Saudi economic recovery picks up as lockdowns ease

Saudi economic recovery picks up as lockdowns ease

DUBAI: Early evidence of economic recovery in Saudi Arabia came in statements from two ministers at the sharp end of the Kingdom's strategy to combat the effects of the coronavirus pandemic.Khalid Al-Falih, minister of investment, announced that 506 new business licences were granted in the first half of 2020, with a burst in activity in June partly compensating for a big fall off in April and May when lockdowns severely curtailed global investment activity.He added: "The positive economic data for June give us confidence that the Saudi economy is rebounding from the impact of COVID-19 and that growth in foreign investment will begin to regain the strong momentum we have seen in recent years.“Separately, Mohammed Al-Jadaan, the minister for finance and economic planning, told a virtual forum that some sectors