Initial Losses of Saudi Arabia as A result of Yemen Strike Exceed Six billion Dollars

Experts expected that the total losses of the Kingdom of Saudi Arabia as a result of the strikes that targeted its oil and vital facilities during the past two days will reach at least six billion dollars.

The Arab Political and Economic Forum indicated that the Kingdom of Saudi Arabia was hit on Friday, which incurred huge financial losses.

According to experts in the economic field, the initial losses were due to the military strike that targeted oil and vital facilities, over half a billion dollars, and that losses are expected to reach one billion dollars.

Meanwhile, Saudi Arabia needs about five billion dollars to re-establish the oil tanks that were burned as a result of the Yemeni missiles that damaged them last Friday.

The forum said in an online panel discussion that the losses in the oil sector alone exceed half a billion dollars as a result of the recent strikes, not to mention the underestimation of the losses suffered by the facilities themselves this makes Saudi Arabia face the largest losses in its history since the start of the war on Yemen in March 2015.

The Forum indicated that 16 targets were bombed, most of which are oil targets, and repairing the damage takes several weeks. This doubles the rate of losses in this important sector for the government of Saudi Arabia.

Economists estimate that Saudi Arabia lost in these strikes the equivalent of four million barrels of oil as a result of the strikes that targeted Aramco tanks in Jeddah and other areas. The losses that hit the electricity and water sectors amount to a quarter of a billion dollars.

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