Retail Leaders Circle MENA Summit in Riyadh

Retail Leaders Circle MENA Summit in Riyadh

- Retail sector forecast to contribute $308 bn (SAR 1.16 trillion) to GCC economy in 2023

- Saudi Arabian retail sector forecast to grow to $159 bn (SAR 596 bn) in 2024

- Regional and global industry leaders to convene in Riyadh 7 - 8 March 2023

- Strategic discussions to focus on ‘Digital Economy and Purposeful Growth’

Riyadh, KSA – The Retail Leaders Circle is convening its 9th MENA Summit in Riyadh, as regional consumer habits adapt to historic levels of inflation. The highly anticipated annual event is the foremost strategic platform for the retail industry. It brings together regional and global decision-makers to discuss the trends affecting the industry and how companies can respond strategically to the changing competitive environment.

The retail sector will contribute $308 billion (SAR 1.16 trillion) to the GCC economy in 2023, approximately 14 percent of the region’s non-oil GDP. In Saudi Arabia, the sector is forecast to grow to $159 billion (SAR 596 billion) by 2024. Retail accounted for 22.8 percent of Saudi’s non-oil GDP as of the third quarter of 2022, according to the General Authority for Statistics.

Yet research suggests that inflation is weighing on consumer sentiment. According to a recent Ipsos survey, 39 percent of respondents