Saudi Arabia’s economy contracted 7% year-on-year in the second quarter of 2020 as the toll wrought by the Coronavirus pandemic and lower oil prices becomes clear, according to Bloomberg.
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items.
This week, the Kingdom of Saudi Arabia, as host country for the G20 meeting in November 21-22, 2020 will hold meetings on Trade and Investment, with the Trade Ministers Meeting taking place tomorrow, Tuesday, September 22.
OPEC has downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020 (down 9.5% from last year) as the Coronavirus weighs on crude recovery, according to reports, citing a recent publication from OPEC on Monday.
Saudi Arabia's King Salman and President Trump spoke by phone over the weekend, discussing several issues of importance to the U.S.-Saudi relationship, including a recent push by President Trump's son-in-law Jared Kushner to make progress resolving the Israel-Palestine issue.
As the Coronavirus spread continues to decline in Saudi Arabia, fresh data from the from the Saudi Arabian Monetary Authority (SAMA) indicates some bright spots for Kingdom's economy, according to Jadwa Investment.
Saudi Arabia saw a rebound in some economic data points after Coronavirus-driven shutdowns, according to the latest Jadwa Investment August 2020 Chartbook.
Saudi Arabia's Saudi Real Estate Refinance Co. (SRC), an arm of the Public Investment Fund (PIF), will acquire mortgages worth SR3 billion ($800 million) from the Public Pension Agency (PPA), according to reports.
Qiddiya, the mega-entertainment complex just outside of Riyadh that is set to transform the leisure landscape in the Saudi capital, announced on Thursday "at least SR10 billion ($2.66 billion) worth of contracts" will be awarded to various companies "to speed up construction," according to reports.
AMAALA, the ultra-luxury planned travel destination located along Saudi Arabia’s northwestern coast has unveiled plans for a new international airport, employing an impressive design "inspired by the optical illusion of a desert mirage."
