Daimler Financial Services has just launched a new joint venture
in the Middle East, the company has announced.

The Berlin-headquartered captive has joined forces with Abu
Dhabi’s Al Fahim Group and Dubai-headquartered Garish Enterprises,
to offer loans and leasing to local private and business customers
for both cars and commercial vehicles.

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It will also have a shari’a compliant product to provide
customers with a “complete range of financial services”, the
company said in a statement.

Daimler Financial Services CEO Juergen Walker said: “Our
presence in the United Arab Emirates is of high strategic
importance.”

“It makes us the first automaker to have its own finance and
leasing company in the United Arab Emirates.”

The company’s medium-term goal in the country is to reach a
contract volume of at least €300 million in three to five
years.

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Currently, Daimler FS is represented in over 40 countries, and
finances one third of all vehicles produced by Daimler
worldwide.

Antonio Fabrizio