KSA: Lifting Curfew Contributes to 30% of Private Sector Economic Revival

Business

April 29th, 9:11am

Jeddah- Saeed al-Abyad

Commercial activities gradually resume with the partial lifting of the curfew (Asharq Al-Awsat)

Saudi economists estimated that the partial lifting of the curfew starting this week would contribute to returning at least 30 percent of the private sector’s economic strength, as a number of sectors have not yet resumed operation, including transport, tourism, housing, and entertainment. They noted that the full revival of the private sector would not take long, in light of the precautions taken by the relevant Saudi agencies to contain the outbreak of the novel coronavirus in all cities. The gradual return of economic life in the Saudi market will push for a comprehensive or specific restructuring and a financial plan that would help institutions face any future problems. Specialists have identified four main points that must be dealt with in the next stage: addressing the excess in some commercial activities by medium and small enterprises, developing long-term plans to face emergencies and exceptional situations, searching for trained workers to meet needs of the local market, and finding development solutions for facility operations. Mohamed Al-Mojil, Vice-Chairman of the Tourism Committee at the Chamber of Commerce and Industry in Riyadh and member of the Riyadh Center for Small and Medium Business Development, said that lifting the curfew would have significant economic returns for many medium and small enterprises that depend on traditional commercial activities. “There are two main factors in the economic activity that any establishment depends on; jobs and cash. The government rushed to support enterprises generously. Therefore, the activity of small and medium enterprises must be complementary to the need of the Saudi market,” he noted. Economic expert Dr. Louai Al-Tayyar told Asharq Al-Awsat that the gradual return would reduce the size of losses incurred by the private sector during this period, and would gradually revive the economic life. He added that the partial lifting of the curfew would restore 30 percent of the economic sector’s activity.

from Asharq AL-awsat https://aawsat.com/english/home/article/2258821/ksa-lifting-curfew-contributes-30-private-sector-economic-revival