Dhaman: Arab Countries Attract 184 Auto Projects Worth USD 25 Bln

1/19/2025 7:04:44 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 19 (KUNA) -- The automotive sector in Arab countries attracted 184 foreign projects valued at more than USD 25 billion, providing more than 102,000 jobs from January 2003 to October 2024, said Arab investment & Export Credit Guarantee Corporation (Dhaman) Sunday.
In a press release on the occasion of its fourth sectoral report for 2024 on the automotive sector in Arab countries, Kuwait-based Dhaman said five Arab countries: Saudi Arabia, Morocco, the UAE, Algeria and Egypt, drew 145 foreign projects with a share of 79 percent of the total, costing more than USD 22 billion representing 89 percent.
These projects created more than 91,000 jobs with a share of 89 percent of the total, Dhaman said, adding that China was the most important investor in the Arab region with 27 projects worth USD 8 billion. The projects provided around 20,000 jobs.
The Gulf countries, led by the UAE, topped the Arab list as the best and most attractive destination for investment and business in auto sales activity for 2024, followed by Saudi Arabia, Qatar, Kuwait, Oman and Bahrain, respectively, it indicated.
Five countries: Saudi Arabia, the UAE, Algeria, Morocco and Kuwait had around 75 percent of overall vehicle sales in the region by the end of 2024, according to the press release.
Concerning individual car sales in the region, they are likely to exceed 1.8 million cars by the end of 2024, up 4.5 percent compared to 2023, with Saudi Arabia ranking first with a share of 45 percent.
Based in Kuwait, the Arab Investment & Export Credit Guarantee Corporation (Dhaman) was established in 1974. It comprises as members all Arab countries and four joint Arab financial institutions and provides specialized insurance services against credit and political risks. (end)
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