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G20 Summit to boost Saudi economic growth - Jadwa Investment

G20 Summit to boost Saudi economic growth - Jadwa Investment
The G20 Leaders’ Summit will be held in Riyadh on 21-22 November 2020

Riyadh – Mubasher: Saudi Arabia assumed the G20 presidency last December will host the G20 Leaders’ Summit in Riyadh on 21-22 November 2020.

Although the Saudi capital has hosted several large events over the recent past, the G20 summit is set to have a different impact, according to a recent report by Jadwa Investment.

The research firm expects an additional 0.2% will be added to the Saudi non-oil private-sector gross domestic product (GDP) as a result of hosting the G20 summit.

“We see the direct impact of this major event being felt through a rise in business tourism, higher retail expenditure, increased activity in hotels and hospitality sectors and measurable positive impact on the local labour market,” Jadwa said in a research note on Wednesday.

More than 120 workshops, ministerial meetings and specialized seminars have been scheduled to be held in the Kingdom throughout the year.

In addition, the event will further promote Riyadh as a suitable business and tourism destination.

It is worth noting that Saudi Arabia has been participating in the G20 summit since the latter’s inception in 1999.