King Salman approves SAR 72 bln stimulus plan for private sector

Saudi ruler King Salman bin Abdulaziz on Thursday issued a royal decree on allocating SAR 72 billion in stimulus package to boost the private sector growth, official news agency SPA reported.

The package comprises 17 initiatives, which include SAR 21.32 billion allocated for subsidized housing loans, a SAR 10 billion fund to support projects, SAR 1.5 billion for supporting distressed firms, and SAR 66 million for launching an export stimulation program.

Other initiatives include a SAR 5 billion in allocation for export financing and SAR 1.6 billion for indirect loans to small and medium enterprises (SMEs).

A SAR 2.8 billion government venture capital fund will be established to invest in SMEs. while SAR 7 billion will be set aside to refund government fees paid by new SMEs.

King Salman added that a SAR 100 million bureau for top priority projects will be established, along with other workshops at SAR 80 million to empower the private sector and stimulate it to achieve further growth and development.