RIYADH: MD RASOOLDEEN arab news staff
Published — Sunday 18 November 2012
Last update 18 November 2012 5:59 am
With the support of Transport Minister Jabara Al-Seraisry, Deputy Minister of Transport Affairs Abdulaziz Al-Ohali opened the Riyadh Motor Show 2012, the 29th International Exhibition for Motor Vehicles, at the Riyadh Exhibition Center (REC) here yesterday.
With the value of car sales in the Kingdom expected to reach $ 22.73 billion in 2012 and $ 25.05 billion by 2013, more than 80 of the world's leading automotive players are taking part in the event featuring over 40 automobile brands.
Four banks are also showcasing their latest automobile products and financing solutions. Car loans from financing institutions contributed to 70 percent of the car sales in 2011 in the Kingdom.
The show is the longest-running and leading car show in the Middle East gathering a vast number of automotive professionals and consumers under one roof.
In 2010, over 96,000 visitors attended the show, making it the highest turnout in Riyadh Motor Show's history.
For buyers, the exhibition offers them a fantastic opportunity to view the latest car models and all that the auto industry has to offer.
Running concurrently with the Riyadh Motor Show 2012 is Saudi Autoshop 2012, the 15th International Exhibition for Auto Repair, Equipment, Tools, Parts and Accessories, which has attracted more than 30 specialized companies.
More than 90,000 trade visitors from the Kingdom and elsewhere the world are expected to attend ongoing the event, which is sponsored by Fiat, Alfa Romeo and Castrol.
The 2012 edition includes passenger cars, commercial vehicles, motorcycles, vehicle bodies and parts, accessories and tools, as well as financial services, such as insurance and loans.
Saudi Auto Shop, which is held concurrently with Riyadh Motor Show, showcases the latest in automotive accessories and spare parts.
"Riyadh Motor Show and Saudi Autoshop collectively serve as a premier business-to-business platform to leverage the robust growth potential of the Saudi automotive market and introduce the latest car models, technology, services and financial solutions," said an REC executive.
He said driving sales of new cars in the Kingdom was the 2009 decision to ban the import of used vehicles of over five years, which had accounted for a quarter of all imported vehicles. He also attributed the rising population for the increase in demand for cars.
The small car segment is marking the largest growth due to consumer preference for more affordable vehicles, accounting for 25 percent of the market, he said.
The exhibition, forming the longest-running and one of the most important industry events in the Middle East, provides an ideal gateway for investors, car manufacturers and distributors to take advantage of Saudi Arabia's promising growth potential, offering direct access to key market segments in the country.
Riyadh Motor Show 2012 displays the latest models of passenger cars, station wagons, Sports Utility Vehicles (SUV), pick-up trucks, motorcycles, Special Purpose Vehicles, and 4x4 vehicles. It also includes automobile financing and insurance services.
Riyadh Motor Show and Saudi Autoshop cover nearly 20,000 sqm gross floor space at the REC.