Growth At Both Ends Of Vehicle Spectrum

The growth in auto sales in Saudi Arabia has recovered from the slump caused by the 2009 financial crisis and BMI forecast that sales will grow a steady 6.99% year-on-year (y-o-y) in 2011 to a total of 668,883 units. We view Saudi Arabia as a steady market for auto sales with similar growth rates throughout our forecast period and annual sales of around 950,000 vehicles in 2015. Increased demand for new automobiles is underpinned by impressive overall economic growth on the back of continuing high oil prices.

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