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Saudi authorities: Studying auto sector to boost growth

Saudi Authorities for Competition started a survey on Wednesday to look into the structure of the country’s car industry.

According to the Saud Press Agency, the study’s goal is to weed out detrimental practices. Which might stifle the sector’s growth. Also ensuring the preservation of consumers’ rights and healthy competition among the sector’s stakeholders.

Saudi Arabia is one of the Middle East’s most important automobile markets. Furthermore, the addition of 3 million female drivers to the automotive sector by 2020. Which will create a slew of new opportunities for investors and industry players. However, ranging from car sales to insurance, leasing, and driving schools.

It is part of the Saudi authorities attempts to meet the aims of Vision 2030. Which envisions a robust economy founded on contemporary principles and encourages fair competition in the Kingdom.

Saudi Authorities to launch first in-house car by 2022

According to Mohammad Al-Zahrani, head of the Industrial Investment Development Department. Saudi authorities anticipates the first Saudi-made automobile to be available in the market in 2022. The Royal Commission in Jubail has begun constructing the infrastructure necessary to lure three major automakers.

Also read: ABU DHABI PRACTISES ACTIVITIES THAT OPEN TO FOREIGN OWNERSHIP

Similarly Al-Zahrani said, a research performed by the Royal Commission expects the automotive industry to attract about SR40 billion ($10.67 billion) in direct investments by 2040. Therefore contributing SR80 billion to Saudi GDP and providing 27,000 direct employment.

According to him, the Kingdom’s auto complex is part of the strategic industrial strategy since Jubail Industrial City and Ras Al-Khair Industrial City supply at least 90% of the raw materials required in direct automotive manufacture.

Read more about Saudi auto sector: https://en.wikipedia.org/wiki/Template:Automotive_industry_in_Saudi_Arabia

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