As Saudi Arabia seeks to diversify its oil-rich economy by the end of this decade through its Vision 2030 program, fashion is one of the industries tipped to help achieve that.
“When you have an infrastructure that supports the creatives, and you put policies in place that really enables their growth and creates and supports their business structure that will help it grow,” H.H. Princess Noura Bint Faisal Al Saud, the founder and CEO of Culture House, a consulting firm in the creative industry, told the Fortune’s Most Powerful Women International Summit in Riyadh.
Developing an industry to ensure it grows and attracts talent can sometimes be challenging, but Princess Noura said being agile is key.
“If you don’t do it, you won’t know,” she told Fortune’s Ellie Austin on Wednesday.
“We see a lot of women that are in the creative world, specifically when it comes to fashion and a lot of people tell me this is not the norm in other countries,” she added.
The Kingdom is also a big driver of the GCC’s fashion and luxury spending, representing 41% of the $80 billion market.
Tourism, which is expected to nearly triple between 2023 and 2030, promises to be another driver as travel spending has long been boosted by overseas shopping.
Having a meaningful role in the creative industry doesn’t have to be just as a fashion designer or product development expert.
“Creativity doesn’t just come from being artistic or creating something. It can also come from creating a new strategy or creating a different model, or creating a genius financial plan that would support the business to grow,” Princess Noura said.
