Saudi car imports hit SR77bn

Updated 19 June 2014
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Saudi car imports hit SR77bn

Saudi Arabia imported 981,000 cars in 2012 valued SR77 billion, or 13 percent of total Saudi imports in that year, local media said quoting data released by Saudi Industrial Development Fund (SIDF).
At the average, the Kingdom imported 679,000 cars per year during in the last seven years (2005-2012), at the annual growth rate of 9.5 percent, the report said.
The SIDF’s annual report, which dealt with the future of car industry in the Kingdom and its impact on the national economy, cited a number of reasons for the growing demand on cars, including big population growth that stands at 3.7 percent per year, enormous purchasing power and young category of Saudi community, which represents 21 percent of the total population.
The Kingdom is considered a major car and spare parts re-export hub in the region thanks to its outstanding geographical position, the report said.
The value of car and spare part re-exports for the year 2012 hit nearly SR6 billion, or at annual growth rate of 13 percent for the period 2005-2012, which makes it a core for the entry of Saudi auto products into nearby markets, according to the report.
The Kingdom has strong industrial and infrastructure base, which is a key stimulus to set up car industry in the Kingdom taking into consideration its experiences on the manufacture of vehicles or parts or assembling certain buses, fire fighting, ambulance, or hydraulic cleaning vehicles in addition to spare parts, metal frames, gear boxes, filters, radiators, exhausts, tires, batteries, auto class, the report said.
Based on data released by the Ministry of Commerce and Industry, there are more than 251 plants engaged in assembling vehicles and related industries with investments valued at SR7 billion employing more than 27,000 workers. Of the above figure, the SIDF-funded plants stood at 65 projects at the value of SR1.5 billion by the end of 2012, the report said.


BlackRock boss remains bullish on Saudi Arabian market

Updated 17 July 2018
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BlackRock boss remains bullish on Saudi Arabian market

LONDON: Larry Fink, the head of the world’s biggest asset manager, is confident about the future of the Saudi Arabian market following a visit to the
Kingdom.
Fink, CEO of BlackRock, said that he was “more excited about the opportunity” in Saudi Arabia following his visit.
He added that he would not be surprised to see an initial public offering of Saudi Aramco in some form next year, perhaps on the Saudi stock market, known as the Tadawul.
He was speaking on the day Black Rock reported smaller demand for its funds on Monday, and its stock dropped despite a better-than-expected quarterly profit. Net income attributable to the company rose to $1.07 billion in the second quarter, up more than 25 percent from $854 million a year earlier, Reuters reported.
The company faced a difficult market during the quarter, reporting an industrywide slowdown in the demand for exchange-traded funds (ETFs).
The BlackRock CEO said he would not be surprised to see an initial public offering of Saudi Aramco in some form next year.