by: TN Media News:
The 10th edition of the Retail leader Circle (RLC) MENA Summit concluded yesterday, bringing together global CEOs, policymakers, and innovators for two days of insightful discussions. The event, held under the Patronage of the Ministry of Municipal, Rural Affairs and Housing (MoMRAH), marked over a decade of industry leadership, collaboration, and growth under the theme ‘Fearless Innovation: Charting the Next Frontiers’ at The Ritz-Carlton Riyadh.
His Excellency, Minister of Municipal, Rural Affairs and Housing Mr. Majed bin Abdullah Al-Hogail, set the tone by delivering the opening keynote highlighting Saudi Arabia’s commitment to spearheading global excellence in retail and real estate.
Business and governmental leaders, Deputy Ministers of MoMRAH, Mohammed Ibrahim Almulhim, AbdulRahman Al-Tawil, Fahad Almutlaq and the assistant Deputy Minister Abdulmajeed Alaskar, gathered at this milestone event, committed to driving forward the retail, real estate, tourism and related sectors, following Kingdom’s Vision 2030 goals.
Panda Retail Company, one of the main retail chain businesses in the Middle East and the biggest grocery retailer in KSA, joined as a Strategic Partner.
Bander Hamooh, CEO of Panda Retail Company said: “Today we stand on as a sustainable foundation that will enable us to pioneer the customer shopping experience and shape the future of grocery retailing. Participating in RLC further solidifies our commitment to customer excellence and allows the exchange of insights with domain players to collectively elevate the value of the retail sector in Saudi Arabia.”
The Summit’s plenary sessions included an exclusive look at the “2024 Global Retail Development Index” by Kearney, positioning Saudi Arabia in the global retail landscape, and the global McKinsey report “The Future of Consumer in 2035” about shifting consumer patterns and preferences that shape the retail future in the Kingdom.
Other panel discussions focused on the state of retail, the age of AI and the convergence of the industry with real estate, tourism, and entertainment sectors. Thought-provoking fireside chats focused on the crucial role of women empowerment in shaping a diverse and inclusive workplace and digital transformation in retail.
Sima Ganwani Ved, Founder and Chairwoman at Apparel Group, commented: “This special event with RLC is a chance for us to say loud and clear: when we give women a chance to lead, everyone wins. Let’s embrace this momentum, committing to a retail future where women’s leadership and insights drive our collective success and innovation.”
In conjunction with the event, Tamara, the leading fintech platform in Saudi Arabia and the wider GCC region, known for revolutionizing how millions shop, pay, and bank, unveiled a Whitepaper titled “BNPL in the GCC: A Stellar Ascent With Promising Prospects”, created in collaboration with the Retail Leaders Circle.
With ‘Buy now, pay later’ (BNPL) expected to unlock a massive USD 42Bn opportunity in the GCC by 2026, the Whitepaper delves into its formidable presence in the retail space of the region, backed by phenomenal customer and business adoption.
Abdulmajeed Alsukhan, CEO and co-founder of Tamara, mentioned: “As the integration between payments and retail deepens, understanding the transformative potential of Buy Now, Pay Later and Embedded Finance becomes essential for eCommerce & retail leaders. BNPL is emerging as a dominant payment method, with USD 42 billion opportunity in the GCC by 2026.”
Increasingly central in shaping consumer experiences, the future of payments was among the main discussion themes on the second day of the Summit.
“We are proud to return for the 4th year as a sponsor of the Retail Leaders Circle Summit. Given the unprecedented digitization of the Saudi economy, we are optimistic for the future of digital commerce and excited about the opportunities it presents to the Kingdom’s retailers,” saidAli Bailoun, Visa’s Regional GM for KSA, Bahrain and Oman.
One of the highlights of the Summit was the roundtable discussion with Mohamad Mourad, MD & CEO Cenomi Group, Renuka Jagtiani, Chairwoman Landmark Group, Patrick Chalhoub, Group President Chalhoub Group, and John Hadden, CEO Alshaya Group and moderated by Panos Linardos, Chairman of the Retail Leaders Circle.
The ‘titans of industry’ debated on the transformative power of collaboration between private and public sector in retail and explored the common goals to strengthen the industry.
Patrick Chalhoub, Group President of Chalhoub Group, said: “As we conclude the 10th Retail Leaders Circle Summit, we reaffirm our joint commitment to contribute in shaping the retail market in Saudi Arabia. We emphasize our strong belief in the power of collaboration among retailers and partnership with the public sector. Together we are building a strategy, focusing on Saudization, developing local talents, innovating and delighting our customers.”
