News for hackers. Stuff that matters.

A comment on Saudi stocks slump as minister warns of ‘painful’ measures ahead.

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by TempHNAcc on Sunday May 03, 2020 @06:37PM (#23062468)
The other comments are talking about oil, but because of COVID-19, Hajj and Umrah are not taking place this year.

The Hajj and the Umrah add around $12 billion per year to KSA's GDP (7% of the GDP).

The closing of the Haramayn (the Mosques of Makkah and Madina) crippled internal tourism which amounts to lots of money.

[ Parent | on HN ]
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by JumpCrisscross on Sunday May 03, 2020 @07:04PM (#23062618)
> The Hajj and the Umrah add around $12 billion per year to KSA's GDP

Much of that revenue is FX. That increases its value, riyal for riyal, to the fixed-rate currency Kingdom.

[ Parent | on HN ]