Middle East

King Salman orders $19 billion stimulus for Saudi Arabia’s private sector

Author: AFPThu, 2017-12-14 10:53ID: 1513238164158407600

RIYADH: King Salman on Thursday issued a decree allocating 72 billion Saudi riyals of stimulus funds to support the Saudi private sector.
The package aims to boost the role of the private sector in light of economic reforms to diversify the Saudi economy away from oil following a slump in crude prices.
The funds will be used to finance 16 initiatives, the largest of which earmarks $5.7 billion to provide subsidized housing loans to citizens, according to the official news agency SPA.
The decree states that $1.33 billion will be used as a first installment for the newly established exports promotion fund which will eventually have capital of $8 billion.
More than $2.6 billion will be used to support projects and $3.7 billion will be allocated to support construction technology, the decree said.
The remaining funds will be spent on a string of smaller projects carried out by the private sector with the aim of strengthening the competitiveness of the Saudi economy.

Main category: Saudi ArabiaTags: economySaudi ArabiaKing Salmanrelated_nodes: Saudi non-oil private sector growth hits 27-month high: Survey24.3 million Saudi work permits issued for private sector employment in 3 yearsSaudi Labor Ministry declares war on corruption in private sector

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Arab News

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