The Value Of Saudi Arabia’s Fashion Industry Reached $24 Billion In The First Quarter Of 2024

Saudi Arabia’s Fashion Industry: With 65%, Saudi Arabia has the largest share of venture capital investments in the Middle East and North Africa.

According to the report of the General Directorate of Small and Medium Enterprises of Saudi Arabia, the total value of the fashion industry in this country during the first quarter of 2024 reached 92.3 billion Saudi riyals, which is equivalent to 24.6 billion dollars, of which 12.5 billion dollars was related to the local fashion industry.

Saudi Arabia's Fashion Industry

Saudi Arabia’s Fashion Industry, According to Al-Sharq Al-Awsat report, the amount of expenses spent on importing fashion (products of foreign brands) has reached 7.3 billion dollars, which indicates a cumulative growth of 48% in the fashion sector between 2021 and 2025.

In the report of the first quarter of 2024, Monshaat emphasized the importance of the fashion industry in this kingdom and the great investment opportunities available to entrepreneurs.

Saudi Arabia’s Fashion Industry, “The future of fashion in Saudi Arabia will see more progress and prosperity thanks to Saudi designers and its entrepreneurial ideas that will influence the world fashion scene,” said Burak Cakmak, CEO of the Saudi Arabian Fashion Commission.

In this report, Saud Al-Sehban, the vice president of Monshaat Entrepreneurship, emphasizes the role of this organization in supporting entrepreneurs and small and medium business owners through various programs and projects.

Saudi Arabia's Fashion Industry

Saudi Arabia’s Fashion Industry, According to Philip Bahshi, the CEO and founder of MAGNiTT, at the beginning of 2024, the Kingdom has continued to be a pioneer in venture capital investments (investing in start-up and innovative companies) with investments worth 240 million dollars. He adds that Saudi Arabia, with 65%, has the largest share of the volume of risky investments in the Middle East and North Africa.

In this report, it has also examined the outstanding achievements and stories of successful male and female entrepreneurs in the fashion and technology industry. Among them, Amira Dima bint Mansour bin Saud Al Saud, the founder of Personage, and Mohammad Khoja, the designer and one of the founders of HINDAMME, and other successful people.

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