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Source: Arabic.net
Financial markets interacted with the interview of Saudi Finance Minister Mohammed Al-Jadaan with “Al-Uriba” in which he confirmed the continuation of the Kingdom’s measures to support the private sector in the face of the effects of the Corona pandemic, and alerted on adopting strict financial measures that may require reducing some expenses and delaying some projects.
The head of the investigation at Al-Rajhi Capital, Mazen Al-Sudairy, emphasized that the current conditions of the Corona pandemic have not been unmatched in the world and, therefore, the Saudi government is taking measures aimed at protecting institutions from the private sector, but it keeps the door open for optimism from the point of view of investment and the opportunities for sustainability provided by economic support packages. In the Kingdom and in the countries of the world.
Al-Sudairy added in an interview with “Al-Arabiya” that the government measures have guaranteed the protection of the banking sector, and we observe the increase in deposits, up to 35 billion riyals, according to the latest statistics.
Al-Sudairy said Al-Rajhi’s financial estimates for the state’s revenue amounted to some 618 billion riyals, which were issued after the OPEC Plus deal, but clarified that the expectations of Saudi Finance Minister Mohammed Al -Jadaan, they arrived because the secretariat required him to present the image in a more conservative way.
He referred to support packages for private sector companies, support for medium and small companies, and the beginning of the lifting of restrictions on economic activity in the Kingdom and the world to have positive effects.
He expressed optimism in the investment field that oil prices will not remain at these levels at $ 20, explaining that the biggest consumers of Saudi oil, in countries such as Japan, South Korea, Japan and China, have started to improve .
Saudi Finance Minister Muhammad Al-Jadaan said in his interview with Al-Arabiya that the budget figures for the first quarter did not show the impact of Corona significantly, and that Saudi Arabia is committed to sustainability of finances. public and with providing what is necessary to face the pandemic.
Al-Jadaan said that the world and the kingdom will not return to what they were after Coruña to change economic activities.
He added that “revenues have decreased significantly, whether oil or non-oil since the beginning of the year, and the government is considering a very large group of options to face the pandemic.”
During operations on Sunday, the index of the Saudi stock exchange fell approximately 7.4%, and in the Gulf, the Dubai financial market index fell 3.96% to 1946 points, and the index of the Stock Exchange Abu Dhabi fell 2.95% to 4105 points.
The Kuwaiti First Market Index fell 2.02% to 5248 points. The Bahrain Stock Exchange Index rose 0.16% to 1,310 points.
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