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JEDDAH — The Gulf’s retail market value reached $170 billion and Saudi Arabia represented 70% of this value as well as the international growth of the retail sector reached 11% whereas Saudi Arabia stood at 10%,” said Mohammad Iqbal Alawi, CEO of Red Sea Markets Limited, owner and operator of Red Sea Mall, said in an honorary ceremony in celebration of the RECon 2017 which is the biggest international event for global shopping centers.
With their key role in promoting retail and stimulating the market, Red Sea Mall honored the organizers of the event, their partners of success, the mall’s retailers, for their successes in achieving the highest sales in the past year of 2016 and their role in shaping the future of the retail industry and market’s development in Saudi Arabia.
The Committee of the Commercial Centers of Jeddah Chamber of Commerce and Industry, the Middle East Council of Shopping Centers (MECSC), the International Council of Shopping Centers (ICSC) in New York, and the organizers of the RECon, have helped facilitate business and raise the level of retail and commercial shopping centers locally, regionally, and globally.
He further said “the growth of retail industry and establishing commercial centers are among the most important sources of income to the Kingdom in contribution to the development of the commercial sector in particular and the national economy plan in general, especially with the growing purchasing power of many segments across the Saudi society.”
Following the success of RECon exhibition in Dubai, UAE over the past two years, this year›s show has been a similar success in its first version in Saudi Arabia. Red Sea Markets Co. Ltd., owning and operating the Red Sea Mall, sponsored the event as it had a positive impact on the development and growth of the retail industry and commercial centers.
Moreover, Alawi said: «We are delighted to honor our success partners and thank them for their trust put in the Red Sea Mall.
We thank the dignitaries at the Jeddah Chamber of Commerce and Industry for their concern to the success of this important event. We also extend our gratitude to the Middle East Council of Shopping Centers and the International Council of Shopping Centers, the organizers of the «RECon».
© The Saudi Gazette 2017
