Saudi Arabia unveils SR120bn business support war chest to fight virus pandemic

Saudi Arabia unveils SR120bn business support war chest to fight virus pandemic
Saudi Arabia has suspended domestic flights, trains, buses and taxis for 14 days in a heightened effort to stop the spread of the COVID-19. (AFP)
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Updated 21 March 2020

Saudi Arabia unveils SR120bn business support war chest to fight virus pandemic

Saudi Arabia unveils SR120bn business support war chest to fight virus pandemic
  • Immediate steps to ensure the safety of its citizens and residents
  • The Kingdom would do whatever required to tackle the crisis, say health minister

JEDDAH: Saudi government ministers on Friday announced a war chest of more than SR120 billion ($32 billion) to fight the “unprecedented” health and economic challenges facing the country as a result of the killer coronavirus pandemic.

During a press conference in Riyadh, finance minister and acting minister of economy and planning, Mohammed Al-Jadaan, unveiled a SR70 billion stimulus package to support the private sector, especially small- and medium-sized enterprises (SMEs) and businesses worst-hit by the virus outbreak.

And the Saudi Arabian Monetary Authority (SAMA) has also sidelined SR50 billion to help the Kingdom’s banking sector, financial institutions and SMEs.

Al-Jadaan said the government had introduced tough measures to protect the country’s citizens while immediately putting in place a financial safety net. He added that the Kingdom was moving decisively to address the global COVID-19 disease crisis and cushion the financial and economic impact of the outbreak on the country.

The SR70 billion package of initiatives revealed by the minister will include exemptions and postponement of some government dues to help provide liquidity for private-sector companies.

Minister of Health Dr. Tawfig Al-Rabiah noted the raft of precautionary measures that had been introduced by the Kingdom in cooperation with the private sector and government agencies to combat the spread of the coronavirus, highlighting the important contribution of the data communication services sector.

He reassured the Saudi public that the Kingdom would continue to do whatever was required to tackle the crisis.

“This pandemic has a lot of challenges. It’s difficult to make presumptions at this moment as we’ve seen; many developed countries did not expect the rate of transmission of this virus.

“We see that the reality of the situation is different from what many expected. The virus is still being studied and though we know the means of transmission, it is transmitted at a very fast rate, having spread to many countries faster than expected.

“We see that many countries have not taken the strong precautionary measures from the beginning of the crisis which led to the vast spread of the virus in these countries,” Al-Rabiah said.

He pointed out that social distancing would help slow the spread.

Al-Jadaan said the Saudi government had the financial and economic capacity to deal with the situation. “We have large reserves and large investments, but we do not want to withdraw from the reserves more than what was already announced in the budget. We do not want to liquidate any of the government’s investments so we will borrow.

“We have approval from the government after the finance committee raised its recommendations to increase the proportion of the domestic product borrowing from 30 percent to 50 percent. We do not expect to exceed 50 percent from now until the end of 2022,” he added.

The government would use all the tools available to it to finance the private sector, especially SMEs, and ensure its ongoing stability.

The finance minister said that at this stage it was difficult to predict the economic impact of the pandemic on the private sector, but he emphasized that international coordination, most notably through G20 countries and health organizations, was ongoing.

On recorded cases of the COVID-19 disease in the Kingdom, Al-Rabiah said: “Many of the confirmed cases are without symptoms, this is due to the precautionary measures being considered.

“As soon as a case is confirmed, we contact and examine anyone who was in direct contact with the patient. This epidemiological investigation, is conducted on a large scale to investigate any case that was in contact with the patient.”

Al-Jadaan also announced the formation of a committee made up of the ministers of finance, economy and planning, commerce, and industry and mineral resources, along with the vice chairman of the board of the Saudi National Development Fund, and its governor.

The committee will be responsible for identifying and reviewing incentives, facilities, and other initiatives led by the fund.

Committees had also been established, said Al-Jadaan, to study the impact and repercussions of the coronavirus crisis on all sectors and regions, and look at ways of overcoming them through subsidies or stimulus packages.

 
 


Saudi-led Arab coalition intercepts Houthi drone launched towards Khamis Mushait

Saudi-led Arab coalition intercepts Houthi drone launched towards Khamis Mushait
Updated 09 March 2021

Saudi-led Arab coalition intercepts Houthi drone launched towards Khamis Mushait

Saudi-led Arab coalition intercepts Houthi drone launched towards Khamis Mushait

The Saudi-led Arab coalition said it intercepted a Houthi drone headed toward Khamis Mushait in the southern region in Saudi Arabia, Saudi state channel Al-Ekhbariya reported on Tuesday.

The coalition said that “the Houthi militia commits grave mistakes and horrific violations of international humanitarian law,” adding that it is “dealing with these violation in accordance with international humanitarian law.
Meanwhile, the Houthis faced international condemnation on Monday after attacking Saudi oil facilities.

The US said the Houthis needed to show seriousness about US-backed peace efforts.
“We condemn the egregious Houthi drone and missile attack against Saudi Aramco facilities,” State Department spokesman Ned Price told reporters.


8 Saudi mosques close after 10 confirmed cases of COVID-19

8 Saudi mosques close after 10 confirmed cases of COVID-19
Updated 09 March 2021

8 Saudi mosques close after 10 confirmed cases of COVID-19

8 Saudi mosques close after 10 confirmed cases of COVID-19
  • 236 mosques have closed temporarily in last 29 days
  • 224 of them have so far reopened after sterilization

RIYADH: Saudi authorities temporarily closed eight mosques in three regions of Saudi Arabia on Monday, after 10 worshipers tested positive for COVID-19.
The Ministry of Islamic Affairs, Dawah and Guidance said that 236 mosques have been closed in the past 29 days. Of those, 224 reopened after they were sterilized and steps were taken to ensure public safety.
Six of the mosques closed on Monday are in Riyadh, one is in Madinah and one in Tabuk, the ministry said. It added that six previously closed mosques have reopened in Makkah, Qassim and the Eastern Province after precautionary sterilization and maintenance.
The ministry called on worshipers and mosque officials to abide by all precautionary measures and report any violations or problems applying health protocols.


Saudi Arabia beats Silicon Valley on women’s tech roles, ministry claims

Saudi Arabia beats Silicon Valley on women’s tech roles, ministry claims
Participants including Saudi women attend a hackathon in Jeddah, Saudi Arabia on August 1, 2018. (AFP)
Updated 09 March 2021

Saudi Arabia beats Silicon Valley on women’s tech roles, ministry claims

Saudi Arabia beats Silicon Valley on women’s tech roles, ministry claims
  • Saudi Arabia's investment in cybersecurity has led to its recognition as a pioneer, rated number one regionally and 13 internationally by the International Telecommunication Union

JEDDAH: Saudi women’s participation rate in the communications and IT sector rose from 11 percent in 2017 to 24 percent in 2021, an official at the Ministry of Communications and Information Technology (MCIT) said.
“Due to several initiatives, that percentage has surpassed that of Silicon Valley, which is currently at 17 percent,” Bandar Al-Duwais, MCIT’s director of future recruitments, said during the Women Enablement Summit.
After a recent surge in spending on women’s training, Saudi women currently make up 40 percent of digital entrepreneurs, he added.
Dr. Hala Al-Tuwaijri, head of G20 Women’s Empowerment team, said that during the Kingdom’s presidency, Saudi Arabia had three central focuses: Human empowerment, the earth’s sustainability and implementing new horizons.
“Women’s empowerment was at the core of all of them,” she said.
The Kingdom’s investment in cybersecurity has led to its recognition as a pioneer, rated number one regionally and 13 internationally by the International Telecommunication Union.

FASTFACT

• Saudi women’s participation rate in the IT sector rose from 11 percent in 2017 to 24 percent in 2021.

Basmah Al-Jedai, general manager of the Center of Strategic Studies at the National Cybersecurity Authority, said that women took greater advantage of the authority’s training programs than men did.
The National Academy for Cybersecurity’s scholarship program, which offered students scholarships to esteemed institutes globally, has attracted 67 percent of female applicants.
Another initiative, Cyber Pro, which focuses on building a cybersecurity workforce in the Kingdom, has seen 62 percent of female participants.
Based on the Kingdom’s goal of increasing women’s participation in the labor market and the ministry’s strategy, which gives priority to enhancing the role of women in the sector, MCIT developed an integrated program to empower women in the communications and information technology sector.


Saudi Arabia launches women’s accountancy program

Saudi Arabia launches women’s accountancy program
Dr. Majid bin Abdullah Al-Qasabi. (SPA)
Updated 09 March 2021

Saudi Arabia launches women’s accountancy program

Saudi Arabia launches women’s accountancy program
  • Al-Qasabi says initiative will help achieve Vision 2030 goals

RIYADH: A program to encourage Saudi women to join the accounting profession was launched on Monday by Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi.

The program is organized by the Saudi Organization for Certified Public Accountants (SOCPA).
Minister of Human Resources and Social Development Ahmed Al-Rajhi was also present at the launch event.
Describing the accounting profession as the “backbone of any company,” Al-Qasabi said the industry is “instrumental” in the national economy.
The program includes training, qualification, entrepreneurship and employment streams. It is part of Saudi government efforts to empower women and increase their participation in the national economy.
“Women today have strong will, determination and ambition to succeed in all fields, especially accounting, which requires precision, analysis and vitality. Saudi women possess all these qualities,” Al-Qasabi said.
“The program will enhance women’s role in improving the profession and help achieve the goals of Vision 2030.”
The minister said that there are 140 SOCPA-certified female accountants in the Kingdom. He added that SOCPA has cooperated with Saudi universities to help more than 10,000 accounting students benefit from programs and initiatives.
SOCPA Secretary-General Dr. Ahmed Al-Maghamis told Arab News that the organization will sign multiple agreements with the private sector to help promote accounting as a profession for Saudis.
He said that SOCPA aims to fill 20,000 auditing and accounting jobs by 2022.
The new women’s accounting program also doubles up as an initiative to increase the number of Saudi accountants and enable economic sectors to receive better access accounting and auditing services, he added.

HIGHLIGHTS

• The program includes training, qualification, entrepreneurship and employment streams.

• It is organized by the Saudi Organization for Certified Public Accountants.

“The program aims to develop the skills of Saudi women and allow them to participate in SOCPA council and committees,” Al-Maghamis said.
SOCPA is also working to establish a center to support small and medium enterprises. The women’s program includes several initiatives, such as a volunteer club and accounting leaderships, the empowerment platform and the women’s council, he said.
Dr. Ghuraibah Al-Twaiher, chairperson of the Future Women Society, said that promoting women and helping them achieve professional success is necessary for future economic growth.
“Vision 2030 recognizes the key role of women in the development process and calls for greater participation of women to build a vital society,” she said.
In line with the Future Women Society’s mission to enhance women’s integrated economic value locally and internationally, the society recently signed an agreement with the Saudi Financials Association (SFA), Al-Twaiher said.
“The society aims to enable, develop and empower women’s career and professional skills. The SFA increases public awareness of the financial and accounting industries and also contributes to the development of a national cadre that is specialized in finance and accounting,” she added.
Al-Twaiher said the memorandum of understanding with the SFA includes joint cooperation in organizing and implementing awareness campaigns..
As part of this, the two organizations will design training programs for women interested in the fields of accounting and finance.
Razan Al-Sehaibani, a certified accountant, said that women are naturally suited to accounting. She added that she chose the profession because she had the capabilities to be an active member in society and contribute to building the national economy.
She praised the future of the accounting industry as “promising,” adding that the addition of more women accountants will benefit the field.


Saudi Arabia approves incentives for Hajj and Umrah businesses

Saudi Arabia approves incentives for Hajj and Umrah businesses
Updated 09 March 2021

Saudi Arabia approves incentives for Hajj and Umrah businesses

Saudi Arabia approves incentives for Hajj and Umrah businesses
  • Incentives intended to mitigate the financial and economic repercussions of COVID-19

RIYADH: Saudi Arabia’s King Salman approved a number of incentive initiatives for establishments operating in the Hajj and Umrah sectors, Saudi Press Agency (SPA) reported on Monday.
The move comes as part of the king’s keenness to mitigate the financial and economic repercussions of the coronavirus pandemic on individuals, private sector businesses and investors.
“These initiatives come as an extension of the Kingdom’s efforts to confront the financial and economic impacts on the sectors operating in the Hajj and Umrah field and the economic activities most affected by the repercussions of the pandemic,” a statement on SPA said.
The initiatives include:
1. Accommodation facilities would be exempt of annual fees for licenses for municipal commercial activities for one year in Makkah and Madinah.
2. Hajj and Umrah sector establishments will be exempt from paying the fee for employed expats for six months.
3. Licenses for accommodation facilities from the Ministry of Tourism may be renewed free of charge for one year in Makkah and Madinah, which can be extended.
4. Collection of residency renewal fees for expatriates working in activities related to the Hajj and Umrah sector will be postponed for six months, and the amounts are to be paid in installments over a period of one year.
5. The validity of licenses (application forms) for buses operating in facilities that transport pilgrims would be extended without charge for one year.
6. Collection of customs duties for new buses for this year’s Hajj season will be postponed for three months, and to be paid in installments over a period of four months starting from the due date.
The Saudi government has launched more than 150 initiatives, the allocations of which exceeded SR180 billion ($47.9 billion), with the aim of confronting the repercussions of pandemic and mitigating its effects on individuals, the private sector and investors.