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.
Big brands, such as Dolce & Gabbana and Adidas, have noticed the Saudis’ efforts to improve their appeal as a fashion destination.
Developing an industry to ensure it grows and attracts talent can sometimes be challenging, but Princess Noura said being agile is key.
“If you don’t do it, you won’t know,” she told Fortune’s Ellie Austin on Wednesday.
Fashion is one industry in which Saudi women represent a majority of the workforce—52% as of 2022, according to the State of Fashion Sector in Saudi Arabia report released by the government last year. The Princess also pointed out that men and women are paid equally in the creative world.
“We see a lot of women that are in the creative world, specifically when it comes to fashion and a lot of people tell me this is not the norm in other countries,” she added.
The Kingdom is also a big driver of the GCC’s fashion and luxury spending, representing 41% of the $80 billion market.
Tourism, which is expected to nearly triple between 2023 and 2030, promises to be another driver as travel spending has long been boosted by overseas shopping.
Having a meaningful role in the creative industry doesn’t have to be just as a fashion designer or product development expert.
“Creativity doesn’t just come from being artistic or creating something. It can also come from creating a new strategy or creating a different model, or creating a genius financial plan that would support the business to grow,” Princess Noura said.
Other highlights from the MPWI Summit:
Julie Sweet, CEO of Accenture: “My own inspiration is a plaque on my wall that says, if your dreams don’t scare you, they’re not big enough.”
Lisa McGeough, CEO and head of banking at HSBC U.S.: “My most favorite leadership roles are ones that I’ve been leading through transformational change and market volatility.”
