Saudi Arabia : Total opening of economy soon

RIYADH — Saudi Arabia will open its economy fully in the near future, according to an economic analyst, Fadel Al-Buainain, who said this at a time when the government decision to open commercial complexes, malls, private sector companies, and wholesale and retail shops across the Kingdom came into force on Wednesday.

These outlets began receiving customers and shoppers after the government partially lifted the curfew. However, a 24-hour lockdown will continue to remain in Makkah and some isolated neighborhoods.

Speaking to Al-Arabiya.Net, Al-Buainain said that the partial return of life to the economy would mitigate the economic impact on the enterprises, especially in their cash flows.

“The cost of closing the economy is exorbitant and cannot be easily borne in the event of the continuation of the closure, and that the damage of the closure is as tough as the consequences of coronavirus,” he said, while stressing that the partial opening is the beginning of a new phase to reach the total opening in the event of receding the epidemic cases.

Al-Buainain said the partial opening decision would contribute to ease the burden on the economic establishments by returning to work and benefiting from the most important commercial season for malls in the second half of Ramadan before Eid Al-Fitr.

It is expected that the decision will reflect in the economy, the industrial and commercial sectors in particular, and will reduce the burden of the government in bearing the consequences of the economic pandemic, he added.

The Ministry of Municipal and Rural Affairs (MMRA) had set recently some precautionary conditions for the reopening of commercial firms during the non-curfew period where commercial activities are allowed to function in line with the state regulations.

The conditions stipulate keeping mandatory social distancing between all individuals at all times. No gathering or crowding is allowed, no use of cash is allowed and dealings are restricted to means of electronic payment.

Source: https://saudigazette.com.sa/article/592492/SAUDI-ARABIA/Total-opening-of-economy-soon-Report

 

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