Volkswagen Sets Sights on Arab Car Market

German carmaker Volkswagen is eyeing the auto market in the United Arab Emirates for selling its luxury models Phaeton and Touareg. VW board member Peter Hartz said on Monday in Abu Dhabi the auto-maker was seeking joint ventures and cooperation with local companies to get a foothold in the premium market. "It’s a win-win situation for a region that has a monoculture, and for a global player," Hartz said in reference to the region’s rich petroleum resources. But Hartz didn’t say how many luxury cars Volkswagen expected to sell in the region. "Five hundred cars per quarter would definitely be an exaggeration," he said. But the VW executive admitted that company's biggest competitor would be its own subsidiary, Audi, which is already a strong seller in the Emirates.