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Saudi Arabia: Public Sector Employees Will Gradually Return to Work Starting May 31

Saudi Arabia: Public Sector Employees Will Gradually Return to Work Starting May 31

Saudi Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi announced on Tuesday that public sector employees will gradually return to work starting May 31 as the Kingdom starts to ease restrictions imposed over the novel coronavirus pandemic. He said that he expects full

Algeria Raises 2020 Budget Deficit Forecast to 10.4% of GDP

Algeria Raises 2020 Budget Deficit Forecast to 10.4% of GDP

Algeria expects its budget deficit for 2020 to reach 10.4% of gross domestic product, up from a previous forecast of 7.2%, due to lower revenues from oil and gas, Finance Minister Abderrahmane Raouya said on Tuesday. The government has projected oil and gas export revenue for 2020 at $17.7 billio

Saudi Arabia Records Jump in Electronic Payments

Electronic payments continued to grow exponentially in Saudi Arabia, driven by the conditions imposed by the outbreak of Covid-19. Latest statistics revealed the record increase of Saudi payments through smart devices by 1500 percent, compared to the same period last year. In conjunction with

Financial Compensation for NEOM Real Estate Owners Starts

Financial Compensation for NEOM Real Estate Owners Starts

Real estate owners involved in NEOM project will be financially compensated by the National Program for Community Development, Saudi Arabia announced Friday. The program will compensate owners in Sharma, Qayal, Al-Khuraibah, Al-Asilah, Al-Sur, Bir Fahman, it said. The announcement comes after

Saudi Arabia: 20% Rise in Foreign Investment Licenses in Q1 2020

Saudi Arabia: 20% Rise in Foreign Investment Licenses in Q1 2020

Saudi Arabia has seen an increase in the number of licensed foreign investors in the first quarter of 2020, despite the effect of the COVID-19 pandemic. This confirms that the Saudi economy is solid and a safe environment for foreign investment. The Ministry of Investment of Saudi Arabia (MISA

Three Indicators Drive Positive Outlook for Saudi Economy Scenarios

Three Indicators Drive Positive Outlook for Saudi Economy Scenarios

An economic report released by Alkhabeer Capital, an investment service, has revealed the impact of the coronavirus on the Saudi economy. The report cited three factors driving the positive outlook in future scenarios for the Saudi economy for the rest of 2020. It explained that there are thre

Saudi Shura Council Calls for More Loan Guarantees to Support Economy

Saudi Shura Council Calls for More Loan Guarantees to Support Economy

The Saudi Shura Council has called for expanding the government’s loan guarantees, through the Kafalah Fund, to support the economy and SMEs, and improve development as part of efforts to confront the COVID-19 outbreak. The Council’s Economic and Energy Committee held on Wednesday a virtual meet

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