Search SaudiArabiaPR.com

Home >> Banking & Investments

Investments in Telecoms and Health System Pay Dividends as Saudi Arabia Eyes Economic Turnaround

Investments in Telecoms and Health System Pay Dividends as Saudi Arabia Eyes Economic Turnaround

Sunday, June 21, 2020/ Editor -  

Share

Home >> Banking & Investments

Oxford Business Group launches new Covid-19 Response Report 

Riyadh, 21 June 2020:
 

The key part that sustained investments in Saudi Arabia’s digital infrastructure have played in helping to successfully contain the spread of the coronavirus and keep the Kingdom’s economic diversification plans on track is analysed in a new ICT-focused Covid-19 Response Report (CRR) by Oxford Business Group.
 
The global research and advisory company’s report gives details of the measures implemented by the country’s telecoms sector, led by stc, which ensured business continuity throughout lockdown, facilitating the implementation of seamless work-from-home and remote education practices, alongside the implementation of digital health initiatives. 
 
With its focus on the telecoms sector, the report provides wide-ranging coverage of the digital infrastructure upgrades introduced in 2019, which have taken mobile internet speeds up to 10th fastest in world and enabled stc to accommodate the huge increase in demand fuelled by Saudis migrating online during lockdown.
 
It also charts the shift towards digital commerce and remote payments which accelerated during lockdown, buoyed by the Saudi Arabian Monetary Authority’s decisions to raise the maximum allowed recharge limit for electronic wallets to SAR 20,000 per month. As a result, stcPay – the country’s largest e-wallet – witnessed 30% growth in revenues in Q1 2020 compared to the corresponding period the previous year.
 
Divided into sections, the CRR provides detailed analysis of the Kingdom’s resilience ahead of the pandemic and its preparedness to withstand an unexpected shock, the speed with which policies were implemented and their effectiveness in response to the outbreak, alongside the direct impact on public health and the wider economy. 
 
It also examines the country’s promising prospects for economic recovery, given its sound macro-economic indicators, while considering which sectors are likely to drive a rebound. In addition, OBG considers the opportunities for post-Covid-19 reinvention, with economic policy expected to target the industries of the future and digital growth under the national Vision 2030.
 
Commenting, Andrew Jeffreys, OBG’s CEO, said that Saudi Arabia’s multi-faceted approach to tackling the Covid-19 pandemic had helped the country to limit community transmission, while also cushioning its impact on both businesses and households, and setting the scene for a speedy economic recovery.
 
“Prudent decisions to invest in the health system and digital infrastructure have paid dividends in these challenging times and helped the Kingdom to maintain a consistently low case-fatality rate throughout the pandemic,” he said. “Our report also indicates that Saudi Arabia’s efforts to enhance its investment environment, which saw the country rise 30 places on the World Bank’s Ease of Doing Business index in 2020, will serve it well as it looks to bounce back in the coming months.”
 
The Covid-19 Response Report (CRR) was produced in collaboration with stc. It forms part of a series of tailored reports which the global research and advisory company is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Covid-19 Economic Impact Assessment articles and interviews.


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Saudi Health Minister meets Danish Ambassador

Deliverect Plays an Active Role in Empowering the F&B Industry in Saudi Arabia

Wisdom for a Better Life Technology Paving the Way to a Better Life for All

Australia's Whitney Hillier Captains Team to victory at the Aramco Team Series – ...

Saif Nabeel Joins Pubg Mobile Musical Line—Up with a New Original Track and Musi ...

Ladies European Tour CEO Heaps Praise on Aramco and Golf Saudi for being “Key Pl ...

Riyadh International Luxury Week returns with 2022 Edition

HONOR Confirms Launch HONOR X9 5G in Saudi, the first 5G X Series with very Aggr ...

Future Buildings Key to Transform Energy Sector

Atlas Turf Arabia Receives ITGAP Certification for Production of Platinum Te Pas ...

Western Digital Details Mission to Unlock the Potential of Data

PUBG MOBILE Launches Second Collaboration with Global Sensation ‘Baby Shark'

House of Pops Brings Healthy, Sustainable Treats to Saudi Arabia

ABT Sportsline confirms return to Formula e

Ogilvy EMEA Chairman Paul O'Donnell Announces Retirement, Ending Distinguished F ...

Saudi Arabian Airlines (saudia) Spreads The Spirit Of Eid With A New Campaign Fe ...

Saudi Racer Reema Juffali Optimistic for Rest of Season after double Triumph at ...

LG Announces First-Quarter 2022 Financial Results

Mohamed Yousuf Naghi Motors concludes Ramadan Celebrations with exclusive BMW of ...

Saudi World Rally Championship Star Rakan Al Rashed Says Local Experience will P ...