Here are key allocations under King Salman's private sector plan

Saudi Arabia’s King Salman bin Abdulaziz on Thursday approved the allocation of a SAR 72 billion stimulus package for the private sector. The program aims to enhance the role of the Kingdom’s private sector as the country continues to undertake economic reforms to diversify the Saudi economy away from oil.

“The private sector stimulation packages aim to strengthen the competitive capabilities of a number of segments of the national economy, develop its outcomes as well as improve the business and investment environment and facilitate their implementation in the Kingdom,” the Ministry of Culture and Information said in a statement.

Key initiatives under the stimulus package include:

- A subsidized housing loans initiative worth SAR 21.32 billion.

- A high-efficiency air-conditioning units plan for SAR 400 million.

- A project support fund initiative amounting to SAR 10 billion.

- A SAR 1.5 billion fund to support financially distressed companies.

- Launching a SAR 66 million ‘Export Promotion Program Initiative.’

- A SAR 5 billion initiative to enhance export finance.

-  Raising the capital of the Kafalah Program (SMEs loan guarantee program) by SAR 800 million.

- An indirect lending initiative of SAR 1.6 billion for small and medium enterprises (SMEs).

- The government’s risk capital initiative for SMEs, with funds of SAR 2.8 billion.

- A SAR 7 billion initiative to refund fees paid by SMEs.

- A mega investment program Initiative for SAR 5 billion.

- Broadband and optical fiber stimulation initiative for SAR 2.56 billion.

- A SAR 13.87 billion initiative for building technologies.