Aligning with efforts undertaken by the Saudi government to diversify its economy away from oil, the fashion sector has carved out its role as a key player in achieving this goal.
The Kingdom’s fashion sector is paving its way towards rapid growth, aiming to become a significant contributor to the non-oil GDP.
So far, this sector constitutes more than 1% of the non-oil GDP, with the Kingdom’s fashion market estimated at around 90 billion riyals (24 billion dollars). Consequently, it stands as the largest market in the Arab world.
Recognizing the pivotal role of the fashion sector, a dedicated Fashion Authority was established in 2020 under the auspices of the Ministry of Culture.
Tasked with organizing major events that showcase Saudi designs, the Authority emphasizes the promotion of local products while importing valuable European and global experiences to the Kingdom.
This initiative aligns with a broader Saudi openness to the world, aimed at promoting the Kingdom’s attire and culture—a facet of the projects and initiatives of the Kingdom’s national transformation plan “Vision 2030.”
Eyad Mashat, the CEO of the global fashion company “FAD,” echoed this sentiment in statements he made to Asharq Al-Awsat.
Mashat emphasized that the significant growth across all sectors in the Kingdom, aligned with the objectives of Vision 2030, has played a pivotal role in the rapid expansion witnessed by the fashion industry in the local market.
Saudi Arabia has established a competitive and attractive investment environment through “bold steps and revolutionary decisions,” said Mashat.
These measures have successfully overcome numerous previous challenges, utilizing digital transformation applications to swiftly streamline many governmental procedures.
This has significantly shortened the time and processes required for the launch of small to medium-sized projects, reducing the timeline from over 15 days to just a few hours.
In tandem with the development of legislative environments and incentivizing systems implemented by the Kingdom, Mashat observed that citizens have become more receptive to the importance of the fashion industry.