RIYADH: Saudi Arabia’s wholesale and retail and hotel and restaurant industries grew 6.3% in the 90-day period of the second quarter of 2022. The boom in these sectors was driven a series of government policies in support of the private sector during and after the Covid pandemic. The sources of the General Authority for Small and Medium Enterprises (Monshat) made this clear.
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According to the authority’s report for the second quarter of the current year, investments in the booming sector of the food industry rose to 221 billion riyals in 2021. During this period, the market value of food and delivery reached 1.91 billion riyals. Last year’s report highlighted that this important sector is expected to experience annual growth of 10% over the next few years until 2026.
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According to the report, the food and beverage sector will be more attractive to investors, with many trendy branded cafes, trendy food trucks, and upscale restaurants in nearly every city in the country. The report pointed out that more investors are coming forward to invest in this important sector, leading to a sharp rise in the economic sector in the region in the first half of 2022.
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