‎Saudi Arabia aims to lead retail sector, stimulate investments: Official

‎Saudi Arabia aims to lead retail sector, stimulate investments: Official

Saudi Arabia seeks to lead and shape the future of retail sector by harnessing the digital revolution and transforming the Kingdom into a regional hub for e-commerce through a digital ecosystem and logistics center, said Ammar Naqadi, Vice Minister of Economy and Planning.

He told the Retail Leaders Circle Summit that the retail is one of the largest non-oil sectors in the Kingdom, ranking first in the employment of Saudis, with females dominating the largest number of jobs in the sector.

The Kingdom is keen to facilitate the attraction of new local and international investors as it continues to align legislation with the business environment to stimulate and encourage more investments and comprehensive growth in the sector, Naqadi said.

He added that there is a plenty of opportunities that enhance the growth of the retail sector and boost supply in the Kingdom, including meeting the growing population demand as the population of Riyadh is expected to double by 2030.

Further, the official expected the existence of new population centers around major projects such as NEOM, the Red Sea and Qiddiya, noting that the Kingdom targets 140 million tourists by 2030.

He also stressed the importance of meeting the growing demand by boosting supply, quality, diversity