https://arab.news/rfhvp
Riyadh: More than SR4.1 billion ($1.09 billion) had been pumped into the Saudi textile sector to support production and entrepreneurs, officials have revealed.
Majid bin Rafid Al-Arqoubi, chief executive officer of the Saudi Authority for Industrial Cities and Technology Zones (MODON), revealed the investment figure during the second edition of the Men’s Fabrics and Accessories Expo at the Riyadh International Convention and Exhibition Center.
He said the authority’s textile investments had been distributed over 125 industrial contracts in 19 industrial cities, covering a total area of more than 1 million square meters.
With more than 700 local and international exhibitors and 120 Saudi companies, the exhibition — which runs until March 3 — is being sponsored by MODON and includes industry names such as Al-Bassam, Sayyar, Richy, Haibah, and Al-Ajlan and brothers.
“The textiles and men’s accessories sector is witnessing a high growth in the Kingdom as most of the raw materials are sourced locally,” Al-Arqoubi added.
The growth has partly been attributed to the Kingdom’s Founding Day, when men bought traditional Saudi attire and accessories.
Muqrin Al-Nashmi, exhibition executive director, told Arab News that the second edition of the event had witnessed the participation of many Saudi fabrics and accessories brands.
He said: “This exhibition serves as a platform for businesses to interact directly with consumers, as well as distributors looking to establish franchises and developing branches around the Kingdom.”
It is financially sponsored by the Social Development Bank to provide financing solutions and to support the initiatives of emerging companies, in addition to providing special workshops for Saudi youth. It is also hosting a series of training workshops in product design, marketing, and legal issues.
More than 50,000 visitors have attended the exhibition.