By Innovation-sa on December 21, 2017 in News

Saudi Arabia’s King Salman approved the allocation of 72 billion Saudi riyals ($19.2 billion) to boost the Kingdom’s private sector, Saudi Press Agency reported on Thursday. The measures which primarily focus on housing and SMEs are part of a four-year, 200 billion riyal stimulus programme announced earlier by the government to support private companies, said Fahad Al-Sukait, a cabinet advisor.

The package will allocate 21.3 billion riyals for housing loans, 10 billion riyals to support economic projects and 1.5 billion riyals to help companies in financial crisis. The government will create a 2.8 billion riyal fund to invest and uplift smaller companies. Moreover, the royal decree allocated 7 billion riyals to support SMEs by refunding government service fees.

The package will also focus on developing the Kingdom’s broadband and fibre optics infrastructure as well as developing modern techniques in the construction sector. Through the economic stimulus program the government aims at uplifting the Saudi economy from the recent financial crisis caused by fall in oil prices. The package also includes measures designed to accelerate the growth of private sector companies in the Kingdom.