Al-Hogail: Saudi retail sector contributes 23% of non-oil GDP, with an expected growth reaching SR460 billion

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Saudi Gazette report

RIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail revealed on Monday that the retail sector in Saudi Arabia contributes 23 % of the non-oil GDP. He mentioned that the retail sector is anticipated to develop to greater than SR460 billion ($122.6 billion) by the tip of the yr 2024.

He made the remarks whereas inaugurating the10th version of the Retail Leaders Circle (RLC) MENA Summit in Riyadh on Monday. The convention beneath the theme ‘Fearless Innovation: Charting the Subsequent Frontiers’ will conclude on Tuesday.

“We glance ahead, by means of this summit, to debate the whole lot that contributes to the event of the retail sector and its development, which is able to replicate positively on all providers,” the minister mentioned whereas pointing to the significance of the retail sector as it’s a main driver of the financial system and home manufacturing in all nations by means of the range, high quality and availability of merchandise.

In his speech, Chairman of the Retail Leaders Circle Panos Lenardos mentioned that subsequent yr the RLC MENA Summit will flip right into a authorities discussion board, and that Riyadh would be the host metropolis.

It’s noteworthy that the summit is available in gentle of the utmost significance that the retail sector represents as one of the vital vital pillars of the Kingdom’s financial system. It additionally displays the keenness to realize integration between the expansion of the retail sector, the sustainability of infrastructure and trendy city planning, with the intention of enhancing the standard of life for cities, their residents and guests. Furthermore, the occasion constitutes an affirmation of the Kingdom’s management and excellence in varied sectors and fields.

The tenth anniversary version of the summit is witnessing confluence of world CEOs, senior policymakers, innovators and traders from greater than 40 nations and throughout industries similar to retail, actual property, tourism and know-how to drive discussions and share their numerous views and experiences.

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