Traditional dress is mandatory for Saudi civil servants    Minister Al Ibrahim calls for enhanced global cooperation at WEF meeting in Riyadh    Saudi Finance Minister stresses importance of Vision 2030 at WEF Special Meeting in Riyadh    Saudi Arabia, EU strengthen energy collaboration with upcoming MoU    NEOM secures SR10 billion revolving credit facility to support development initiatives    HONOR opens two HONOR exclusive service centers in Saudi Arabia to bring better customer experience    Saudi Arabia to host World Investment Conference amidst economic expansion    Saudi minister announces 10% increase in tourist numbers in Q1 2024    UK forces may be deployed on the ground in Gaza to help deliver aid    Trump VP contender Kristi Noem defends killing her dog    Conservative MP and ex-minister Daniel Poulter defects to Labour    Saudi Drug enforcement contributes to thwarting 47 kilograms of cocaine smuggling in Spain    Al Hilal triumphs over Al Fateh in a fierce 3-1 clash at Kingdom Arena    Al Shabab overpowers Al Ittihad with a 3-1 victory in Jeddah    Saudi Olympic team exits U-23 Cup in quarterfinals, loses Paris 2024 Olympics dream    'Zarqa Al Yamama': Riyadh premieres first Saudi opera    Riyadh Season announces first overseas event with boxing gala in Los Angeles    Australian police launch manhunt for Home and Away star Orpheus Pledger    Spice Girls reunite at Posh's 50th birthday    Aspiring fencer Josh Brayden aims for Olympic glory    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Economic fundamentals augur well for car sector
Published in The Saudi Gazette on 06 - 09 - 2009

The Middle Eastern automotive sector remains buoyant despite the global financial crisis, driven by a robust GCC market that accounts for an estimated four million passenger cars, more than 1.8 million of which are in the Kingdom of Saudi Arabia.
The Kingdom, currently the biggest automotive market in the region, imported more than SR38 billion worth of cars and spare parts in 2008.
Auto sales in the Kingdom are expected to further increase by 5 percent in 2009 to surpass the 545,000 units sold last year.
Furthermore, with an estimated GDP per capita of SR89,700 as of 2008, according to figures from the World Bank, the country's strong spending power has helped make Saudi Arabia one of the most lucrative automotive markets in the world.
In addition, up to 59.5 percent of the country's population of over 25 million belong to the 15-64 age bracket - the prime target group of the automotive industry - creating a massive market base for all industry players.
“Around 60 percent of the Kingdom's population is made up of young individuals who have a strong interest in automotive vehicles and accessories - a trend that is contributing to the automotive sector's record growth. The Saudi government has also greatly influenced the expansion of the automotive and auto parts sectors by offering attractive financial plans and investment incentives,” said Kamil Al Jawhari, project manager of Riyadh Motor Show at Riyadh Exhibitions Company.
“These factors open up huge opportunities for dealers, car parts and accessories distributors, retailers and aftermarket service providers,” he said. “In this regard, the Kingdom will clearly benefit from comprehensive and reputable industry forums such as the Riyadh Motor Show 2009, which will gather all stakeholders to showcase market best practices, trends, products, technologies, and prospects,” he added.
The advantageous automotive market conditions are reflected in this year's edition of the Riyadh Motor Show, one of the biggest auto industry events in the Middle East, being held concurrently with Saudi Auto shop.
The two events, being organized by Riyadh Exhibitions Company, jointly expect a combined 35 percent growth in participation over the 2008 edition when they are staged at the Riyadh International Exhibition Centre on Dec.12-16, 2009.
Riyadh Motor Show 2009, the 27th International Exhibition for Motor Vehicles, will display the latest models of passenger cars, station wagons, sports utility vehicles (SUV), pick-up trucks, motorcycles, special purpose vehicles, 4x4 vehicles, SUV trucks and eco-friendly vehicles. It will also include automobile financing and insurance services.
Saudi Autoshop 2009, the 13th International Exhibition for Auto Repair Equipment, Tools, Parts and Accessories, will feature the latest automobile accessories and repair service equipment; gas station equipment; automobile parts; tires, exhausts and batteries; and automobile care products of 55 exhibitors within a total of 15,000 square meters of indoor and outdoor exhibition space.
The back-to-back events are expected to gather a global participation of individual automobile and automotive companies from the Kingdom, Turkey, China, Thailand, UAE, Germany and other countries.


Clic here to read the story from its source.