RIYADH, Saudi Arabia, Sept. 7, 2020 /CNW/ — At the 15th virtual edition of the Euromoney Saudi Arabia Conference HE Mr. Mohammed Al-Jadaan, Minister of Finance and Acting Minister of Economy and Planning stated that the Saudi economy is recovering, in arguably the most challenging of years for a century.
Saudi Arabia ended 2019 with positive momentum as Vision 2030 started yielding results. Saudi Arabia assumed the G20 presidency in 2020, working with G20 leaders and other partners to support sustainable and inclusive growth. In Q1, COVID-19 hit the world like a speed train, with significant impact, particularly on the most vulnerable, whether that be countries or individuals. Various countries saw GDP fall by 5%,10%, 15% and some by 20%, effectively losing ten years of growth.
Vision 2030 reforms provided a strong platform for Saudi Arabia to have a quick and positive response to the pandemic. Significant resources were redirected to the healthcare system, and the King quickly decided to provide healthcare services free of charge not only to the Saudi nationals but also to residents and illegal residents.
The government delivered a SAR 218 billion package of support to businesses and the private sector. SAMA, the central bank, provided significant liquidity into the banking sector of approximately SAR 70 billion. SAMA also injected another SAR 50 billion of liquidity into the banking system to enable banks and financial institutions to provide credit to the private sector.
Initial signs were very positive as the economy re-opened. In 11 tourist destinations, room occupancy rates jumped to 85% and 90%. The economy is getting back and recovering but caution is required. The success of the Privatization Program also saved SAR 15.7 billion of the government’s expenditure.
“For the first time in the history of G20, the first virtual summit meeting was held with very clear mandates and actions to ensure the protection of people’s lives and livelihoods. Actions included the Debt Service Suspension Initiative potentially saving countries in need up to $14bn. G20 countries have injected over $11tr into economies and $21bn was raised to fill a long outstanding gap in health funding for such a situation.”
In closing he said: “The Saudi people were able to adopt and lead the charge, with exceptional talents that worked hard 24 hours a day to control COVID-19 and prepare the national economy for recovery.”
To watch the complete interview with HE Mr. Mohammed Al-Jadaan, please click here.
SOURCE Euromoney
For further information: Fatima AlKahtani, [email protected], moblie: +966506280947, https://www.euromoney.com
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
