As the Kingdom diversifies its economy, the fashion industry in Saudi Arabia is expected to develop at a cumulative annual rate of 48% between 2021 and 2025, according to a report.
According to the Small and Medium Enterprises General Authority’s most recent quarterly report, Saudi Arabia’s Fashion Commission is crucial in creating a stronger ecosystem that will fuel the industry’s expansion.
The fashion industry’s share of the Kingdom’s GDP in 2022 was 1.4%, according to the authority, also referred to as Monsha’at. According to the survey, the fashion industry in Saudi Arabia, which include international brands, has a total valuation of $24.6 billion as of 2022. However, as of 2022, the Kingdom’s domestic fashion sector was valued at $12.5 billion.
“Saudi Arabia has embarked on a profound transformation across multiple industries. This renaissance spans architecture, music, film, art, food, and more. Through diverse 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 added: “Due to several strategic initiatives that fostered a dynamic ecosystem of creativity and business acumen, the growth of the fashion industry in Saudi Arabia over the past few years has been unprecedented.”
One of the Fashion Commission’s most important responsibilities, according to Cakmak, is to foster local talent within the Kingdom.
He continued by saying that in order to support Saudi nationals’ advancement in the industry, the organization has started extensive educational programs, workshops, and mentorship possibilities.
The representative added that the commission helps small and medium-sized businesses in the industry develop and flourish.
“We also advance the industry by providing essential support to entrepreneurs and SMEs, offering assistance and resources that help businesses scale. Regulatory frameworks are established and enforced to ensure ethical practices and sustainability, while cultural preservation initiatives highlight Saudi heritage, promoting it both locally and globally,” said Cakmark.
According to the Monsha’at report, as of 2022, the fashion business in Saudi Arabia employed over 230,000 individuals, with women making up 52% of the workforce.
According to the authority, the Kingdom’s women’s apparel industry is expected to rise by 20 percent by 2027, while the men’s market is expected to grow by 27 percent in the same time frame.
Cakmak continued, saying Saudi businesses’ involvement in international fashion shows will support the Kingdom’s standing in the world economy.
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