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02-07-15
Saudi retail industry records USD98b sales
(MENAFN) Saudi Arabia retail industry recorded USD98 billion in sales for 2011, ranking the country as the second-best retail marketplace in the Gulf Cooperation Council (GCC) after the UAE, The Saudi Gazette reported.
The prime contributors of the hefty growth in Saudi retail are increasing disposable income for citizens, very high inclination for consumption, increasing GDP and government spending allocations.
"This factor, along with the increase in the number of new shopping malls being constructed and the expanding expat population, is augmenting the growth of the retail industry in Saudi Arabia," an official statement said.
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