Saudi automotive company Mohamed Yousuf Naghi Motors has acquired the Ford Motor and Lincoln distributorship from Al Jazirah Vehicles Agencies Co in the western and southern regions of Saudi Arabia, the law firm advising the deal said on Wednesday.
Law firm Abdulaziz Alajlan & Partners advised the Saudi group on the acquisition as well as the negotiation and execution of the distribution arrangements with Ford and Lincoln in these regions, it said in a statement.
Mohamed Yousuf Naghi Motors is a prominent Saudi automotive family business and the official importer and distributor of BMW, Jaguar, Land Rover and Hyundai in the western and southern regions of Saudi Arabia.
Saudi Arabia is expected to see demand grow after the kingdom lifted a ban on women driving last year.
Consultancy PwC last year estimated 3 million new women drivers will be added to Saudi Arabia’s automotive market by 2020, opening a host of opportunities ranging from car sales to motor insurance, vehicle leasing and driving schools.
Saudi Arabia had 7.3 million vehicles in operation in 2017, with 438,000 new passenger cars and 110,000 new commercial vehicles sold that year, according to research firm Aranca.
Source: Reuters.com