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Saudi 2009 car imports 'to fall'
- Saudi Arabia: Tuesday, May 26 - 2009 at 11:07
Saudi Arabia, could see the first drop in car imports in 10 years in 2009, as the kingdom's oil-based economy slows down, analysts and traders have told Reuters. 'Worries on the 2009 direction of the Saudi economy have started weighing on the weakening Saudi auto market,' National Commercial Bank said in a research note. Sultan al-Mubarak, head of a European car showroom in Riyadh, told Reuters that most visitors ask about upcoming promotions, but only 15% of them end up buying. John Sfakianakis, chief economist at HSBC's Saudi affiliate, said matching the 2008 car sales performance will not be easy.
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StaffTuesday, May 26 - 2009 at 11:07 UAE local time (GMT+4)
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