Saudi car sales to hit $25bn by next year
Car sales in Saudi Arabia will hit SR94 billion ($25 billion) in 2013 amid plans of manufacturing automobile parts and assembling cars, organisers of an upcoming motor show in Riyadh said on Sunday.
The Riyadh Motor Show 2012, the 29th international exhibition for motor vehicles, will run from 17 November to 22 at the Riyadh Exhibition Centre, featuring passenger cars, commercial vehicles, motorcycles, vehicle bodies and parts, accessories and tools, and related financial services such as insurance schemes and loans.
“With plans underway to turn the Kingdom into a regional automotive powerhouse, the Riyadh Motor Show provides an ideal platform for automotive players to discuss current and future opportunities, share the latest technologies and best practices, and forge promising partnerships,” Kamil Al Jawhari, project manager of Riyadh Motor Show at Riyadh Exhibitions Company (REC), said in an interview with Trade Arabia.
“The government’s strong support provides a crucial motivation for the sector to expedite growth and reinforce local business strategies. This event provides momentum for the automotive industry’s expansion drive,” he added.
The Riyadh Motor Show executive said that the Gulf kingdom sold approximately 800,000 cars alone in 2011, with sales potentially increasing to one million vehicles per year by 2020.
Al Jawhari emphasised that Saudi Arabia stands as a leading automotive market thanks to rapid population growth, increasing per capita income, robust economy and firm restrictions on the age of imported vehicles.
The show’s organisers say this year’s edition will cover around 20,000 sq m of prime exhibition space. It is set to become the largest gathering of automotive professionals and consumers the region has ever brought together under one roof, the organisers added. The Riyadh Motor Show witnessed a record participation rate with over 96,000 visitors in 2010.
Riyadh Motor Show 2012 will be running concurrently with Saudi Autoshop 2012 – the 15th international exhibition for auto repair, equipment, tools, parts and accessories – exhibiting the latest automotive accessories and spare parts in a one-stop-shop event.