It’s too early to talk about financial impact of coronavirus precautionary measures, says Taiba CEO

It’s too early to determine the financial impact of the measures taken to prevent the spread of coronavirus, including the temporary suspension of visas for all religious pilgrimages, as well as banning GCC residents from entering Makkah and Madinah, CNBC reported, citing Taiba Investments Co.’s CEO Saleh Al-Habdan.

“Companies are usually affected by the market conditions and the fluctuations,” Al-Habdan said, hoping that the suspension period will be short.

Last week, the Saudi government undertook precautionary measures to prevent the spread coronavirus, including a temporary suspension of entry to the Kingdom for Umrah pilgrims and those planning to visit the Prophet’s Mosque in Madinah.

It also temporarily suspended entry of GCC citizens to Makkah and Madinah to ensure highest safety standards and preserve the health of pilgrims to the holy sites.