Saudi Retail Food
TO HIT US$ 100 BILLION
The Economist Intelligence Unit (EIU) forecasts Saudi retail sales to exceed US$ 100 billion this year for the first time and rapidly grow to US$ 134 billion by 2018, as rising population and affluence positively impacts virtually every segment of the retail sector: from grocery to furniture and electronics. The Saudi population is expected to reach 33 million, according to the EIU and disposable income should nearly double to US$ 11,700 by 2018, compared with US$ 6,000 in 2011.
Following facts further endorse Saudi Arabia as the largest market in the GCC
Largest food producer in the GCC, accounting for 74.1 per cent of the total production.
Food sales account for half of the domestic retail market in the country and are expected to reach US$ 70 billion by 2017.
Food consumption is expected to grow at a CAGR of 2.6 per cent during 2012 to 2017 driven by rising population and per capita income.
Leading Saudi and international retailers expanding operation in response to stiff competition and changing food habits.
Largest Market In The GCC
HOSPITALITY INDUSTRY DRIVING BUSINESS
Recent reports indicate that the hospitality industry can expect a promising future, with its estimated value reaching US$ 93 billion over the next five years. On the other hand, the Hospitality Industry Committee at the Jeddah Chamber of Commerce recently revealed that about 300,000 jobs in various hospitality establishments in the Kingdom are currently available.