Monsha’at, the General Authority for Small and Medium Enterprises, has published its first quarterly ‘Monsha’at Observatory’ report for the year 2024, casting a spotlight on the burgeoning fashion sector in the Kingdom and the major investment opportunities available to entrepreneurs, courtesy of its unique characteristics. The total value of Saudi Arabia’s fashion industry reached SAR 92.3 billion, with SAR 46.9 billion attributed to the domestic fashion production and SAR 27.4 billion spent on imported fashion brands. This has led to an anticipated cumulative growth of 48% for the fashion sector between 2021 and 2025.
The observatory inaugurated this edition with an opening statement from the CEO of the Fashion Authority, Burak Cakmak, who expressed confidence in the future progress and prosperity of the Kingdom’s fashion scene, driven by the talent of local designers and the vision of its entrepreneurs, poised to make a significant impact on the global fashion industry.
The report featured an interview with Saud Al Subaie, Deputy Governor for Entrepreneurship at Monsha’at, shedding light on the agency’s role in supporting entrepreneurs and owners of small and medium-sized enterprises (SMEs) through diverse programs and initiatives aimed at boosting their contribution to the Kingdom’s GDP. Al Subaie emphasized the improved competitiveness of the Kingdom’s SMEs, which has fostered the growth of entrepreneurial projects.
Philip Bahoshy, CEO of the ‘Magnitt’ platform, affirmed that the Kingdom continued to excel in venture capital investments in early 2024, with a total investment of SAR 900 million, capturing the lion’s share of venture capital investments in the Middle East and North Africa region at 65%.
Success stories of entrepreneurs in the field were also spotlighted in the report, including the narrative of ‘Personage’ by Her Royal Highness Princess Deema bint Mansour bin Saud bin Abdulaziz, the journey of Mohammed Khogeer, founder and designer of ‘Hindam’, and Kamal Habib, founder and managing partner of ‘Urban Loot’. Additionally, the report conducted several interviews with business experts and specialists in the field of entrepreneurship.
It is noteworthy that the ‘Monsha’at Observatory’ report is a part of a series of quarterly reports issued by Monsha’at, which present the latest developments in the entrepreneurial environment, recent statistics, and specialized reports periodically released on topics of interest to entrepreneurs in the Kingdom, all with the aim of providing a reliable reference for information and data for entrepreneurs, investors, and stakeholders.
