RIYADH — Saudi Arabia’s wholesale and retail sectors as well as trade, hotel and restaurant industries have witnessed a growth rate of 6.3 percent during the 90-day period in the second quarter of 2022.

The boom in these sectors was attributed mainly to the implementation of a series of proactive government policies to support the private sector during and after the coronavirus pandemic period, sources at the Small and Medium Enterprises General Authority (Monsha’at) revealed to Okaz/Saudi Gazette.

According to the report of the authority for the second quarter of the current year, the investments in the thriving food industry sector shot up to SR 221 billion during the year 2021. The market value of food and delivery applications reached SR1.91 billion during the last year, the report said while noting that this major sector is set to register annual growth rate of 10 percent over the coming years until 2026.

According to the report, the food and beverage sector has become more attractive for investors in the Kingdom, featuring springing up of many modern brand cafes, trendy food trucks and luxury restaurants in almost all cities across the Kingdom. More and more investors are coming forward to make investments in this vital sector and that has contributed to a major increase in financing in this sector during the first half of 2022, the report pointed out.

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