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FINANCIAL NEWS
Saudi to import up to 700,000 cars
01 Jan 2012
(MENAFN) Saudi Haji Husein Alireza’s Co. managing director, Ali Alireza, said that due to strong economy and high oil prices, the Kingdom’s imports of cars would be forecasted to reach 700,000 units, reported Arab News.
Alireza, whose company is the local exclusive dealer of Geely Holding Group’s Geely cars, added that during the current year, car sales in the country exceeded 650,000.
On the other hand, the car dealer said that establishing car plants in the Kingdom wouldn’t be a good idea, since the priority would be to establish factories for car spare parts.
It is worth noting that car sales in Saudi would be expected to hit 880,000 units annually by 2013, an increase of 50 percent from 2008 levels.
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