Saudi automotive sector logs SR20b yearly sales

15/08/2017 06:59 AST

The kingdom of Saudi Arabia is considered one of the largest automotive markets in the Middles East, and the biggest importer of cars in the GCC. According to the latest reports, the annual sales of automotive in is almost SR20 billion, considering more than 600,000 new cars entering the market on a yearly basis.

Harboring more than 300 assembly and car accessories factories, amounting to 60% of the factories in the GCC, Saudi Arabia is considered the biggest hub for car and car accessories factories in the GCC. It aims at expanding its production sources, with a focus on local production, and has been studying several related projects in the past few years.

Additionally, the kingdom is going through expansionary developments to enhance its role in the area through increasing the volume of exports in the field, and creating more job opportunities, whereby, car factories alone are expected to generate 100,000 additional job opportunities by 2030, in addition to an estimated contribution of SR50 billion to GDP.

Companies and stakeholders are also playing a key role in increasing the attractiveness of the Saudi market, through highlighting the investment opportunities in the automotive field, and accordingly “Riyadh Motor Show” has established a solid and integrated roadmap for their 2017 version, based on its successful track record of more than 30 years.

Groundworks are initiated for the show that will be held in November 2017, and the doors are open for international brands and exhibitors to take part in the largest automotive show in the area.

Khalid Alamdar, director of sales and marketing at Riyadh Exhibitions Company, praised the prominent role of the exhibition in providing a dynamic platform that enables industry key players to interact, communicate and discuss growth opportunities in this the automotive industry.

He emphasized the leading position of the kingdom as the preferred destination for automotive investors, suppliers and dealers, being the biggest market in the middles east, and the 5th biggest market in the world in terms of car trade.

Saudi Gazette