By Innovation-sa on July 22, 2019 in News
Saudi Arabia announced on Tuesday that businesses in the country have the option to remain open 24-hours a day. The decision indicates the efforts made by the government to support private sector and entrepreneurs by providing the best possible environment through amendment of regulations and legislation while simultaneously continuing the process of economic reforms.
Rules and regulations will be developed and put in place to govern the new move. It is expected that businesses will be allowed 24-hour trading in exchange of a particular fee. The Cabinet’s decision to allow all-day trading is expected to improve the quality of life in the Kingdom by raising levels of satisfaction among residents and creating new opportunities for the business sector, said Minister of Commerce and Investment Dr.Majid Al-Qassabi.
He thanked King Salman and Crown Prince Muhammed bin Salman for the new decision, and added that studies have shown that 24-hour trading can have positive effect on the macro economy of a country by increasing demand for goods and services, stimulating consumer spending and attracting capital investment, boosting leisure, tourism, transport and communication sector, and generating new job opportunities.
Arab News – 19 July 2019