He wants to create 1.2 million jobs for Saudis by 2022, with many in the retail sector. The pace of growth is expected to be weaker than in the past decade, however.The changes are proving challenging for retailers. Alhokair is one of six of Saudi Arabia's 10 major retail firms which registered lower net profit in the quarter ending June 30. "There is a change taking place in this country and you cannot do change without pain," Georges Schorderet, CEO of major Saudi food producer Almarai said on an earnings call last month. In Riyadh 's Batha bazaar, a popular shopping destination for Asian expatriates, business has slowed.

Source: Economic Times September 26, 2018 06:00 UTC