Energy

Saudi Arabia announces $32 billion stimulus

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Muslim pilgrims wear masks at the Grand Mosque in Saudi Arabia’s holy city of Mecca on February 28, 2020. Saudi Arabia suspended visas for visits to Islam’s holiest sites for the “umrah” pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

ABDEL GHANI BASHIR | AFP | Getty Images

Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices. 

The sum includes Riyadh’s 50 billion riyals package announced last week to support small and medium-sized businesses. Friday’s announcement…



Source cnbc.com

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