Al-Hogail: Saudi retail sector contributes 23% of non-oil GDP, with an expected growth reaching SR460 billion

Al-Hogail: Saudi retail sector contributes 23% of non-oil GDP, with an expected growth reaching SR460 billion

Saudi Gazette reportRIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail revealed on Monday that the retail sector in Saudi Arabia contributes 23 percent of the non-oil GDP. He said that the retail sector is expected to grow to more than SR460 billion ($122.6 billion) by the end of the year 2024.He made the remarks while inaugurating the10th edition of the Retail Leaders Circle (RLC) MENA Summit in Riyadh on Monday. The conference under the theme ‘Fearless Innovation: Charting the Next Frontiers’ will conclude on Tuesday. “We look forward, through this summit, to discuss everything that contributes to the development of the retail sector and its advancement, which will reflect positively on all services,” the minister said while pointing to the importance of the retail sector as it is a major driver of the economy and domestic production in all countries through the diversity, quality and availability of products. In his speech, Chairman of the Retail Leaders Circle Panos Lenardos said that next year the RLC MENA Summit will turn into a government forum, and that Riyadh will be the host city.It is noteworthy that the summit comes in light of the utmost importance that the retail