Riyadh, Saudi Arabia: The 10th edition of the Retail Leaders Circle (RLC) MENA Summit 2024 successfully concluded, bringing together global CEOs, policymakers, and innovators. The two-day event, held at The Ritz-Carlton Riyadh, was conducted under the patronage of the Ministry of Municipal, Rural Affairs and Housing (MoMRAH).
This year’s theme, “Fearless Innovation: Charting the Next Frontiers”, celebrated over a decade of leadership, collaboration, and growth in the retail sector.
Saudi Arabia’s Vision for Retail Leadership
The event opened with a keynote by His Excellency Mr. Majed bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing. He emphasized Saudi Arabia’s commitment to global retail and real estate excellence, aligning with the Kingdom’s Vision 2030 goals.
Top government leaders and deputy ministers, including Mohammed Ibrahim Almulhim, AbdulRahman Al-Tawil, Fahad Almutlaq, and Abdulmajeed Alaskar, participated. Their presence underlined the government’s drive to transform the retail, real estate, tourism, and entertainment sectors.
Panda Retail’s Strategic Role
Panda Retail Company, the largest grocery retailer in Saudi Arabia, joined the summit as a Strategic Partner.
Bander Hamooh, CEO of Panda Retail Company, stated:
“We are building a sustainable foundation to pioneer customer experiences and shape the future of grocery retailing. Participating in the RLC Summit strengthens our commitment to excellence and encourages knowledge exchange across the retail sector.”
Key Insights from Industry Reports
The summit featured the unveiling of major industry studies, including:
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Kearney’s 2024 Global Retail Development Index, positioning Saudi Arabia prominently in the global retail landscape.
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McKinsey’s ‘The Future of Consumer in 2035’ report, highlighting changing consumer patterns and trends shaping the retail future.
Focus on Digital Transformation and AI in Retail
Panel discussions addressed the state of retail in the digital age, focusing on:
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Artificial Intelligence (AI) and its role in transforming shopping experiences.
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The convergence of retail with real estate, tourism, and entertainment.
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Women empowerment in leadership, fostering diversity and inclusion.
Sima Ganwani Ved, Founder and Chairwoman of Apparel Group, highlighted the importance of women in retail leadership, saying:
“When women lead, everyone wins. Let’s embrace this momentum for a future where women’s insights drive retail innovation.”
Fintech Revolution: The Rise of BNPL
In a major highlight, Tamara, the leading fintech platform in Saudi Arabia, launched a whitepaper titled “BNPL in the GCC: A Stellar Ascent With Promising Prospects”.
The report forecasts that Buy Now, Pay Later (BNPL) services will unlock a USD 42 billion opportunity in the GCC by 2026.
Abdulmajeed Alsukhan, CEO and co-founder of Tamara, stated:
“BNPL is reshaping eCommerce and retail. Its rapid adoption signals a transformative shift in how consumers shop and pay.”
The Future of Payments in Saudi Arabia
Digital payments and embedded finance were among the main themes on the summit’s second day.
Ali Bailoun, Visa’s Regional GM for KSA, Bahrain, and Oman, remarked:
“We are excited about the opportunities that digital commerce presents for Saudi Arabia’s retail industry.”
Titans of Retail Discuss Public-Private Collaboration
A standout session featured retail leaders:
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Mohamad Mourad, CEO of Cenomi Group
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Renuka Jagtiani, Chairwoman of Landmark Group
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Patrick Chalhoub, Group President of Chalhoub Group
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John Hadden, CEO of Alshaya Group
Moderated by Panos Linardos, Chairman of Retail Leaders Circle, the roundtable focused on collaboration between private and public sectors to accelerate retail growth.
Patrick Chalhoub summarized the collective vision:
“We are committed to Saudization, developing local talent, and building strategies that innovate and delight our customers. Collaboration is the key to shaping Saudi Arabia’s retail market.”
Conclusion
The Retail Leaders Circle MENA Summit 2024 reaffirmed Saudi Arabia’s position as a hub for retail innovation and leadership. The event successfully fostered partnerships, encouraged bold ideas, and mapped the future of the retail landscape in alignment with Vision 2030.
