The Saudi General Authority for Small and Medium Enterprises, Monsha’at, recently published its first-quarter ‘Monsha’at Monitor’ for 2024. The report highlighted that the total value of the Saudi fashion industry has reached SAR 92.3 billion, with the local fashion manufacturing contributing SAR 46.9 billion to this figure.
Attention was drawn to the Kingdom’s fashion sector and the major investment opportunities it presents, owing to its unique attributes.
According to the report, expenditure on imported fashion brands amounted to SAR 27.4 billion, which is anticipated to boost the cumulative growth of the fashion sector by 48% from 2021 to 2025.
The CEO of the Fashion Authority, Burak Cakmak, expressed optimism about the future of the Kingdom’s fashion industry. He foresees further advancements and prosperity spearheaded by the talents of Saudi designers and the vision of its entrepreneurs, aiming to make a significant mark on the global fashion scene.
The report included an interview with Monsha’at’s Deputy Governor for Entrepreneurship, Saud Al-Subaie, who emphasized the Authority’s role in supporting entrepreneurs and small and medium-sized enterprises (SMEs) through various programs and initiatives. These efforts aim to enhance the innovative firms’ contribution to the Kingdom’s GDP and improve the competitiveness of SMEs, fostering the growth of entrepreneurial projects.
Philip Bahoshy, the CEO of MAGNiTT platform, confirmed that the Kingdom continued to excel in venture capital investments at the beginning of 2024, with a total investment worth SAR 900 million. Saudi Arabia secured the largest share of venture capital investments in the Middle East and North Africa, accounting for 65%.
The current edition of the report showcased success stories from entrepreneurs in the field, including the platform ‘Personage’ founded by Her Royal Highness Princess Deema bint Mansour bin Saud Al Saud, and the achievements of Mohammed Khogeer, founder and designer of ‘Hindam’, as well as Kamal Habib, the founding partner and managing partner of ‘Urban Loot’. Additionally, the report featured interviews with business experts and specialists.
It is noteworthy that the ‘Monsha’at Monitor’ is part of a series of quarterly reports issued by Monsha’at. These reports review the latest developments in the entrepreneurial environment, recent statistics, and specialized reports on topics of interest to entrepreneurs in the Kingdom, aiming to provide a reliable reference of information and data for entrepreneurs, investors, and stakeholders.
