Saudi Businesses Allowed to Open Around the Clock to Boost Quality of Life
The Saudi cabinet’s decision Tuesday to give businesses in the Kingdom the option to remain open around the clock will provide some 65,000 direct and indirect job opportunities, said experts on this matter.
They said it would also create 30,000 part-time jobs, raise the number of new establishments to 6 percent and increase the economic value of the entertainment sector by 9 percent and the consumer spending to more than $37.5 billion annually.
The cabinet’s decision “contributes to the provision of goods and services to the population around the clock, enhancing the quality of life in cities and opening up large areas of private investment, which comes in line with the Kingdom’s Vision 2030, said acting Minister of Municipal and Rural Affairs Majid al-Qasabi.
He explained that the global experience has proven that regulating 24-hour trading is positively reflected on the country's macro economy through growth in demand for goods and services.
It stimulates consumer spending, attracts capital investment and bolsters many sectors, such as entertainment, tourism, transport and communications, Qasabi noted.
This decision is expected to increase the contribution of small and medium enterprises in domestic production, raise the level of satisfaction of urban residents and open up new horizons for the business sector, he added.
He said it would also facilitate meeting Vision 2030’s objectives by reviving markets, activating transactions between citizens and residents, offering more freedom to practice different lifestyles and creating new job opportunities for citizens.
The Kingdom is working on reducing unemployment from 12.6 to 7 percent by empowering the youth, supporting entrepreneurs, establishing large enterprises and increasing the private sector’s contribution and building partnerships with it.