Overview of the United Arab Emirates’ Automobile Market in 2023

Automobile sales in the United Arab Emirates (UAE) in 2023 increased by 24.9% from the previous year to 259,139 units, rising for the third consecutive year. In addition to the strong economy, the expansion in demand for rental cars due to an increase in the number of foreign residents including tourists, and support from banks for car loan interest rates appear to have been positive factors. Although the economy has recovered to a level (232,000 units) higher than in 2019 before the coronavirus pandemic, it remains at about 60% of its most recent peak (416,000 units) in 2015, when soaring oil prices supported the booming economy.