Long-run positive impact of Government’s measures to trickle down Saudi economy and real estate

The Kingdom of Saudi Arabia (KSA) faces a precarious situation due to the declining global oil demand, dropping oil prices because of output disagreements with Russia, and the looming threat of the pandemic spreading globally and within the region.

As the largest and one of the most significant economies in the GCC, KSA was among the first countries in the region to initiate stringent measures to contain the spread of COVID-19.

All international flights to and from the country were cancelled from 15th of March. Major cities including Riyadh, Makkah and Madinah have been under a curfew since 25th of March, and Jeddah a few days later.

Travellers arriving in the kingdom were quarantined for 14 days. Failure on the part of residents to disclose travel history and health issues is an offense with fines up to USD 133,000. The country’s experience in dealing with MERS in 2012 has led to these quick and effective measures from the government. Its social and medical infrastructure is also well positioned to address the logistical challenges posed by the pandemic. These measures and support factors have so far been effective as the country has officially recorded only 8,274 cases till the 19th of April 2020, seven weeks after the first official case was recorded on the 2nd of March 2020. The society’s commitment with the curfew orders has also helped in curtailing the further spread of virus.

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