Saudi Arabia: Expat Businessmen Breathe Sigh of Relief After COVID-19 Lockdown

  • Date: 10-Jul-2020
  • Source: Al Bawaba
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi Arabia: Expat Businessmen Breathe Sigh of Relief After COVID-19 Lockdown

Many foreign-run firms operating in the Kingdom have been facing uncertain times due to curfews and restrictions put in place throughout the Kingdom to stop the spread of the virus.

But with the easing of precautionary measures allowing the resumption of commercial activities, expat business proprietors are looking forward with optimism to life after lockdown.

According to the World Investment Report 2020, published by the UN Conference on Trade and Development, investment had a key role to play in countering the long-term developmental impact of the COVID-19 pandemic on national economies.

Awais Misri, the Pakistani CEO of Ramsons Trading Co. in Jeddah, told Arab News: "Saudi Arabia has been more protected and insulated from the worst effects of the COVID-19 depression, so I see consumption rebounding at least initially and that's because Saudi Arabia's economy is generally robust.“

His company, which supplies hotels, caterers, restaurants, and cafes in Makkah and Madinah with food products, along with supermarkets, was heavily impacted by the lockdown but he was confident of bouncing back.

"People are tired of being at home, they want to go out and spend; hence, consumption will go up and possibly even higher than pre-COVID-19 levels, at least initially,“ Misri added.

Many expat business owners have