How Saudi Arabia plans to become a fashion haven
Princess Noura at Fortune’s Most Powerful Women International Summit in Riyadh, Saudi Arabia。As Saudi Arabia seeks to diversify its oil-rich economy by the end of this decade through its Vision 2030 program, fashion is one of the industries tipped to help achieve that.The industry, which currently contributes 2.5% of the Kingdom’s GDP, is set to grow further as part of the country’s Vision 2030. Trends like Saudi Arabia’s growing population of locals and expatriates, as well as more economic opportunities for its youth, could be the fuel the fashion industry needs.
“When you have an infrastructure that supports the creatives, and you put policies in place that really enables their growth and creates and supports their business structure that will help it grow,” H.H. Princess Noura Bint Faisal Al Saud, the founder and CEO of Culture House, a consulting firm in the creative industry, told the Fortune’s Most Powerful Women International Summit in Riyadh.
She launched Saudi Arabia’s first fashion week in 2018 and helped set up the government’s Fashion Commission. Princess Noura is also the great-granddaughter of the founder of Saudi Arabia, King Abdulaziz.
She gave the example of how designers in Saudi Arabia can now have their commercial registration, which is a key step to setting up and operating a business there. The Kingdom’s Fashion Commission has also launched a “Saudi 100 Brands” initiative to encourage the country’s up-and-coming labels.
