The General Authority for Small and Medium Enterprises (Monsha’at) released its ‘Monsha’at Observatory’ report for the first quarter of 2024, which shone a spotlight on the burgeoning fashion sector in Saudi Arabia and the substantial investment opportunities it presents for entrepreneurs, thanks to its unique allure. The total value of the fashion industry in the Kingdom reached SAR 92.3 billion, with the local fashion industry valuing at SAR 46.9 billion. Meanwhile, spending on imported fashion brands amounted to SAR 27.4 billion, contributing to an anticipated cumulative growth of 48% for the fashion sector between 2021 and 2025.
The observatory kicked off this quarter’s edition with an editorial from the CEO of the Saudi Fashion Authority, Burak Cakmak, who expressed confidence in the bright future of Saudi Arabia’s fashion scene, driven by the talent of the Kingdom’s designers and the vision of its entrepreneurs, poised to leave a mark on the global fashion industry landscape.
The report also featured an interview with Saud Al Subehan, Deputy Governor for Entrepreneurship at Monsha’at, highlighting the Authority’s role in supporting entrepreneurs and owners of small and medium-sized enterprises through various programs and initiatives aimed at increasing the contribution of innovative businesses to the Kingdom’s GDP. Al Subehan emphasized the improved competitiveness of these enterprises, which has bolstered the growth of entrepreneurial projects.
Philip Bahoshy, CEO of the ‘MAGNiTT’ platform, confirmed Saudi Arabia’s continued dominance in venture capital investments at the beginning of 2024, with investments totaling SAR 900 million. The Kingdom secured the largest share of venture capital investment in the Middle East and North Africa region, accounting for 65%.
This current edition of the report also highlighted success stories of entrepreneurs in the field, including the platform ‘Personage’ by its founder Princess Deema bint Mansour bin Saud, Mohammad Hujayyah, founder and designer of ‘Hindam’, and Kamal Habib, co-founder and managing partner of ‘Urban Loot’. Additionally, the report featured interviews with business entrepreneurship experts and specialists.
It should be noted that the ‘Monsha’at Observatory’ report is part of a series of quarterly reports issued by Monsha’at, showcasing the latest developments in the entrepreneurial environment, recent statistics, and figures, alongside specialized reports issued periodically on topics of interest to entrepreneurs in the Kingdom, with the aim of providing a reliable reference for information and numbers for entrepreneurs, investors, and stakeholders.
