Economics

‘Back to Square One:’ Saudi Arabia’s Double Crisis Hits Home

Saudis adjusting to harsh new reality amid pandemic, oil shock
Austerity measures could harm consumption after crisis is over

A long socially distanced queue outside the Ikea store on May 19 in Riyadh.
Photographer: Tasneem Alsultan/Bloomberg

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By Vivian Nereim

May 21, 2020 at 4:00 AM UTC

Updated on

May 21, 2020 at 1:59 PM UTC

This article is for subscribers only.

It was a sharp descent for Rakan Al-Ghalayini.

A graduate of Northeastern University in Boston who moved back home to Saudi Arabia, he just found work at the start of 2020 in the kingdom’s new entertainment industry, booming at the time under plans to reinvent the oil-based economy.