Car sales are expected to increase by up to 50 percent in Saudi Arabia following a royal decree allowing women to drive, local media said.
The Jeddah-based English daily Arab News reported on Friday that local banks expect a huge spike in car finance, and expect up 50 percent increase in car sales following a landmark decision.
Talat Hafiz, secretary-general of the media and banking awareness committee of a Saudi bankers group, told the paper that they are ready to give car finance directly to qualified female applicants.
“Car sales in the Kingdom reach 600,000 annually,” Hafiz told the paper. “However, this number will increase by 50 percent in the coming period, which will have many positive impacts on the country’s economy, including the GDP.”
GDP (gross domestic product) is the total value of products and services produced within a country, including personal consumption, investments, and government spending — minus imports.