General Motors sees 54% surge in Saudi car sales

General Motors, in which Saudi billionaire HRH  Prince Alwaleed Bin Talal holds a minority stake, saw a 54 percent surge in sales across the kingdom in January, the US-based carmaker said Monday.

The firm sold 8,312 cars across the Middle East during January, a rise of fourteen percent on the same period a year earlier, the company said in an emailed statement.

The Detroit-based firm said growth was driven by a 54 percent rise in sales in Saudi Arabia, its largest Middle East market, and 37 percent growth in Qatar.

Chevrolet was the most popular model, with sales of the Chevrolet Malibu up 48 percent.

“January’s sales performance represents a great start to the year for GM Middle East,” said John Stadwick, president of GM Middle East Operations.

GM, one of the world’s largest carmakers, was forced to enter into bankruptcy proceedings in mid-2009, in the wake of the global economic crisis.

The company launched an IPO in November, raising $20bn in common and preferred shares. Saudi’s Prince Alwaleed Bin Talal bought $500m GM shares through his company Kingdom Holding, equating to a one percent stake.

Kingdom Holding said in a statement it acquired the shares because of “the global strength of General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China.”

GM is planning to launch five new models in the Middle East this year; the Chevrolet Aveo, Cruze Hatchback, Camaro Convertible, the new Chevrolet Captiva and the GMC Terrain.