Motor sales in the UAE have hit a bump in the road because of the drop in oil prices, according to industry experts. Deals in the first quarter of 2015 indicated a record year for the industry but the oil price drop combined with a weak Russian Ruble has led to a major slide in Q2. Bill Carter is Head of Research and Valuations at Auto Data Middle East. He believes lay-offs in the oil and gas sector has had a direct effect on sales.
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HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.
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G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.
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