G20 Summit: A Catalyst to Saudi Economy in 2020
A recent report said that the Kingdom’s hosting of the G20 summit was expected to be a major catalyst for the growth of the Saudi economy in 2020.
The report issued by Jadwa Investment announced its expectations that the G20 summit would raise the average GDP, through higher spending at hotels, business tourism, restaurants and shops, and the associated local labor market.
The report estimated that the Kingdom’s hosting of this global event would contribute to a growth of 0.2 percent, stressing that the G20 summit would have a greater impact than other events, as it would include around 120 workshops, ministerial meetings and specialized seminars scheduled throughout the year.
Last December, Saudi Arabia assumed the chairmanship of the G20, which will lead up to the leaders’ summit in Riyadh on November 21-22.
According to the Jadwa report, the summit would attract about 10,000 people representing delegations and international media, while Riyadh would welcome around 12,000 visitors during pre-summit meetings throughout the year.
“Overall, with less than a year to go for the main summit, we observe great opportunities for sectors such as hospitality, retail, and tourist and entertainment services to accommodate the anticipated rise in demand for the year ahead,” the report said.
“While the direct measurable impact on the Kingdom’s non-oil private sector GDP will be lifted by an additional 0.2 percent, the long-term benefits will continue in years after, as the Kingdom witnesses the rise of its perception as a global destination for business and tourism,” it added.