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5 Ways Saudi Arabia Is Maintaining A Stable Economy During the Pandemic

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5 Ways Saudi Arabia Is Maintaining A Stable Economy During the Pandemic

Ever since the outbreak of the virus, the Kingdom has been taking all the necessary and right measures that fascinated us all with the level of keenness to maintain the outbreak as soon as possible.

Saudi Arabia is among the top countries who are acting fast to limit and eventually end the spread of the virus, it has also taken several measures to fight the negative impact that the pandemic is expected to impose on the economy.

Besides offering free treatment for all, the government has also implemented packages that aim at saving the private sector. Here are some of the ways that King Salman is supporting the stabilization of the economy with during this pandemic.

1. King Salman approves a SR 900 million package of additional initiatives for the private sector and electricity bill payments. According to SPA, the royal decree states. 

King Salman announced a 30% discount on the electricity bill of April and May for the industrial, commercial and agricultural sectors. And if needed, there is a possibility for giving out extension, as the budget set for this initiative is SR 900 million. The expected number of accounts to benefit from the discount is around

Moreover, every worker in the Kingdom will receive financial assistance if necessary, even the free workers who’re not enlisted under a company.

2. A SR47 fund to ensure hospitals don’t run out of medical supplies.

An additional fund of SR47 billion has been approved by King Salman and allocated to the Saudi health sector, this generous fund will provide artificial respirators and supplies for laboratory tests. In addition to allowing hospitals of hiring more medical and technical professionals.

3. The Social Development Bank launched a fund to back SMEs in the healthcare sector

The Social Development Bank of Saudi Arabia has launched a ‘healthcare portfolio’ with a SR2 billion fund to support the small and medium enterprises in the healthcare sector.

This new initiative done by SDB will help provide financial solutions by offering tailored funds that meet the specific requirements of each beneficiary. This way, the small and medium enterprises in the healthcare sector will be able to carry on with their service to the public in addition to enhancing their contribution to economic growth and employment.

4. Saudi Arabia to pay 60% of private sector wages

King Salman allocated SR9 billion as a compensation to the citizens whose jobs have been affected  as a repercussion of the pandemic. The amount is an equivalent to $2.4 million!

This decree will be granting these employees 60% of their stable income on a monthly basis. This will happen through social insurance for the time span of three month with SR9,000 per month.

5. The private sector is also giving back to the national COVID-19 fund

The private sector has also shown tremendous effort and generosity in fighting off the virus as many companies and individuals have contributed more than SR1 billion to the Ministry of Health’s COVID19 fund, including SR500 million from the energy sector and $160 million from Saudi banks.

Now is your turn to give back and take part in fighting the virus, by staying safe and staying home!

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Lifestyle

Saudi Rania Nashar Makes it to Forbes’ List of The World’s Top 100 Most Powerful Women”

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The Kingdom’s own Rania Nashar has made it to Forbes’ annual list of “The World’s Top 100 Most Powerful Women” and we can’t help but feel so much pride!

Nashar was ranked the 99th in the list that includes prominent names such as Angela Merkel, Kamaala Harris, Melinda Gates, Rihanna, & many other global female trailblazers.

Nashar is the first female to hold the position of CEO CEO of Saudi commercial bank, Samba Financial Group. She also made it to this ranking through her tremendous efforts in implementing changes that empower women of Saudi Arabia, all of which comes as part of the 2030 Vision.

Nashar has exceeded 20 years of experience in the field of commercial banking and has been inspiring young Saudi women to take on the challenge as well and break the glass ceiling and for that, we congratulate her.

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Lifestyle

This Saudi Landmark Just Won a Prestigious Award for Its Innovative Architectural Design

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The King Abdullah Petroleum Studies and Research Center (KAPSARC) has received the American Concrete Institute (ACI) award for concrete construction excellence.

The building, which is designed by Zahra Hadid Architects (ZHA), is one of the most well-known landmarks in Riyadh. It’s known for its unique architectural design.

The structure features an hexagonal honeycomb structure which stands out with hexagonal cell openings providing shade from the harsh sun. “ZHA projects have always been unique and creative in an unprecedented, nontraditional way. There’s no other structure like it in the entire world,” Saudi architect Mokhtar Al Shoaibi told Arab News.

The building is made of extremely complex steel, said Saudi architect Mukhtar Al-Shoaibi.

“The contractor working on the job must have gone through so much to install the joints and then apply the sheets over it and now it acts as a monument in the Kingdom,” he told Arab News.

It’s also worth mentioning that KAPSARC won the title of ‘smartest building’ in Saudi Arabia from the Honeywell Smart Building Awards program.

“I’m proud to see Saudis accomplish that. There are many more major projects coming up in the Kingdom as well, and I can’t wait to see what they’ll present,” Mukhtar Al-Shoaibi said.

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Lifestyle

Women’s Participation Rise 120% in Saudi Industries

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Women of Saudi Arabia are claiming their rightful role in private and government sectors, as these sectors strive to hire qualified women in different fields.

According to the Saudi Authority for Industrial Cities and Technical Zones (MODON), the number of Saudi women taking part in the industrial cities it oversees has seen a significant increase by around120 percent, bringing the total number of female workers 17,000 by the end of March this year.

Khalid Al-Salem, director general of MODON, said that the authority “has come a long way” and still aims at encouraging the female participation in the industrial sector.

“These oases host clean industries such as medical and food industries, rubber and high-tech industries, as well as prefabricated factories supporting women entrepreneurs and small and medium enterprises,” he said.

He said: “MODON seeks to support the productivity of women by providing an optimal environment for their work. Therefore, it signed a memorandum of understanding with a building development company to implement nursery and kindergarten programs in industrial cities and oases under the Ministry of Education’s guidance.” He added.

This strategy of activating the role of women in industrial development goes along with the Saudi Vision of 2020 that aim at enhancing women’s role in the Kingdom’s economy.

 

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