Saudis ‘bought 750,000 cars in 2013’

Updated 10 January 2014
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Saudis ‘bought 750,000 cars in 2013’

Saudi nationals purchased 750,000 cars in 2013, according to a top trade official.
“This is an increase of 6 percent from 2012,” said Faisal Abu Shousha, head of the National Committee for Automobile Agents at the Council of Saudi Chambers (CSC).
He added that the increase was 15 percent in Bahrain and 14 percent in the United States.
“Saudis buy Japanese cars as their first choice, followed by Korean and last, but not least, come the American cars,” said Abu Shousha.
According to him, Toyota’s sales in the Kingdom accounted for 38 percent of the market share, followed by Hyundai (20 percent), General Motors (9 percent), Ford (7 percent) and Kia (6 percent).
Abu Shousha seemed to be more optimistic about the future of automobile market in Saudi Arabia. “I expect the number of cars sold annually to reach one million in 2020,” he noted.
Abu Shousha supprted the moves made by the Saudi Standards, Metrology and Quality Organization to curb imports of cars that are more than five years old. “It is a positive step that aims to stop the importation of bad cars,” he added.
He said vehicles in the current Saudi markets are good in quality and shape, which make the competition more intense in the after-sale services.
“Maintenance involves about two-thirds of the agent’s investment,” he said.


UBS annual profits soar to $4.9 billion

Updated 35 min 51 sec ago
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UBS annual profits soar to $4.9 billion

  • UBS had seen its 2017 results hammered by US tax reforms
  • Net income for the whole of 2018 was still up 25 percent from the previous year

ZURICH: Swiss banking giant UBS saw its net profits soar by almost five times last year to $4.9 billion (€4.3 billion), it announced Tuesday.
Like other banks, UBS had seen its 2017 results hammered by US tax reforms. But excluding the impact of these changes in US tax laws, net income for the whole of 2018 was still up 25 percent from the previous year.