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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

Vision 2030 Aims at Providing Job Opportunities For One Million Saudi Women

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Another ambitious plan for the Kingdom in an attempt to provide equal opportunities for women of Saudi Arabia!

The Kingdom’s Vision 2030 hopes to provide jobs for about one million Saudi women, according to Mishaal Al-Balawi, an official at the Permanent Mission of Saudi Arabia to the United Nations in Geneva.

“The Saudi Vision 2030 and the National Transformation Program 2020 have put women empowerment among their most important priorities,” al-Balawi said.

Al-Balawi praised the significant role of women in making the economy of the Kingdom much stronger, saying that women are eager to gain access to a large share of reforms especially in the employment market.

These remarks were pointed out by Al-Balawi in a discussion on a report of the working group on the issue of discrimination against women at the Human Rights Council on Monday.

The discussion revolved around the rights of Saudi women and changing the employment scenario to include them.

Al-Balawi also pointed out that Kingdom is doing its best to end to violence and harassment against women at their workplaces.

“The Kingdom, through its regulations and agencies, is striving to address the phenomenon of violence against women at their workplaces as well as to enable them to work in a safe environment. This is through enacting laws to protect women and preserve their rights, such as the Anti-Harassment Law and the Law of Protection from Abuse,” he said.

“The Kingdom seeks to encourage women to study various disciplines, especially science, technology, mathematics, and engineering, as this provides a variety of opportunities for them in the labor market,” he added.

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Lifestyle

The Kingdom Aims at Producing the World’s Lowest-Cost Electricity

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The Kingdom has announced that it’s working on a new solar energy project that aim at producing electricity with the lowest cost per kilowatt in the entire world.

The announcement was made earlier by Prince Abdulaziz Bin Salman, Saudi Arabia’s Energy Minister during the “Don’t Forget Our Planet!” conference, which was organized by Saudi Arabia’s Future Investment Initiative Institute (FII-I).

Prince Abdulaziz also revealed that the Kingdom is currently in the process of activating several programs, including increasing the use of electricity by 30 percent through renewable energy, while 50 percent will be generated through hydrocarbon sources, adding that work is also underway to take advantage of the wind energy project to harness it in generating power.

The Kingdom will not back down from its commitment to the energy efficiency project, but has even become a role model for high commitment in all related projects.

Prince Abdulaziz Bin Salman said that the Kingdom aims to produce 50% of its electricity from renewable by 2030, adding that Saudi Arabia has plans to expand the use of wind energy.

This project is among other ambitious projects that are part of Saudi Arabia’s Vision 2030, the vision’s main aim is to diversify the country’s economy and not have it depend solely on oil.

 

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Lifestyle

13 Women Appointed to the Kingdom’s Human Rights Commission

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Saudi Arabia’s King Salman has appointed 13 women to the kingdom’s Human Rights Commission and with that, grant them equal representation as men.

The appointments were announced in a royal decree constituting the rights body for its fourth four-year term.

The HRC President Dr Awwad Al Awwad welcomed the appointments, explaining that this comes in light of supporting women and empowering them to take on positions in diverse fields.

“Appointing 13 women as members of the HRC Council, with a total of 26 members, is in line with efforts made by the Kingdom’s leadership to enable women to occupy leading positions in various fields, and helps achieve what is best for the country,”  Dr. Awwad Bin Saleh Al Awwad, president of the Commission, explained.

“It is this support and direction that has had a huge impact on HRC’s ability to carry out its mission and discharge its responsibility in promoting and protecting human rights under the directions of the Saudi leadership […] It has further helped in laying the foundations and instilling a culture of human rights to the benefit of the citizens and residents of this beloved nation,” he added.

This announcement comes a week after Saudi Arabia was ranked the best country in the region for women by CEOWORLD Magazine.

 

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