(MENAFN) Saudi Industrial Development Fund (SIDF) reported that Saudi Arabia imports of cars were valued at USD 20.52 billion in 2012 reaching 981.000 cars and totaling a 13 percent in total Saudi imports, according to Arab News.
Saudi imported 679,000 cars per year during in the last seven years (2005-2012), at the annual growth rate of 9.5 percent.
The SIDF's annual report, which dealt with the future of car industry in the Kingdom and its impact on the national economy, cited a number of reasons for the growing demand on cars, including big population growth that stands at 3.7 percent per year, enormous purchasing power and young category of Saudi community, which represents 21 percent of the total population.
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