Retail market in Saudi Arabia and the GCC exceeds 270 billion SR

Retail industry leaders across the Arab world came together recently for NEXTGEN 2015, an event aimed at supporting the further development of the SAR 270 billion GCC retail industry.

The event, which was held at the Elaf Hotel in Jeddah, was organized by the Middle East Council of Shopping Centers (MECSC), a non-profit organization operating under the umbrella of the International Council of Shopping Centers (ICSC) and representing the retail industry of 17 Arab countries.

Mr. Mohammed Alawi, President of the MECSC and Chief Executive Officer of Red Sea Markets, the holding company that owns Jeddah’s iconic Red Sea Mall and sponsor of the NextGen event, said that the Kingdom’s retail market is worth more than 170 billion riyals, making up the majority of the SAR270 billion GCC retail market.

“Global investors find the GCC’s retail market, and the Saudi sector in particular, extremely attractive. Therefore, bringing industry leaders together for the first time in Jeddah, is a great opportunity to discuss the challenges and the opportunities the industry is facing, and explore innovative solutions that will serve to elevate the industry even further.”

CEO of MECSC’s, David Macadam, praised Red Sea Mall as the major sponsor of the event, in addition to thanking sponsors Chesscoms PR and Communications, Riyadh Park, Mihyar, and Kinan. He enthused that “NEXTGEN is one of the industry’s most important events; providing a platform from which the cream of the retail industry can discover ways to boost retail sector growth.” This, he said is a key issue considering that the retail sector is a major contributor to creating jobs and bolstering economic growth.  

According to Mr. Alawi, sponsoring the event is aligned with Red Sea Mall’s strategic mission to contribute to the growth of the local retail sector as well as the Kingdom’s economy. “As an industry pioneer, the Red Sea Mall remains at the forefront of leading industry growth and innovation and we are committed to adding real value, both to the industry and the Saudi society as a whole. We believe that the shopping center is a vital element of society; providing an epicenter of community events and activities that enhance the spirit of community, especially among the youth of Saudi Arabia.”