The year 2020 was full of unprecedented events and surprises for many. Some events had a negative influence and some had a positive one whether it’s the case in Saudi Arabia or the middle east. So what are the biggest events or incidents of 2020 and how did it impact Saudi Arabia and the Arab region.
The Coronavirus Pandimac
On the 9th of January, the world health organization announced the widespread of covid-19 in Wuhan, China. Within months it became a pandemic and infected more than 72 million people around the world which caused the death of more than one million until this moment which was the biggest incident of 2020.
Stock market crash
With the widespread of covid-19, a long list of countries have closed borders, banned travel, imposed restrictions or ever curfew which greatly affected the stock market in Saudi Arabia and around the world the thing that leads to the crash of the stock market in the first quarter exactly in February 2020 but things got back to almost being normal within two months for the stock market which happened to be April 2020. This event marked the beginning of an economic recession in some of the sectors in Saudi Arabia not to mention the same issue happening all around the world.
Gold prices increase
The increase in gold prices was such a pleasant event for many people who found a perfect opportunity to sell the golf they bought for trade reasons. Gold has reached a peak when the ounce of gold cost 2022.19 $ which was the highest price for gold in the last eight years. The increase in gold prices is an indicator that gold is a successful trade when used the right way and time.
Oil prices decrease & increase
The Saudi economy shrank by 7% in the second half of 2020 compared the same period last year. while the oil sector shrank by 5.3% because of the lack of demand that was caused by closures. The barrel price decreased to less than 20$. Within the month of November, the oil prices witnessed a 20% increase in oil prices.
Launching Bayut KSA
Bayut was released as the first step to more efforts on the way of the company’s growth as an Arab brand with operations across the MENA region. Bayut was booming in the last few years especially with many public and private initiatives to boost the Saudi market. Based on KPMG data, residential units are predicted to witness an increase of almost 2.3% next year which is considered good news for many in the Saudi market.
King Abdulaziz Camel Festival
The Camel festival held every year in Saudi Arabia on the first of September is also held this year even with the current circumstances just like every year after under the guidance of prince crown who saw that this event was very important for the cause of supporting this sector and persons benefiting from this event.
G 20 Summit
A summit for G 20 was released for the first time in Riyadh in November and in the middle east for the second time to discuss financial, social, and economic issues for the participating countries from all over the world continents with developed and developing countries. This step happened after Saudi Arabia took charge of the summit in 2019 where it will continue on the road of continuing what started in Osaka to boost international cooperation and face future challenges.
Digital transformation
Digital transformation became a must after the government procedures of social distancing and home quarantine. What we witnessed this year was very similar to a digital revolution in ideas and applications thus changed the way things worked radically. Digital transformation can’t be mentioned without the developed technologies used to fasten applications with great capabilities and effectiveness. It included different sectors and categories between stakeholders, employers, employees, consumers, and students in both private and public sectors.
In brief, these were some of the most distinguishing events that happened in Saudi Arabia & around the Arab region. If you liked our article about 2020 events and would like to know more about Ksa, why not check out the Fakieh Aquarium – Dolphin show, theme parks, and more? and get to know Riyadh and Jeddah as they are ranked as one of the most affordable cities to live in the world! You can read more amazing articles about Saudi Arabia on our Bayut Ksa blog.
If you need any help, do not hesitate to leave us a comment in the comment section down below and we will be sure to answer all of your questions.
