The ongoing spread of the novel virus diminished Riyadh's hopes of hosting the gathering in the kingdom to boost its international standing.
Saudi Arabia, the world's top oil exporter and a leading US ally, took over the G20 presidency at a time of heavy global criticism of its human rights record after the 2018 murder of journalist Jamal Khashoggi and of the Yemen war.
Since the appointment of Crown Prince Mohammed bin Salman as the country’s de facto ruler, he has launched several reforms to open up the kingdom and in diversifying its economy.
King Salman, who had surgery in July, will chair the November summit, a G20 Saudi secretariat statement said.
Saudi leaders had hailed the kingdom's G20 presidency as proof of its leading role in the global economy, but the majority of the meetings have been held virtually due the novel coronavirus.
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The summit will focus on "protecting lives and restoring growth, by addressing vulnerabilities uncovered during the pandemic and by laying down foundations for a better future", the statement said.
The Group of 20 major economies have this year contributed over $21 billion to support measures such as the production and distribution of vaccines to fight the coronavirus outbreak.