Saudi Arabia Economy Regaining Momentum, Ministries Cautiously Optimistic

Saudi Arabia’s economy is showing signs of regaining momentum, following the Kingdom’s efforts to combat the effects of the COVID-19 pandemic, local news media reported.

According to Saudi Arabia's Minister of Investment, Khalid Al-Falih, 506 new business licences had been issued in the first six months of 2020, with a surge in June 2020 making up for the shortfalls of peak lockdown months April and May 2020.

Meanwhile, other sectors were also showing signs of recovery, according to Minister of Finance and Economic Planning, Mohammed Al-Jadaan, who stated that domestic tourism had recorded a 18% year-on-year (YoY) increase in June 2020, while hotel occupancy rates had r...