'It looked like Black Friday': Saudis stockpiled ahead of tax jump as triple shock hits economy
Citizens across Saudi Arabia poured into stores once coronavirus lockdown restrictions were lifted in June, hoping to save money on non-perishable goods from food and clothing to electronics and cars ahead of the kingdom's tripling of its value-added tax, or VAT.
"People attacked the malls and shopping centers. It looked like Black Friday sales," Ali Almarri, a business owner living in the eastern city of Khobar, told CNBC. Almarri wanted to buy a new car before the tax increase set in, only to find that cars were completely sold out at every dealership he visited.
Tarek Fadlallah, CEO at Nomura Asset Management Middle East, described the kingdom as facing a "triple whammy." "So we are already in a very, very difficult situation. And the increase is not just high by those regional standards. We are fairly new with VAT experiments across the region. But a 10% hike is virtually unprecedented anywhere in the world. And so this is going to have a massive impact on disposable income and a huge impact on consumption-related industries."
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