Riyadh, Saudi Arabia – Saudi Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said on Monday that the retail sector contributes 23 percent of non-oil GDP of the kingdom, predicting its growth will surpass SR460 billion ($122.6 billion) by the end of 2024.
The minister made these statements at the inauguration of the 10th edition of the Retail Leaders Circle (RLC) MENA Summit, which focuses on ‘Fearless Innovation: Charting the Next Frontiers’ and is set to conclude on Tuesday
“We look forward, through this summit, to discuss everything that contributes to the development of the retail sector and its advancement, which will reflect positively on all services,” the minister said, quoted by Saudi Gazette.
During the event, Al-Hogail emphasized the crucial role of the retail sector as a major economic driver, influencing domestic production through product diversity, quality, and availability. He expressed optimism that discussions at the summit would contribute to the sector’s development and overall service enhancement.
Chairman of the Retail Leaders Circle, Panos Lenardos, announced that the RLC MENA Summit will transform into a government forum next year, with Riyadh as the host city. The summit gathers global CEOs, senior policymakers, innovators, and investors from over 40 countries across various industries such as retail, real estate, tourism, and technology.
The summit aims to facilitate discussions, providing diverse perspectives and experiences to drive advancements in the retail and related sectors.