FILE PHOTO: A car drives past the Kingdom Centre Tower in Riyadh, Saudi Arabia, November 12, 2017. REUTERS/Faisal Al Nasser
Saudi economy shrinks 4.6% in third-quarter as oil sector takes a hit Middle East & Africa Reuters Staff DUBAI (Reuters) - Saudi Arabia’s economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions but the pandemic-hit oil sector continued to weigh on the broader economy, official data showed on Thursday. The economy shrank 4.6% in the third quarter, rebounding slightly from the 7% slump in the previous quarter but marked by declines in both the oil and non-oil sectors, the data showed.
17 Dec 2020 in 16:40
Saudi Arabia’s economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions but the pandemic-hit oil sector continued to weigh on the broader economy, official data showed on Thursday.
The economy shrank 4.6% in the third quarter, rebounding slightly from the 7% slump in the previous quarter but marked by declines in both the oil and non-oil sectors, the data showed. This negative growth originated mainly from the contraction in the oil sector by 8.2% and a negative growth rate of 2.1% recorded in the non-oil sector, the General Authority for Statistics said on Thursday about the third quarter data.
15 December 2020
Roba Aljohani, a content developer at the Red Sea Development Company, here tells Breaking Travel News about the exciting opportunities offered by the hospitality sector in Saudi Arabia.
A young Saudi herself, Aljohani uses her background in journalism to uncover and tell interesting stories about the progress being made on the flagship Red Sea Project on the west coast of the country.
Saudi Arabia is on a journey of transition to a new and diversified economy. This brings with it a promise of opportunity for young Saudis who have a chance to play their part. Today, young people are less interested in careers in “traditional” sectors such as petrochemicals and oil and gas, according to the findings of a new research report, published by the Red Sea Development Company (TRSDC). Conducted by international firm PSB it found that nine in ten young Saudis are interested in a career in hospitality and tourism. It is apparent that this younger generation of vision-d