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Auto Industry in Saudi Arabia ‘can create 77,000 jobs’

Middle East : 09 August

Source: Arab News

Saudi investments in the automobile industry are likely to create more than 77,000 jobs, said Mohammed Al-Madhi, vice chairman and CEO of Saudi Basic Industries Corporation.

He said SABIC, a world leader in plastic technology, has launched a number of new projects that would support the development of a viable auto industry in the Kingdom.

“These projects will help Saudi Arabia attract investment from the world’s major automobile manufacturers and create real platforms to make auto spare parts,” he said.

The SR81 billion SABIC projects launched by Custodian of the Two Holy Mosques King Abdullah last week would support downstream industries, especially automobile, mineral and solar energy sectors, he said.

“Another important aspect of these projects is that it would create more than 10,000 direct and indirect jobs for Saudis,” Al-Madhi said while stressing his company’s plan to employ more Saudis.

Ibrahim Badawood, managing director of ALJ Community Initiatives, said the auto industry, like other manufacturing sectors, would create more job opportunities for Saudis. Speaking to Arab News, he emphasized the need for training more Saudis to develop the auto industry. More than 2,500 Saudis have passed out from the Saudi-Japanese Automobile High Institute during the past 10 years, he added.

Saudi Arabia is the largest importer of cars and automotive parts in the Middle East and a gateway for distribution to the broader Middle East and North Africa region.

New passenger car sales in 2012 were more than 700,000 units, an increase of 18 percent over the previous year, according to a recent report by Business Monitor International. Driving this demand is a rising level of disposable income and a large youth population with two-thirds of citizens under 30.

09 August

UAE Real GDP Exceeds AED1trn for First Time

Source: Emirates 24|7
Real GDP grew 4/4% in 2012 to hit Dh1.02 trillion
The UAE real GDP grew by around 4.4 per cent in 2012 to jump above Dh1 trillion for the first time since the country was founded more than 40 years ago.
Official data showed real GDP stood at around Dh1.02 trillion and the non-oil sector [...]

02 August

Healthy Growth Indicated for Q2 Profits of Top UAE Banks as Stronger Economy Drives Capacity Growth at Dubai Airport and New Islamic Banking Centre Launched in Dubai

Healthy Growth Levels at Leading UAE Banks for Q2
Earnings grew in the second quarter for the leading banks in the UAE, indicating healthy profit growth and sustainable levels of recovery for loan growth, according to banking experts.
Robust loan growth of ten percent (y-o-y) was recorded for the top three banks in the UAE, including First [...]

02 August

Saudi Food Retail Market to Hit USD70bn by 2016

Source: The Saudi Gazette
RIYADH – Saudi Arabia’s agriculture and food sectors are expected to sustain a combined annual growth of 18.5 percent, driven by a rising population and strong consumer spending. Food sales in the Kingdom account for around half of the domestic retail market and are expected to be worth almost $70 billion by [...]

02 August

Contracting Projects Worth More than USD900bn Under Way in GCC

Source: Arab News
Despite the economic and financial challenges the world over, the GCC contracting industry is projected to post a strong growth in the coming years due to the vast number of projects being planned and executed.
This is highlighted in Kuwait Financial Centre ’s ( Markaz ) recently published executive summary of a report on [...]

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