Bader bin Hamad Al-Qadi, the official spokesperson for the General Authority for Small and Medium Enterprises, announced that the Saudi fashion industry has experienced a significant surge, now exceeding a total value of 92 billion Saudi Riyals. He detailed that local production accounts for 47 billion Riyals of this total.
In an interview with a business-focused media outlet, Al-Qadi noted that the Saudi fashion market is projected to grow by 48% from 2021 to 2025.
According to Al-Qadi, more than 9,600 small and medium enterprises benefited from the support programs offered by the Authority in the first quarter of this year.
Data shows that the volume of venture capital investment has reached 900 million Riyals, representing 65% of the total investments in the Middle East and North Africa region since the beginning of the year.
Additionally, the “Monsha’at” initiatives unveiled the National Commercial Innovation Fellowship Program, which awarded a total of 200,000 Riyals, benefiting around 30 participants.
Lastly, 352 new trademarks were registered under the franchise system, boosting the growth and development of the commercial sector.
