10/14/2009

Saudi ALJ: Turkey is a market which nobody can afford to ignore

Arab News - Abdul Latif Jameel (ALJ) Group, the largest independent distributor of Toyota vehicles in the world, has acquired a 65 percent share in Toyotasa (Toyota Sabanci Pazarlama) from Sabanci Holding, the Saudi company announced in a press statement. “Turkey, with a GDP (gross domestic product) of around USD 800 billion and a population of around 72 million people, is a market which nobody can afford to ignore”, said ALJ President Mohammed Jameel following the purchase. The passenger car and light commercial vehicle market in Turkey has reached 600,000 units, while Toyota’s market share stands at around six percent. The country has traditionally served as the gateway to Europe and has a relatively young population with an average age of 29 years. “Turkey enjoys excellent relations with Saudi Arabia”, said Jameel. Saudi Arabia is the fourth largest foreign direct investor in Turkey after the UK, Luxembourg and the Netherlands. “For ALJ, this is a challenge that we have been looking forward to. The opportunity to serve the Toyota customer in Turkey is an honor”, he said.