Industry & Retail

Manufacturing plays a key role in the non-energy economy, of which it is the second-largest component. It is also a significant employer, accounting for 8% of the active workforce as of the third quarter of that year, per the most recent central bank figures. While the outlook for manufacturing remains challenging, performance figures indicate some measure of success in broadening the country’s economic base, using manufacturing as a key driver. Building momentum and sustainable growth will be dependent on the government’s continued focus on diversification. In response to the changing retail landscape, the MoTI launched a new consumer policy in March 2018 to align the market with domestic, regional and international trends and norms, thus allowing consumers and suppliers to participate with confidence. Changes in the sector had created deficiencies in consumer protection in several areas of the old legislation; for example, there was no protection for consumers making digital transactions. The new policy seeks to address the legislative, administrative and enforcement needs of the evolving market, improving the foundation on which to build sustainable retail growth and development. This chapter contains an interview with Mikaeel Mohammed, CEO, SM Jaleel.