The Jeddah Summer Festival is expected to generate nearly SR2 billion ($533.29 million) for the business community in the city, according to the Jeddah Chamber of Commerce and Industry (JCCI).

Over 50,000 visitors are expected to visit daily to the shopping malls and establishments participating in the festival, which opened on July 9, a statement said. The festival will run throughout the month.

More than 1.5 million visitors and tourists are expected join the festival in total, the statement issued following the preparatory meetings held by JCCI to properly organise the festival said.

The chamber has formed professional teams to monitor the events this year, market it and announce major sponsorships and offers across the commercial centres as well as to follow up on draws and prizes.

Mohamed Iqbal Alawi, CEO of Red Sea Markets Company and chairman of Shopping Centers Committee, Jeddah Chamber of Commerce and Industry, said: “Last year KSA increased its retail sales by 6.4 percent reaching up to SR361.14 billion, according to AT Kearney’s Global Retail Development Index, and total retail space increased by 5.6 percent to 2.1 million sq m. Accordingly, we are expecting an increase of 3 per cent to 4 per cent at least on this year, due to variety of events.”

The Red Sea Mall will offer many prizes, including a draw on deluxe cars. It will also be offering 50,000 electronic coupons through participation in a e-coupon programme. –TradeArabia News Service