Post date: Nov 18, 2012 3:54:52 PM
Car manufacturers present their latest models at the Riyadh Motor Show in Saudi Arabia- a market where the number of cars sold every year is soon expected to reach one million.
RIYADH, SAUDI ARABIA (NOVEMBER 17, 2012) (REUTERS) - This year's Riyadh Motor Show opened in the city's Exhibition Center on Saturday (November 17).
Organisers say it is the longest-running and leading car show in the Middle East. Buyers come to view the latest models of cars and sales agents try to expand their share of the Saudi car market."We went to the Saudi market strongly in terms of spare parts. We offer a very powerful service and also competitive car prices, we are not facing any problems and we have a foothold in the Saudi cars market for 2013," said Marwan Massad, who represents British car maker MG in Saudi Arabia.
Dr. Abdulaziz al-Ohali from the ministry of transport cut the ribbon at the opening ceremoney and then walked around the exhibits. He stressed the importance of the Saudi Arabian market for car dealers.
"600,000 cars sold in the Saudi market is not a small number, it means 1.2 million cars in two years, this is a significant figure, and is considered a very large market for car dealers. This market and its customers deserve attention," he said.
And the market is only expected to grow over the next few years.
"We expect that from 2012 to 2015 the number of cars entering the kingdom will increase to about a million vehicles, and we expect that Hyundai's share will accounted for between 30 and 35%," said Hyundai agent Mohammad Nassar.
The value of car sales in Saudi Arabia is expected to rise to 94 billion riyals (approximately 25 billion U.S. dollars) in 2013. As part of its strategy to diversify the local economy away from its dependence on oil, the Kingdom intends to begin manufacturing auto parts in 2013 and assembling cars in 2021.