The decision to allow all-day trading will amount to another substantial loosening of regulation since Crown Prince Mohammed bin Salman began an overhaul of the Kingdom’s economy to reduce its reliance on oil.
Wednesday 17, July 2019 BY KUDAKWASHE MUZORIWA
Saudi Arabia will allow some businesses to stay open all day for a fee which will be determined by the Ministry and Rural Affairs, according to local newswire Saudi News Agency.
The Saudi Cabinet said that the Ministry of Municipal and Rural Affairs will determine the commercial activities which will be affected.
In the past two years, the Saudi cabinet has lifted a ban on women driving and approved a programme that offers permanent residency for some foreigners.
Among other changes, the Kingdom recently removed a cap on ownership of publicly traded companies for foreign strategic investors, paving the way for international investors to take controlling stakes in sectors from banking to petrochemicals.