CHANGING TIMES
Given the major developments in Saudi Arabia's automotive market, customized services and innovative solutions will become even-more important for the auto leasing industry.
Can you give us a brief overview on the evolution of your business operations and how you expect demand for your services to evolve in the medium term?
Road Echo was established in 2007 with the vision to provide innovation for the auto leasing industry. Now, with more than 12 years of experience, we specialize in design operation lease and transportation plans based on the needs of our customers. Our well-designed transportation solutions are suitable for the aviation sector, consultants, and multinational companies that require VIP services.
What are the major developments and trends in the automobile leasing industry in Riyadh and Saudi Arabia?
There are different developments and trends influencing the local automobile leasing industry, making it difficult to retain customers in terms of services and prices. These trends include ride-sharing applications, the new Riyadh Metro, increased fuel prices, as well as women now being allowed to drive.
How is technology impacting the automobile leasing and fleet management industry in Saudi Arabia, and how does it represent an opportunity to improve operations?
The introduction of ride-sharing applications has a significant impact on the automobile leasing and fleet management industry in KSA. Research says that 20-30% of corporate customers use these applications to meet their needs. Improved and better service is the one thing that can counter this, though the most important action is to change the business model.
What are the main challenges and risks facing the auto leasing industry in Saudi Arabia, and what is the best strategy to overcome them?
The increased rate of financing is one major challenge for the auto leasing industry, making it difficult to run an auto fleet company in order to meet customer's expectations of prices and services. The best strategy is to use the available resources in the most efficient way to counter the price margin and arrange a dialogue to create a platform that can help the industry to reduce the financing rate.
What are the major opportunities in the automobile leasing industry, and how will the rise of ride-sharing services impact the business?
The Kingdom is considered one of the largest automotive markets in the Middles East and the biggest importer of cars in the GCC. According to Vision 2030 and various megaprojects being planned, there is big scope and opportunities for the automobile leasing industry. Ride-sharing services mainly impact spot rentals businesses and not corporate rentals.
CHANGING TIMES
TABLE OF CONTENTS
Interview
Mohammed A. Al-Mowkley , Deputy Minister of Water Services, Ministry of Environment, Water, and Agriculture & CEO, National Water Company (NWC)
NWC leads the Kingdom's efforts to preserve water as a non-renewable national resource and drastically reduce the average per capita water consumption.
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Majed H. Al Saadi , Managing Director, Priority Projects Office (PPO), Local Content and Government Procurement Authority
PPO and ECA act as an accelerator for the realization of Vision 2030 by bridging the gap between the private and public sectors and helping the government diversify the economy in the long run.
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HRH Princess Hala bint Khaled bin Sultan Al-Saud C, Chairman, Saudi Law Conference (SLC) organizing committee & Founder,, Burhan Almarifa
Burhan Almarifa is focused on maturing the legal sector, encouraging innovation, and enabling research and development in KSA through knowledge transfer and consultancy.
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Sahel N. Abduljauwad, Rector, King Fahd University oF Petroleum & Minerals (KFUPM)
The King Fahd University of Petroleum & Minerals has long been the backbone of Saudi Arabia's formidable drilling expertise. Today, it is working to train the next generation of renewable energy and water management scientists.
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Dr. Abdullah Al-Rubaish, Rector, Imam Abdulrahman bin Faisal University (IAU)
Dr. Abdullah Al-Rubaish was appointed vice president of KFU in 2007 and president in 2010. He combined his executive experience from serving in various deanships at KFU with academic practices to become associate professor of medicine and work as a medical consultant at the Department of Internal Medicine. He graduated from KFU's College of Medicine and completed his medical internship at KFHU, where he also pursued a fellowship program. He became a member of the UK Royal College of Physicians and the Arab Board after he completed his sub-subspecialty in Pulmonary Medicine at the University of Alberta, Canada.
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Rajaa Moumena, Founder & President, Future Institute of Higher Education and Training
Saudi Arabia is allowing women more privileges, including driving and becoming ambassadors. The Future Institute of Higher Education and Training is trying to help by providing courses they need to adapt to this new world.
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