Strong fundamentals coupled with a rapidly growing young population made Saudi Arabia the largest importer of vehicles and automotive parts in the Middle East in 2011, with the pace seen accelerating in the medium term, the National Commercial Bank said in its report on the Kingdom’s automotive sector released Wednesday. It noted that rising income levels, greater government spending and increased liquidity in the banking sector are boosting the demand for automobiles and improving the underlying confidence in the market.
The expanding young demographic structure are also boosting demand for automotive vehicles; particularly small, fuel-efficient passenger cars.
