Allowing businesses to open 24h will boost employment, investments: minister
The Saudi cabinet’s decision to allow businesses and stores to remain open 24 hours will pave the way for creating new employment and investments opportunities, the Saudi Press Agency reported, citing Majid Al-Qasabi, Minister of Municipal and Rural Affairs.
Al-Qasabi said that this step offers investment opportunities to the private sector, creates more jobs, and raises the level of satisfaction of residents.
The decision is also expected to boost the contribution of small and medium-sized enterprises (SMEs) to the Kingdom’s gross domestic product, he added.
Referring to the experience of various countries, Al-Qasabi stated that such decision has demonstrated a positive impact on the overall economy, through the growing demand for goods and services, stimulation of consumption expenditure, and attraction of capital investments.
It has also demonstrated to be successful through bolstering several sectors including entertainment, tourism, transportation and telecommunications, he noted.
The new regulation falls within the ministry’s initiatives to achieve the Saudi Vision 2030, Al-Qasabi concluded.
Saudi Arabia’s cabinet approved yesterday allowing commercial businesses and shops to open 24 hours in return of a charge to be determined by the minister of municipal and rural affairs.