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The Saudi cabinet’s decision of allowing commercial businesses to remain open 24 hours is expected to have a positive impact on the local restaurant operators, including Herfy Food Services Co. and Raydan Cuisines and Restaurants Co., NCB Capital said in a note.
“Restaurants (such as Herfy and Raydan) would benefit the most, which are expected to adapt to the 24 hours business hours and build on the exponential growth of delivery platforms,” the report said.
The report further stated that the impact on discretionary retailers like Jarir Marketing Co., Saudi Co. for Hardware (SACO), and United Electronics (eXtra) is expected to be limited as only few branches might be shifted to 24 hours.
“For food retailers such as Abdullah Al Othaim Markets Co. and Saudi Marketing Co. (Farm Superstore), no impact is expected as most of them already operate for 24 hours,” the note added.
Real-estate companies, which operate large malls, are expected to increase their lease for 24-hour operating malls.
Read: Saudi Arabia allows businesses to remain open 24 hours
“In line with Saudi Vision 2030, relaxing business hours regulation is expected to have a positive impact on the overall economy, supporting GDP growth, reducing unemployment, potentially increasing consumer spending and meeting the needs of larger consumer base,” the brokerage firm continued.
Although the regulation allows businesses to operate for 24 hours, NCB Capital indicated that few selected segments will opt for that option. Instead, it expected most of the businesses to extend working timings by 2-3 hours to close at 1am-2am as potential demand weakens afterwards.
“Extending working hours is expected to be beneficial for commercial sector as it prolong the shopping window for citizens who usually shop during a limited time frame (9pm-11pm). This is a key difference from other large economies where peak hours are usually between 4pm-6pm which is attributed to weather and social factors,” the report stated.
NCB Capital also believes that this initiative will likely increase non-oil GDP by 0.25 percent to 0.30 percent and will support the growth in entertainment and tourism sectors going forward.
“As the retail sector is a key beneficiary, we expect an increase in the number of full time and part time jobs, especially among females. Additionally, consumer spending is expected to increase by SAR 90 billion to SAR 100 billion annually,” it concluded.
Saudi Arabia’s cabinet approved earlier allowing commercial businesses and shops to open 24 hours in return of a charge, to be determined by the Minister of Municipal and Rural Affairs, Argaam reported.
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