The world’s largest oil exporter is facing a deep recession after the COVID-19 pandemic curbed global crude demand and measures to contain the coronavirus hurt domestic activity.
Finance officials from the Group of 20 countries on Saturday called for wide participation by bilateral creditors to implement a debt freeze initiative for the world’s poorest countries.
The Saudi Arabia Monetary Authority (SAMA) injected $13.3 billion into the economy; Saudi banks deferred loan payments for all public and private healthcare personnel for three months.
Saudi Arabia’s central bank said it had prepared a 50 billion riyal ($13 billion) package to help small and medium-sized enterprises cope with the economic impacts of the coronavirus outbreak.
Saudi Arabia’s energy ministry has directed oil producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd), CEO Amin Nasser said
ACWA Power announces the signing of three new strategic agreements, potentially worth up to $2.5 billion, with The Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise.
G20 finance ministers and central bankers agreed during a separate video conference on Monday to develop an "action plan" to respond to the outbreak, which the International Monetary Fund expects will trigger a global recession.
The issuing of the licence marks a significant milestone for the California-based developer in the firm’s pursuit to commercialise the technology.
The ongoing Corona virus crisis hit Saudi Arabia earlier this week with the first case of an infected individual recorded. Saudi authorities were quick to act, quarantining 70 people who were in contact with that individual.
The number of travellers visiting the UAE from Saudi Arabia grew significantly in the fourth quarter of 2019. Dubai’s multi-dimensional market and customised campaigns showcase the city’s ability to remain attractive to the KSA tourists.