RIYADH: Saudi Arabia’s wholesale and retail trade sectors and hotel and restaurant industries grew by 6.3 percent in the 90-day period of the second quarter of 2022. The boom in these sectors was driven by a series of government policies to support the private sector during and following the Covid pandemic. The sources of the General Authority of Small and Medium Enterprises (Monshat) clarified this.
According to the authority’s report for the second quarter of the current year, investment in the booming food industry sector has risen to 221 billion riyals in 2021. During this period, the market value of food and delivery applications reached 1.91 billion riyals. Last year’s report pointed out that this important sector is expected to register an annual growth of 10 percent in the coming years till 2026.
According to the report, the food and beverage sector will be more attractive to investors, with several modern brand cafes, trendy food trucks and luxury restaurants in almost every city in the country. The report pointed out that more investors are coming forward to invest in this important sector, leading to a major increase in the economic sector in the region in the first half of 2022.
