The Custodian of the Two Holy Mosques King Salman issued on Thursday a decree allocating 72 billion Saudi riyals of stimulus funds to support the Kingdom’s private sector, aiming 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.
According to the Saudi Press Ageny (SPA), the funds will be used to finance 16 initiatives, the largest of which earmarks $5.7 billion to provide subsidized housing loans to citizens. In addition, $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. Meanwhile, More than $2.6 billion will be used to support projects and $3.7 billion will be allocated to support construction technology.
As, 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.