Audi sells 1,904 vehicles in Kingdom in 2013

Updated 16 January 2014
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Audi sells 1,904 vehicles in Kingdom in 2013

Audi sold a total of 10,647 vehicles in the Middle East in 2013, as many as 1,904 of them in Saudi Arabia. The UAE was the strongest single market for Audi with 4,458 units sold.
Worldwide, the company sold in 2013 around 1,575,500 automobiles, 8.3 percent more than in 2012.
Audi Middle East sources said the figure had exceeded the company’s annual sales forecasts and thus recorded its best ever year in terms of sales.
The company said 16.3 percent more cars were delivered across the GCC and Levant than during the previous year.
“We have set a historic sales record on the Middle East market, with demand growing considerably faster than expected,” said Trevor Hill, MD, Audi Middle East.
“We are still the fastest growing German premium brand in the Middle East. In 2014, we will continue to focus on strengthening our infrastructure backbone. Almost every dealer in the region is investing in new facilities, in line with the company’s strategy of sustainable growth,” he added.
The company aims to achieve an annual sales target of 20,000 units for the Middle East by 2020.
Audi-approved pre-owned car sales across the Middle East markets, meanwhile, increased by 28.3 percent in 2013 to 2,248 units.
As the demand outstrips the supply, residual values are expected to increase further over the coming months and years.
New Audi approved showrooms have opened in Dubai and Riyadh earlier in the year and will be followed by the opening of new Audi approved showrooms in Lebanon and Qatar in February.
Major growth drivers over the past year were Audi’s three biggest export markets, all of which reported double-digit growth, with China up 21.2 percent, the US up 13.5 percent, and the UK up 14.9 percent. In Europe and China, the brand again led the premium segment in 2013 as the top-selling brand.


Saudi banks see no significant impact from lira depreciation

Updated 16 min 11 sec ago
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Saudi banks see no significant impact from lira depreciation

  • National Commercial Bank, Saudi Arabia’s largest bank by assets, earlier on Thursday said there was limited impact from the decline of the lira on the bank

DUBAI: There has been no significant impact from the depreciation of the Turkish lira on the results and quality of Saudi Arabian bank assets, Talaat Hafez, spokesman for Saudi banks, was quoted as saying in a tweet carried by the kingdom’s state TV Alekhbariya on Thursday.
Earlier on Thursday National Commercial Bank, Saudi Arabia’s largest bank by assets, said there was limited impact from the decline of the lira on the bank.
The currency has lost nearly 40 percent against the dollar this year, driven by worries over Turkish President Tayyip Erdogan’s growing influence on the economy and his repeated calls for lower interest rates despite high inflation.