Salman unveiled an economic stimulus valued at over 9 billion riyals ($2.4 billion), according to the state-run Saudi Press Agency.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…44 Views | the publication reaches you by | Saudi Arabia Today
Under his royal decree, companies needing to lay off employees can instead apply for the government to compensate 60% of those salaries for the next three months.
After the three-month period ends, the royal decree mandates that companies resume paying their employees.
Last month, the country’s central bank rolled out a 120-billion riyal ($32 billion) economic package that included 50 billion riyals ($13.3 billion) to help small and medium-sized businesses stay afloat.
On Friday, the Ministry of Health announced that another 154 people tested positive for the novel coronavirus in the last 24 hours, pushing the total number of infected to 2,039. The kingdom’s death toll now stands at 25.
Saudi Arabia’s sweeping measures to contain the virus include a 24-hour curfew imposed on Mecca and Medina this week and new restrictions limiting entry to and exit from Jeddah and Riyadh.
International passenger flights are suspended indefinitely.
Officials have also encouraged the millions of Muslims planning to visit Islam’s two holiest cities for the annual hajj pilgrimage this summer to reconsider their travel plans. In early March, Saudi Arabia suspended the year-round smaller pilgrimage known as umrah.
The project for the design, engineering and procurement of the new 400,000m3/day Jubail II seawater reverse osmosis (SWRO)…52 Views | the publication reaches you by | Saudi Arabia Today
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