A recent report from Jadwa Investment looks at the economic impact of Saudi Arabia hosting the G20 Summit, noting that while the Riyadh has hosted major summits before, “the G20 summit differs due to the sheer number of different events related to it” with more than 120 workshops, ministerial meetings and specialized seminars scheduled throughout the year.
“In addition to further promoting Riyadh as a suitable business and tourism destination, we see the G20 summit directly contributing to raising the Kingdom’s GDP,” Jadwa writes. “More specifically, we calculate an additional 0.2 percent being added to non-oil private sector GDP as result of hosting the G20 summit. We see the direct impact of this major event being felt through a rise in business tourism, higher retail expenditure, increased activity in hotels and hospitality sectors and measurable positive impact on the local labor market.”
The Kingdom has been participating in the G20 summit since 1999 when the organization was created.
In December 2019, Saudi Arabia assumed the G20 presidency. Riyadh’s G20 summit will discuss a number of issues, with three main focus areas: empowering people, safeguarding the planet, and shaping new frontiers
The 2020 G20 Riyadh summit will begin on Saturday, November 21 and ends on Sunday, November 22, and will be held at the King Abdullah Financial District in Riyadh. It will be the first ever G20 meeting held in the Arab world.
In preparations for the summit, the presidency hosts numerous meetings featuring ministers, senior government officials and civil society representatives.