The General Authority for Small and Medium Enterprises, known as ‘Monsha’at’, has recently unveiled its ‘Monsha’at Observatory’ report for the first quarter of 2024. This document puts a spotlight on the Saudi Arabian fashion sector, highlighting the significant investment opportunities available to entrepreneurs, thanks to its unique advantages.
The total value of the kingdom’s fashion industry reached SAR 92.3 billion, with SAR 46.9 billion attributed to the local fashion manufacturing. Additionally, spending on imported fashion brands amounted to SAR 27.4 billion, contributing to an anticipated cumulative growth of 48% in the fashion sector between 2021 and 2025.
The observatory’s latest edition commences with an opening statement from the CEO of the Fashion Authority, Burak Cakmak. He expressed optimism for the future of Saudi fashion, foreseeing further advancement and prosperity led by the kingdom’s talented designers and visionary entrepreneurs, aiming to leave a significant mark on the global fashion industry.
The report featured an interview with Saud Al Subaie, Deputy Governor for Entrepreneurship Sector at ‘Monsha’at’, to shed light on the authority’s role in supporting entrepreneurs and owners of small and medium-sized enterprises. Through various programs and initiatives, ‘Monsha’at’ aims to enhance the innovative contributions of these enterprises to the kingdom’s GDP. Subaie emphasized the improved competitiveness of SMEs in Saudi Arabia, leading to strengthened growth of entrepreneurial projects.
It is noted that the ‘Monsha’at Observatory’ report is part of a series of quarterly publications released by ‘Monsha’at’. These reports provide the latest updates on the entrepreneurial environment, recent figures, and statistics, alongside specialized reports issued periodically on topics relevant to entrepreneurs in the kingdom, aiming to serve as a reliable reference for information and data for entrepreneurs, investors, and stakeholders.
