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The automotive sector trade in Jebel Ali Free Zone Jafza, the flagship free zone of Dubai and the U.A.E., has seen a whopping 4-fold growth in the last ten years growing from US$ 1.1 billion in 2004 to US$ 4.7 billion in 2013.
Ibrahim Mohamed Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of EZW , commenting on the automotive sector’s impressive growth in the region and growing opportunities for Jafza companies said: “The dynamic growth in the sector reflects the upcoming boom the industry is slated to experience in the coming years. The buoyant mood in the auto sector in the GCC and the MENA region offer huge long-term growth opportunities to Jafza based existing companies, as well as, the new multinationals who want to capitalize on the world’s most attractive market for the auto industry.
The total vehicles sales in MENA are estimated to be close to 4 million a year which may grow to nearly 7 million by 2020. The auto component market in the region in the next 3-years is expected to witness double digit growth.”
The total number of registered cars and pick-ups in the GCC is expected to record a CAGR of 6.3% in 2012-17 to total 16.36 million units in 2017. Over the same period, the number of trucks and buses on the road is expected to reach 1.42 million in 2017.