
After the successful start of « Ferrari 60 Relay » worldwide tour in Abu Dhabi last January 28th and the Foundation Stone event at the Ferrari Park, which took place this morning in Yas Island, further major events in the area include the grand opening of two new showrooms: in Muscat - Sultanate of Oman (December 9th) and in Beirut - Lebanon (December 14th). In both occasions there will be the unveil of the new Ferrari 430 Scuderia to press and customers.
About FADAR RETAIL
FADAR RETAIL is a joint venture between Al Fahim Enterprises and ALDAR Properties. It is based in United Arab Emirates and will carry out the implementation of a retail plan set for the Ferrari Stores project development, covering the GCC and Middle East area.
About Al Fahim Enterprises
Al Fahim Enterprises was established over 40 years ago by the Al Fahim family. Being the pioneer and leader in retail, the Group's interests are focused on the luxury, beauty and fashion sectors. The retail division of the group consists of Paris Gallery, Karisma, Watch Gallery, Shoe ME, and various Fashion franchises such as Aigner, Burberry, Cartier, Etro, Salvatore Ferragamo and, of course, Ferrari. It offers an extensive range of fragrances, cosmetics, watches, eyewear, accessories and fashion apparel from over 450 global brands.
The Group's businesses in luxury retail and distribution also extend to Bahrain, Kuwait, Saudi Arabia and Qatar. Operating more than 60 stores in the Gulf Region with over 2000 employees, Al Fahim Enterprises retains the charm of its Arabian heritage and yet maintains a global perspective on the dynamic luxury business.
About ALDAR Properties PJSC
ALDAR Properties PJSC is a leading property development company, with strong investment and management capabilities. ALDAR was established primarily to create world-class real estate developments for the nation of Abu Dhabi, whilst providing a stable and profitable investment portfolio for all investors.
The company is owned by leading Abu Dhabi institutions, founder shareholders and over 20,616 investors throughout the U.A.E. ALDAR's principle corporate shareholders include: Mubadala Development Company, Abu Dhabi Investment Company, Abu Dhabi National Hotels Company, National Corporation for Tourism & Hotels and National Investor.