Share This Article
Saudi fashion is emerging as a lucrative investment opportunity, with the potential to significantly impact the country’s economy. Honayda Serafi, the founder and creative director of the fashion brand Honayda, presented the thriving Saudi fashion industry at the BMG Economic Forum held at the London Stock Exchange. The sector currently employs 200,000 people and contributes 1.4 percent to the country’s gross domestic product (GDP), and the Kingdom aims to elevate its economic impact to 2 percent by 2030. Serafi highlighted the growing interest from international investors and the transformative effect of fashion on the perception of Saudi women and culture.Under the Saudi 100 Brands program, launched by the Saudi Fashion Commission in 2021, a curated selection of clothing and accessories from 100 designers from the Kingdom is showcased through a traveling exhibition. This initiative has garnered significant attention and interest from international investors, with exhibitions held in New York, Milan, and Paris. Saudi Arabia’s fashion industry is a key element of the country’s 2030 “giga-projects,” with the commission collaborating with the Prince Mohammed bin Salman Nonprofit City to develop and train young designers from the Kingdom.Serafi emphasized the importance of young Saudis capitalizing on these opportunities to contribute to the growth and promotion of the fashion sector, especially when the industry is attracting international attention. The government is actively supporting the success of the fashion industry, evident in the establishment of fashion schools and future programs planned by the fashion commission, which is strengthening the Kingdom’s expertise in the fashion domain.The Kingdom currently accounts for 50 percent of the Gulf Cooperation Council’s total fashion spending, making it a crucial player in showcasing the region’s production potential. As international designers take note of this potential, major brands are visiting and collaborating with Saudi designers. This presents an opportunity to reinvigorate the local market and redefine the role of Saudi women from consumers to producers in the fashion landscape.Serafi expressed her optimism about the creative sector’s future growth, encompassing various industries such as stylists, photographers, makeup artists, and creative designers. Over the past five years, the Saudi creative world has flourished, shedding light on the country’s cultural richness, education, and diversity, leading to increased confidence in showcasing these aspects to the world. This newfound confidence and pride have contributed to the sector’s rise, and there is vast potential for further expansion, solidifying Saudi Arabia’s position as a prominent player in the global fashion industry.
