Recession fears may be gripping much of the global economy, but in the world’s largest oil exporter Saudi Arabia car manufacturers are betting on more big spending…
“The luxury car market in Saudi Arabia is the biggest one in the Gulf region, so for the BMW group it is the potential market focus,” said Reiner Braun, sales director at Mohamed Yousuf Naghi Motors which imports BMW and other cars.
“The global crisis will certainly have an impact on all markets worldwide but … the Middle East will probably be the most stable (market)…”
While ordinary Saudis have suffered over the past year as inflation soared to 30-year highs, the kingdom’s elite have continued to prosper.
In Jeddah, Saudi Arabia’s second biggest and most liberal city, the rich live fast and consumption is conspicuous.
Exhibition organizers say that Mercedes and BMW are among the most popular cars in the super-expensive range. Rolls-Royce cars were also on display in the exhibition, where colors extended to orange and lurid green.
Gosh, I was worried for a while that everyone was going to suffer through this economic downturn.