RIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail revealed on Monday that the retail sector in Saudi Arabia contributes 23 percent of the non-oil GDP. He said that the retail sector is expected to grow to more than SR460 billion ($122.6 billion) by the end of the year 2024.

He made the remarks while inaugurating the10th edition of the Retail Leaders Circle (RLC) MENA Summit in Riyadh on Monday. The conference under the theme ‘Fearless Innovation: Charting the Next Frontiers’ will conclude on Tuesday.

“We look forward, through this summit, to discuss everything that contributes to the development of the retail sector and its advancement, which will reflect positively on all services,” the minister said while pointing to the importance of the retail sector as it is a major driver of the economy and domestic production in all countries through the diversity, quality and availability of products.

In his speech, Chairman of the Retail Leaders Circle Panos Lenardos said that next year the RLC MENA Summit will turn into a government forum, and that Riyadh will be the host city.

It is noteworthy that the summit comes in light of the utmost importance that the retail sector represents as one of the most important pillars of the Kingdom’s economy. It also reflects the keenness to achieve integration between the growth of the retail sector, the sustainability of infrastructure and modern urban planning, with the aim of enhancing the quality of life for cities, their residents and visitors. Moreover, the event constitutes an affirmation of the Kingdom’s leadership and excellence in various sectors and fields.

The 10th anniversary edition of the summit is witnessing confluence of global CEOs, senior policymakers, innovators and investors from more than 40 countries and across industries such as retail, real estate, tourism and technology to drive discussions and share their diverse perspectives and experiences.

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