During his opening keynote at the 2024 Retail Leaders Circle MENA Summit, His Excellency Minister Majed bin Abdullah Al-Hogail welcomed participants to the Kingdom of Saudi Arabia, highlighting the nation’s progress and development across various sectors. His Excellency emphasized the significance of the retail sector as a vital component of the economy, contributing to GDP growth through product diversity, market expansion, and employment opportunities. His Excellency pointed out that the retail sector accounts for 23 percent of Saudi Arabia’s non-oil GDP and mentioned impressive occupancy rates in Riyadh and Jeddah, along with an anticipated sector growth.

HE Minister Majed bin Abdullah Al-Hogail discussed the government’s efforts in supporting the sector through legislation, infrastructure development, and encouraging investment, highlighting a commitment to sustainable economic development and a partnership between the public and private sectors. His Excellency concluded with an optimistic vision for the future expressing hope for continued dialogue, partnership, and innovation in alignment with the Vision 2030 framework.