Fashion Boosts Non-Oil GDP in Saudi Arabia

A part of the Fashion Authority's participation in the “100 Saudi Brands” exhibition
A part of the Fashion Authority's participation in the “100 Saudi Brands” exhibition
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Fashion Boosts Non-Oil GDP in Saudi Arabia

A part of the Fashion Authority's participation in the “100 Saudi Brands” exhibition
A part of the Fashion Authority's participation in the “100 Saudi Brands” exhibition

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.



Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
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Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer

Türkiye's Central Bank will use all instruments within market rules effectively and decisively to maintain stability, Governor Fatih Karahan told bankers on Sunday, the Turkish Banks Association (TBB) said.
In a statement, TBB said that Karahan and TBB board members discussed recent market developments in a meeting on Sunday, after an Istanbul court formally arrested Istanbul Mayor Ekrem Imamoglu.
Turkish lira, stocks and bonds suffered heavy declines since Wednesday when Imamoglu, the main political rival to President Recep Tayyip Erdogan, was taken into custody.

Finance Minister Mehmet Simsek has told bankers that temporary market fluctuations were being monitored closely and necessary measures were being taken, according to a readout of a meeting from TBB.
The Central Bank this week raised its overnight rate unexpectedly and spent about $10 billion in foreign reserves on Wednesday to stabilize the currency, which plunged by 12% to an all-time low that day. Inflation was 39% last month.