By: Ramy Sameeh
Abu Dhabi – Mubasher: Al Fahim Group may launch the initial public offering (IPO) of one of its units in the future, based on market conditions, according to the company’s board member Khaled Abdul Karim Al Fahim.
“However, we do not currently plan to issue an IPO even for our holding company,” Al Fahim noted.
The company is likely to achieve a growth by more than 10% in its new vehicle sales by the end of 2016, the board member added.
“We achieved a positive performance in the automotive industry despite the hard challenges facing other companies on the back of lower oil prices,” he said, adding that the company is expected to continue its growth in the coming years.
“We expect a strong recovery in our vehicle sales in 2017, but lower sales are projected in 2018 in line with the application of the new value added tax in the Gulf Cooperation Council (GCC),” Al Fahim added.
The company has plans to expand in the automotive industry to increase its sales through opening new branches and showrooms.
“We will continue our investments in the real estate sector, and we plan for new projects in Dubai and Abu Dhabi,” the board member noted.
Translated by: Julian Nabil
