RIYADH: A high-profile international motor exhibition was inaugurated by Minister of Transport Jabara Al-Seraisry here on Saturday amid growing optimism and local trends showing an upswing in the sale of cars.
Auto industry leaders at the Riyadh Motor Show here forecasted on Saturday car sales in the Kingdom would grow to SR69 billion next year and swell to SR94 billion by 2013.
After cutting a ribbon to mark the opening of the show, Al-Seraisry said the event is indicative of the growth of the Kingdom’s transport sector in which a large number of transport projects are on track.
“The market for cars and vehicles have also reported growth with trends showing that this growth will be sustained in months and years to come with the news of economic recovery in the region ... It is good news for one and all,” said the minister. He said that the Kingdom had allocated SR12 billion in its budget for roads and ports projects, underpinning the state’s plan to keep public funds flowing into the key infrastructure sector and for public utilities.
About 55 national and international exhibitors are featuring a full range of the latest models in passenger cars, station wagons, sports utility vehicles (SUV), pick-up trucks, motorcycles, special purpose vehicles, and 4x4 vehicles from automotive companies from countries such as Saudi Arabia, Turkey, China, Thailand, the UAE and Germany.
Major highlights were Toyota, Peugeot and Hyundai cars. The event also includes automobile financing and insurance services, including a very convenient option to purchase cars by Alinma Bank.
The exhibition also features the latest automobile accessories, gas station equipment, automobile parts, tires, exhausts and batteries, and automobile care products from national and international exhibitors, said Kamil Al-Jawhari, project manager at the Riyadh Motor Show.
Referring to auto industry trends in Saudi Arabia, a press statement released by the Riyadh Exhibitions Company said that car sales in Saudi Arabia, the Gulf’s largest automobile market, are expected to jump over 30 percent from around 676,000 in 2010 to 880,000 in 2013 as the Kingdom remains economically and commercially resilient against the global downturn.
Moreover, the increasing availability of credit financing is projected to boost domestic car sales. The Saudi automobile market is presently worth around SR33.75 billion, inclusive of commercial automobiles and transport infrastructure. The Kingdom remains the largest market in the Middle East and fifth in the world for auto parts, accessories, and servicing and garage equipment.
The statement said that the Riyadh Motor Show and Saudi Autoshop provide perfect platforms to reveal the present and upcoming performance, style and pricing options available to Saudi and Gulf automobile consumers, businesses and enthusiasts.
According to Mohammad Al-Hussaini, deputy general manager at the Riyadh Exhibitions Company, the exhibition is expected to attract more than 180,000 trade and public visitors, and easily post a combined 35 percent increase in participation over 2007. The Riyadh Exhibition Center, a four-hall modern international exhibition complex comprising 15,000 square meter of indoor exhibition space and 5,000 square meters of outdoor area, complements the importance of the upcoming shows in dictating the tempo of the Kingdom’s automobile and automotive market in 2010, he added.
