Saudi Arabia Supports SME’s Amid COVID-19 Outbreak

Efforts to mitigate Coronavirus outbreak continue in Saudi Arabia as the government initiates special measures to support the private sector, particularly SME’s. A financial stimulus package of SAR70 billion is launched, consisting of exemptions and postponement of some government dues, allowing the private sector to manage continuity of its economic activities. SAMA has also announced a package of SAR50 billion in support of the banking sector, financial institutions and SME’s.

The Ministry of HR and Human Development announced last Thursday the decision for all private sector workers to begin work remotely for a 15 day period in order to reduce the spread of the virus. Sub-locations of businesses can welcome up to 40% of the overall number of workers, while headquarters must be entirely vacant throughout the rest of March.