INTERVIEW: Dan Balmer on steering Aston Martin beyond Bond in the Middle East

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Dan Balmer
Updated 17 November 2018
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INTERVIEW: Dan Balmer on steering Aston Martin beyond Bond in the Middle East

  • The Middle East will be a key market for the iconic UK car maker’s second century, says regional chief Dan Balmer
  • Aston has been around for more than 100 years, but has embarked on an ambitious “second-century strategy” under group CEO Andy Palmer

The name is Balmer. Dan Balmer.

The new president of Middle East business for Aston Martin Lagonda, the iconic British car maker beloved by James Bond, is grateful for the glamorous legacy of the fictional super-spy, but also conscious of the need to move on.

“We’ve been with Bond for 50 years, and he has been a real asset for us. But we have a team internally called ‘Beyond Bond.’ If we want to grow the brand audience, into the family and female markets, we have to look beyond the cars that Bond drives,” said Balmer.

That move away from some aspects of Aston’s heritage is reflected across the whole company. Aston has been around for more than 100 years, but has embarked on an ambitious “second-century strategy” under group CEO Andy Palmer.

The company that is emerging will be different, a luxury brand rather than a mere maker of fast boys’ toys; it will be increasingly global, with the Middle East playing a central role; and it will — hopefully — be sustainable, in both a financial and environmental sense.




British actor Roger Moore stands beside an Aston Martin car during a 'James Bond photocall' at Bletchley Park in Milton Keynes, on October 17, 2008. (AFP)

Palmer’s strategy is to steer the group away from the boom-and-bust cycle — it went bankrupt seven times in its first century. He pulled off an essential part of that strategy with an initial public offering (IPO) on the London Stock Exchange last month, which valued the company at $5.6 billion.

Aston will continue to make fast cars, but they will increasingly be more fuel efficient and even electric; and it will put its name to other luxury merchandise — plans for apartments and speed boats are well advanced. Next on the luxury list of Aston-branded items are submarines and vertical take-off aircraft.

Bond, with his love of both the high life and high-tech gadgetry, would probably approve of the strategy. “We’re not hawking the brand around — you won’t see us doing aftershaves and umbrellas. But customers want to buy our cars because they want to buy into beauty, and we’re stretching that now into other areas,” Balmer said.

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BIO: 

BORN 

1976 Southampton, UK.

EDUCATION

Design technician apprentice, Rover Group.


CAREER

•BMW design engineer.

•Rolls-Royce Motor Cars, general manager in Asia-Pacific. 

•Aston Martin Lagonda, president for the UK and
South Africa.

•Aston Martin Lagonda, president for the Middle East, North Africa and Turkey.

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He knows a thing or two about luxury marketing and car design, having previously worked for Rolls-Royce in Asia, based out of Singapore. But now the challenge is to extend the Aston business in the Middle East in a new division within the global set up — covering the Middle East, North Africa and Turkey (MENAT).

Reflecting Aston’s traditional regional business hub in the region, he will be based in the UAE, but the headquarters has been moved from Dubai to Abu Dhabi, where the MENAT HQ was officially inaugurated last week.

Balmer feels that Dubai’s reputation for flash glamor is “a thing of the past,” but also believes that the UAE capital is more in tune with the Aston image. “Aston has an understated elegance and that is also how we feel about Abu Dhabi. It is the capital, recognized as the center of the financial scene, the big decisions are made here, and with Yas Island (the venue for the big Formula 1 Grand Prix later this month) it is a great location for motor sports.”




The Aston Martin DB10, built exclusively for the James Bond film "Spectre," is displayed at the 2015 Los Angeles Auto Show in Los Angeles, California, November 19, 2015. (AFP)

Track racing is still a big thing for Aston, not least because many of its cars are too fast to be driven flat out on roads, but also because it helps the company maintain its high-speed image against competitors such as Ferrari and Lamborghini, the UAE’s sports cars of choice.

Under the second-century strategy, Aston can offer the DB11, the DBS (“a boot in a suit” says Balmer), the Vantage and the Valkyrie as its “overtly aggressive” cars to rival the Italians, and will also soon begin to produce a range of mid-engined cars to take on the likes of Porsche and Mercedes.

Saudi Arabia is big on collectors’ cars, like our Vulcan. But we need to grow the brand.

 

“We are breaking out of our conservative shell. These are track-based products, but meant to be driven on the road, true sports cars,” Balmer said.

But the really radical product is yet to come, and will figure prominently on Middle East roads when it arrives, some time in 2020. Aston has hitherto held off entering the SUV market, which is the fastest-growing sector in the world’s biggest markets, like the US and China.

The DBX is a luxury SUV, a bit bigger than most on the roads now, with five doors and elegant lines. It is aimed at the upmarket family market, and seems a natural fit for the Middle East, which has been SUV-crazy for decades. 

Balmer thinks it will become Aston’s biggest seller in the region. “We just have not had the offering in that segment before, but in the Middle East a majority of luxury car buyers would be SUV, with sports cars a weekend plaything,” he said.




In this file photo, an Aston Martin DB5 is displayed as part of an exhibition dedicated to James Bond at the main hall of La Vilette in Paris. (AFP)

He is relishing the prospect of unleashing the DBX on Saudi Arabia. Aston has been in the Kingdom a long time, with a long-standing partner the Hajji Husein Alireza group and showrooms in Jeddah and (more recently) Riyadh, to be followed by an outlet in Alkhobar.

But Saudi Arabia has not lived up to the potential of its big wealthy population. It ranks behind the UAE, Kuwait and Qatar, roughly alongside Turkey in Aston’s regional sales rankings.

“Saudi Arabia has more opportunity for us. Because of the sheer weight of wealthy individuals it means there are more people who will buy our cars there. Saudi Arabia is big on collectors’ cars, like our Vulcan, and the other beautiful cars we produce like Vanquish and DBS. But we need to grow the brand,” Balmer said.

 

 

“We need to do an education job in Saudi Arabia, both in terms of what Aston stands for in the market and the new products as well. I think Saudis will go for the idea of DBX, and that’s where the key focus will be for us.”

He believes the Saudi market is perhaps more conservative than the UAE in terms of colors and models, but there is potentially a far bigger market among Saudi nationals than Emiratis.

Saudis buy Rolls-Royce cars in big numbers, and having worked for the leader in motoring luxury Balmer appreciates the difference between marketing Rolls and Aston. “They differ in the customer type. Aston buyers tend to be really into their cars. They are ‘petrol heads’ but also discerning.

“Rolls customers know their cars too, and might have an Aston in the garage as well, but they’re buying a Rolls-Royce as more a statement purpose — for business use, or a reward in life. An Aston is more a purchase of emotion and desire,” he said. Whether as a reward or out of emotion, buying an Aston is a considerable outlay. The average price ticket is around $175,000, and such an impulse purchase could easily be put off if personal economic circumstances took a downturn.

In the Middle East, where economies are tied to the oil price, that makes Aston subject to the vagaries of the global crude market. “What’s happening in the region is that governments are diversifying away from oil. (Saudi Arabia’s reform program) Vision 2030, for example, is a big change and good news for us. It will eventually take the volatility away from the macro economic environment. But we will always be dependent to some degree on global economic forces. China now drives the rest of the world in many respects,” Balmer said.

The IPO was an opportunity for Aston’s long-term backers — financial institutions from Italy and Kuwait — to realize some profits on their investments. The share sale raised no new money for expensive research and development, which some analysts criticized.

“There was no massive cash injection because all our new projects were already invested. And we’re making profits. But the IPO secures the long-term future of the company,” Balmer said.

In difficult global markets, the shares have been trading below the issue price since day one, but recently two big investment institutions — Merrill Lynch and Goldman Sachs — put them on the “buy” list. If they achieve sufficient value to be included in the main FTSE 100 list, Aston will be the first car company for 30 years to be on the UK’s main trading board.

That would be something of a triumph for Palmer and the second-century strategy, but Aston has another finishing line in sight before that: The Abu Dhabi Grand Prix. “We’ve got a number of things planned around the race, not least winning it,” Balmer said.


CMA approves new rules to spur Saudi investment fund sector

Updated 09 July 2025
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CMA approves new rules to spur Saudi investment fund sector

RIYADH: Saudi Arabia’s Capital Market Authority has announced a package of regulatory enhancements aimed at strengthening the investment fund environment in the Kingdom, according to a press release issued on Wednesday.

The reforms, which involve amendments to the Investment Funds Regulations, Real Estate Investment Funds Regulations, and the glossary of terms used across CMA regulations, are designed to advance the regulatory framework governing investment funds.

The goal is to elevate the competitiveness of the asset management industry by identifying development opportunities, adopting international best practices, and enhancing transparency and governance.

The reforms reflect Saudi Arabia’s broader efforts to deepen its capital markets and attract more local and international investment, in line with Vision 2030 economic diversification goals.

According to a CMA board decision, the updated rules will help expand and develop the investment fund and REIT sectors, increase transparency for unitholders, and improve investor protection through more robust governance standards.

Key reforms

One of the major changes includes broadening the categories of entities allowed to distribute investment fund units. Under the new rules, fund units may now be distributed via licensed investment platforms and e-money institutions approved by the Saudi Central Bank, including through their websites and mobile apps.

Additional reforms cover the procedures for fund termination and the removal of fund managers, as well as new guidelines for voluntary withdrawal by managers of both public and private funds.

A key requirement is obtaining CMA approval for such withdrawals, and ensuring that the outgoing fund manager transfers all management responsibilities to a successor within 60 days. This is aimed at safeguarding investor rights and ensuring a smooth transition process.

REIT flexibility in parallel market

In a move to expand investment opportunities and increase potential returns for investors, the CMA will now allow traded real estate investment funds listed on the parallel market to invest in real estate development projects at the time of fund establishment.

These investments will not be bound by the standard asset allocation ratios and restrictions previously outlined in the Real Estate Investment Funds Regulations.


Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

Updated 09 July 2025
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Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

  • Urban food and beverage prices were down 1.2%

DUBAI: Egypt’s annual urban consumer price inflation slowed to 14.9 percent in June from 16.8 percent in May, data from statistics agency CAPMAS showed on Wednesday.

The drop in inflation is steeper than the median forecast of 15 analysts polled by Reuters, which had seen annual urban consumer inflation last month at 16.2 percent.

Urban food and beverage prices were down 1.2 percent overall compared to May 2025 but were up by 6.9 percent against June 2024, according to CAPMAS.

Urban inflation on a monthly basis inched down in June by 0.1 percent compared to May, as meat and poultry prices were down by 3.8 percent, fruits by 2.1 percent and vegetables by 1 percent, while the prices of bread and cereals were up by 0.3 percent and seafood by 0.8 percent.

Egypt’s annual inflation has plunged from a record high of 38 percent in September 2023, helped by an $8 billion financial support package agreed with the International Monetary Fund in March 2024. 


Most Gulf markets close higher shrugging off Trump’s tariff news

Updated 09 July 2025
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Most Gulf markets close higher shrugging off Trump’s tariff news

  • Saudi Arabia’s benchmark index eased 0.1%
  • Abu Dhabi index added 0.4%

LONDON: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by the latest tariff threats from US President Donald Trump. 

Trump ramped up his trade offensive on Tuesday, announcing a 50 percent tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10 percent tariffs on imports from Brazil, India, and other BRICS countries. 

Saudi Arabia’s benchmark index eased 0.1 percent, dragged down by a 3.1 percent slide in utilities heavyweight ACWA Power and a 0.9 percent decrease in oil giant Saudi Aramco.

In the UAE, Dubai’s main index gained 0.7 percent, hitting a fresh 17-year high, lifted by a 3.6 percent rise in Emirates Central Cooling Systems Corp. 

Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform. 

The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport. 

Abu Dhabi index added 0.4 percent, posting its sixth straight session of gains. 

Abu Dhabi National Insurance Co. advanced 6.4 percent following regulatory approval to open a branch in India. 

Qatar’s benchmark index closed flat. 

Outside the Gulf, Egypt’s blue-chip index, which traded after a session’s break, finished 0.4 percent higher, with Commercial International Bank rising 0.6 percent higher. 

Egypt’s stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms’ ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data center in Cairo. 


Blacklane and EVIQ partner to expand EV charging network in Saudi Arabia 

Updated 09 July 2025
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Blacklane and EVIQ partner to expand EV charging network in Saudi Arabia 

  • Initiative aims to support development of sustainable infrastructure, focusing on clean technologies
  • Deal includes development of dedicated charging stations for vehicle fleets

JEDDAH: Electric vehicle charging infrastructure is set to expand across Saudi Arabia following a strategic partnership between Blacklane and EVIQ, accelerating the Kingdom’s shift toward clean and sustainable mobility. 

Under the agreement, EVIQ — a joint venture between the Public Investment Fund and Saudi Electricity Co. — will collaborate with the international chauffeur-driven transport firm to support the expansion of the Kingdom’s EV charging network across key cities and mobility hubs, according to a press release. 

The initiative aims to support the development of sustainable infrastructure in line with Saudi Vision 2030, focusing on clean technologies and environmental responsibility. It also supports the Kingdom’s goal to transition 30 percent of vehicles in Riyadh to electric by 2030 and achieve net-zero emissions by 2060 — a target it aims to reach ahead of schedule

Mohammed Bakr Gazzaz, CEO of EVIQ, said: “By integrating national charging infrastructure with premium fleet operations, we aim to reinforce the foundation for a scalable, future-ready transport ecosystem aligned with Saudi Arabia’s Vision 2030.” 

The deal includes the development of dedicated charging stations for vehicle fleets, most notably an integrated charging center at Blacklane’s new regional headquarters for the Gulf region in Riyadh. 

“As we rapidly scale operations across the nation, we’re thrilled to have EVIQ on-board to actively support our expanding electric fleet. Together we are setting new benchmarks for sustainable innovation and success,” said Jens Wohltorf, CEO and co-founder of Blacklane. 

Blacklane will incorporate EVIQ’s public charging network into its operations in Saudi Arabia to support its growing electric vehicle fleet. Both companies also plan to explore opportunities for system integration aimed at improving network functionality and user accessibility. 

The partnership follows Blacklane’s recent introduction of Lucid electric vehicles into its Saudi fleet, as part of efforts to expand its EV offerings. EVIQ’s fast-charging network supports the company’s goal of enhancing its electric mobility services in the Kingdom, the release added. 

As part of the partnership, the companies will co-develop training programs under Blacklane’s Chauffeur Training Academy, focusing on EV charging best practices to support service quality, safety, and sustainability. 

Blacklane’s expansion in Saudi Arabia is backed by TASARU Mobility Investments, a wholly owned investment arm of PIF.


Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Updated 09 July 2025
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Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

  • Parallel market Nomu gained 104.43 points to close at 27,448.22
  • MSCI Tadawul Index edged down 0.27% to 1,445.25

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73. 

The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining. 

The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.

The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.

The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70. 

The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89. 

Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10. 

On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program. 

According to a press statement, the sukuk issue is expected to settle on July 15. 

The share price of Alinma Bank declined by 1.19 percent to SR26.68. 

Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform. 

In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million. 

Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million. 

The share price of Jahez edged up by 1.11 percent to SR27.44.