Page 42 - Metro Brazil PR Report - March 2024
P. 42

UAE Business: Metro Brazil expands footprint to Saudi Arabia




        Projec ons  indicate  a  substan al  expansion  of  the  KSA  retail


        market,  an cipated  to  reach  $54.46  billion  by  2028.  Metro


        Brazil is poised to leverage this growth with its state-of-the-art


        eCommerce  pla orm,  and  best  in  class  products,  addressing


        the evolving demands of the fashion retail market.






        Notably, the Saudi Arabian eCommerce market is expected to



        grow at a compound annual growth rate (CAGR) of 15.01 per


        cent to reach $27.37 billion by 2029. This upward trajectory in


        eCommerce  revenue  is  poised  to  make  a  significant  and


        posi ve impact on the overall economy of KSA.






        Rising consumer spending power
        The growth of the market is a ributed to several factors such



        as  rising  consumer  spending  power  and  economic


        diversifica on under Vision 2030, aiming to boost produc vity


        and  become  one  of  the  largest  economies  in  the  world,


        especially in line with their plans for Riyadh Expo 2030.






        By expanding into the region, Metro Brazil aims to tap into the


        thriving  market,  leverage  opportuni es  for  growth,  and


        contribute  significantly  to  the  flourishing  economy,  all  while


        adhering to their global expansion goals.




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