Government rolls out measures and initiatives to support private sector businesses in the Kingdom during COVID-19.

In response to the COVID-19 pandemic, the government of the Kingdom of Saudi Arabia (the Kingdom) implemented a series of measures to limit the spread of COVID-19, including imposing nationwide curfews (reaching 24 hours in certain cities); suspending outbound, inbound, and in-Kingdom travel; and prohibiting physical attendance by employees at workplaces in both the private and public sectors (with certain exempted sectors). Acknowledging the inevitable negative impacts of such measures on the private sector, the government of the Kingdom announced a number of supporting initiatives in an effort to reduce such impacts, particularly on businesses most affected by the outbreak. These initiatives included a financial stimulus package exceeding SAR120 billion, consisting of more than SAR70 billion in exemptions and extensions for payments due to the government and SAR50 billion to support the banking sector, financial institutions, and SMEs.