RIYADH: Saudi Arabia’s fashion industry is set to post a cumulative annual growth of 48 percent from 2021 to 2025 as the Kingdom diversifies its economy, a report said. In its latest quarterly release, the Small and Medium Enterprises General Authority said that Saudi Arabia’s Fashion Commission is playing a crucial role in building a more robust ecosystem to propel the sector’s growth. The authority, also known as Monsha’at, revealed that the fashion industry contributed 1.
4 percent of the Kingdom’s gross domestic product in 2022. The report added that the total value of the fashion sector in Saudi Arabia, including international brands, stood at $24.6 billion in 2022.
On the other hand, the domestic fashion industry in the Kingdom was worth $12.5 billion in 2022. “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.
” Cakmak said that developing local talent in the Kingdom is one of the .
