Business & Money | Monday 27 November, 2017 5:10 am |

The Kingdom of Saudi Arabia is driving easy on restrictions to foreign investors letting them own 100 percent of retail and wholesale businesses, as the world’s top oil exporter embarks on a new drive to attract investment and diversify its economy.

 

Among various investments, the retail sector is getting a big portion and largely contributing to the economic diversification. According to reports, Saudi Arabia’s retail sectors is growing 11 percent per year with consumer spending up 18 percent, year-on-year, in 2015. Aidrous Al Bar, Executive Member of Red Sea Markets Limited, owning company of the Red Sea Mall explained that this industry is playing a vital role within the national economy and it is witnessing further developments starting from the last year 2016.

 

“We have seen an increase in demand on the retail rental space, which demonstrates a healthy industry and that retail companies are expanding their networks. These encouraging deeds are promising for all involved parties. At the Red Sea Mall we recognized the demand and now in the final stages in fulfilling it, especially after having up to 120 new shops opening at the expansion area”, said Al Bar.

 

The mall will offer its visitors brand new outlets having its showrooms for the first time in Saudi Arabia at the Red Sea Mall among a huge variety of fashion-ware, restaurants, and accessories. “KENZO”, “Kevingston”, “Abercrombie & Fitch”, “Marina Rinaldi”, “All Saints” are among the brand new outlets in the Kingdom of Saudi Arabia. In addition to other brand new outlets in the city of Jeddah including “Victoria Secret”, “Kalvin Klein”, “Boby Brown” and “Dior” as well as outlets operating new branches such as: “Villeroy & Boch”, “Aigner”, “Sandro”, “Nars”, “La Coste”, “Swarovski” and many others among the fashion-ware and accessories newest showrooms.

 

With easy access from gates 1, 2 and gate 3, the new showrooms will be offering the visitors of the Red Sea Mall, their latest fashion for autumn-winter 2018 season. The outlets offer choices for all family members where they can find their basics and auxiliaries. 

 

The surge in shopping mall construction has renewed many foreign retailers’ interest. Industry experts consider the country to be a true regional retailing success story. “Saudi Arabia is one of the largest and most successful countries in the region for retail. The sector remains very strong”, Al Bar said.