Looking At The Retail Sector And Beyond
In partnership with Bain & Co, Mukatafa has led the efforts in The Ease of Doing Business in the Saudi Legislative Ecosystem.
The survey also showed that businesses are keen to be a part of the solution. They are eager to have their voices heard, and to build a more colla orative working relationship – to stand shoulder-to-shoulder with the public sector to achieve Vision 2030 objectives.
This is Mukatafa’s prime purpose. Indeed, it is the precise meaning of our name. At the outset of the second phase of the National Transfo mation Program, we realized that the private sector lacked the readiness to benefit from Vision 2030. It largely lacked the unified purpose that government had developed.
Of all of the Kingdom’s strategic sectors, retail has perhaps the greatest po- tential of fulfilling Vision 2030 goals. As well as its economic contribution
– some SAR2,976 billion (with wholesale) according to the World Bank
– retail is also the largest employer in the private sector, supplying 523,353 jobs in Q3 2021, according to the General Organization Social for Insurance. It is also a key employer of women. Recent research from the World Bank sug- gests that Saudi female labor force participation rate grew from 17.7% in Q2 2016 to 33.2% in Q4 2020, much of this growth due to the retail and hospital- ity sectors. It also overlaps to some degree with the entertainment sector, so stands to make a major difference to the quality of life objectives of Vision 2030.
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