| 04 Sep 2010 |
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Auto sales in Saudi Arabia may hit $69.4 billion by year-end
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JEDDAH -- Automobile sales in Saudi Arabia are expected to reach over SR69.4 billion by year-end, while the number of vehicles sold during the next three-year period will post a 30 per cent growth from the current 676,000 to 880,000, according to Kamil Al Jawhari, project manager of Riyadh Motor Show at Riyadh Exhibitions Company (REC).
Quoting a recent Business Monitor International (BMI) report, Al Jawhari said factors such as Saudi Arabia's robust economic growth, recent restrictions imposed on the age of imported used vehicles and the increasing population have given an impetus to the automotive market in the kingdom.
BMI is a leading independent provider of data, analysis, ratings and rankings covering 175 countries and 22 industry sectors.
"Favourable economic conditions coupled with several other factors such as restrictions imposed on the age of used vehicles imported into Saudi Arabia and population growth have contributed to the increasing demand for vehicles, auto parts and services in 2010," he said.
Al Jawhari said another factor in the robust market growth is the increased availability of lending facilities such as car loans which currently account for 70 per cent of the car sales. "Extreme weather condition has also been a factor in the steady demand for auto maintenance services,' he said.
Taking advantage of the industry's robust growth forecast, Al Jawhari said the Riyadh Motor Show 2010 -- the 28th edition of the international exhibition for motor vehicles -- and the Saudi Autoshop 2010 -- the 14th edition of the international exhibition for auto repair equipment, tools, parts and accessories -- will be held at the Riyadh International Convention and Exhibition Center from December 5 to 9. "We are expecting to attract over 85,000 visitors from all over the world this year," he said.
The Riyadh Motor Show 2010 will showcase the latest models of passenger cars, station wagons, sports utility vehicles, pick-up trucks, motorcycles and special purpose vehicles.
The expo will also showcase automobile financing and insurance services. The event will offer car accessories and specialised automotive services from leading international brands.
The Saudi Autoshop 2010, to be held concurrently, will feature the latest automobile accessories and repair service equipment, gas station equipment, automobile parts, tyres, exhausts and batteries and auto care products.
According to automotive industry sources, Saudi market will generally remain impervious to the effects of the global downturn as demographic factors and the country's financial stability will help cushion any negative impact on the automotive sector.
By Correspondent
© Khaleej Times 2010
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