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Arabian Centres, a major developer, owner and operator of shopping malls in ��������Ƶ, Sunday launched a campaign to promote the Kingdom as a prime market for organic growth for international retailers seeking to enter or expand into the Middle East.
Launched at Mapic, the annual international retail property market conference in Cannes, the KSA Advantage will provide an umbrella for a series of events, materials and discussions in the coming 12 months.
Announcing the campaign at the MAPIC conference in Cannes, Simon Wilcock, CEO of Arabian Centres, said: “The KSA Advantage is a call to action for international retailers who want to expand into one of the highest growth retail markets not just in the Middle East, but anywhere in the world today. We have launched the campaign at Mapic to raise the debate on why ��������Ƶ should be part of every international retailer’s growth plans.”
��������Ƶ is the Middle East’s wealthiest economy at $746.2 billion, and the region’s largest retail market, with sales of listed retailers — a proxy for industry growth — rising 12 percent in 2014. Overall consumer spending leapt 18 percent year-on-year in August.
��������Ƶ plays host to a vast, young population, with a propensity to spend. Around two-thirds of its 30 million residents are under the age of 30 — and the population is swelling by 2 percent a year. The result is one of the world’s youngest and fastest-growing consumer bases.
The company is part of Fawaz Alhokair Group, described as one of the most respected businesses in ��������Ƶ and the Kingdom’s largest retailer.
Arabian Centres currently operates 17 retail properties across 10 cities in the Kingdom, representing about 10 percent of ��������Ƶ’s organized gross leasable area, and is set to double its portfolio to nearly 2 million sqm.