RIYADH: According to a report, Saudi Arabia’s fashion industry is expected to grow at a cumulative annual rate of 48 percent between 2021 and 2025 as the Kingdom diversifies its economy.
In its most recent quarterly report, the Small and Medium Enterprises General Authority stated that Saudi Arabia’s Fashion Commission is important in creating a more robust ecosystem to propel the sector’s growth.
The authority, also known as Monsha’at, revealed that the fashion industry will contribute 1.4% of the Kingdom’s GDP in 2022. According to the report, the total value of Saudi Arabia’s fashion sector, including international brands, was $24.6 billion in 2022.
Saudi Arabia has undergone a profound transformation across multiple industries. This renaissance includes architecture, music, film, art, and cuisine. Burak Cakmak, CEO of the Fashion Commission, stated, We are revolutionizing the fashion sector and elevating our talents to global stages while adhering to the core pillars that drive growth and sustainability.”
He went on to say that the fashion industry in Saudi Arabia has grown at an unprecedented rate in recent years as a result of several strategic initiatives that fostered a dynamic ecosystem of creativity and business acumen.
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