RIYADH: According to a report, Saudi Arabia’s fashion industry will grow at a cumulative annual rate of 48 percent between 2021 and 2025 as the Kingdom diversifies its economy.
According to the Small and Medium Enterprises General Authority’s most recent quarterly report, Saudi Arabia’s Fashion Commission is important in developing a more robust ecosystem to drive the sector’s growth.
The authority, also known as Monsha’at, revealed that the fashion industry would account for 1.4% of the Kingdom’s GDP in 2022.
According to the report, the total value of the Saudi fashion sector, including international brands, was $24.6 billion in 2022.
Saudi Arabia is undergoing a profound transformation across several industries. This renaissance encompasses architecture, music, film, art, cuisine, and other disciplines. Through various initiatives at the Fashion Commission, we are revolutionizing the fashion sector and elevating our talents to global stages while adhering to the core pillars that drive growth and sustainability,’ said Burak Cakmak, CEO of the Fashion Commission.
He said, “Due to several strategic initiatives that fostered a dynamic ecosystem of creativity and business acumen, the growth of the Saudi fashion industry over the past few years has been unprecedented.
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