Al Jazirah Vehicles Agencies Co to continue selling both brands in central, eastern and northern regions
Saudi Arabia’s Mohamed Yousuf Naghi Motors (MYNM) has acquired the Ford and Lincoln distributorship in the western and southern regions of the kingdom from Al Jazirah Vehicles Agencies Co (AJVA).
AJVA will continue its representation for both brands in the central, eastern and northern regions.
Randy Krieger, president of direct markets, at Ford Motor Company's newly established International Markets Group, said: “Saudi Arabia is very important to us, and we trust this agreement will contribute to growing the local representation of the Ford and Lincoln brands, while breathing more energy into the way we serve our customers.”
MYNM is a prominent Saudi automotive family business and is the official importer and distributor of BMW, Jaguar, Land Rover, Hyundai and now Ford and Lincoln in the western and southern regions.
MYNM's portfolio extends past private and public transport to heavy commercial vehicles and buses, with thousands of Hyundai buses transporting pilgrims to the holy cities of Makkah and Medinah for Umrah and Hajj.
Sheikh Mohamed Yousuf Naghi, chairman of MYNM, said: “We're excited to be expanding our representation of Ford and Lincoln in the kingdom, and we're pleased to be able to bring our experience to both brands and deliver our services across the cities we will cover moving forward.”
Consultancy firm PwC last year estimated 3 million new women drivers will be added to Saudi Arabia's automotive market by 2020 following the lifting of the ban on women drivers.
Sheikh Abdullah bin Fahad Al Kraidees, AJVA’s president, said: “We’ve been serving Ford and Lincoln customers in Saudi Arabia for more than 30 years and we’re looking forward to continuing this legacy and further build as we deliver the support that our customers have always expected from Al Jazirah Vehicles Agencies.”
Legal Advisors, Abdulaziz Alajlan & Partners advised MYNM on the deal.