Saudi Arabia offers stimulus packages to boost growth in 2019

Saudi Arabia has launched four incentive packages to further boost its economic growth next year, Mohammed Al Tuwaijri, the Kingdom’s Minister of Economy and Planning, said during the Financial Stability Forum 2018.

“The new packages unveiled to stimulate the private sector included financial and legislative measures. Development funds will be also established to enhance the private sector investments in new industries,” Al Tuwaijri added.

The Kingdom’s spending also covered various infrastructure projects under the Saudi Vision 2030, including housing and national industries.

The social security package, which includes the Citizen’s Account and lower-income bracket subsidies, was also unveiled by the government.

“Saudi Arabia’s economic outlook is bullish thanks to the solid growth recorded in the first three quarters of 2018,” he added.

“Better growth is likely in 2019 as the Kingdom has started spending on various programs under Vision 2030 amid budget control and prioritization of development projects,” Al Tuwaijri concluded.