Riyadh – Mubasher: Saudi Arabian King Salman bin Abdulaziz Al Saud issued a royal decree includes approval of pumping SAR 72 billion into a stimulus plan for the private sector in the Kingdom.
The plan includes a slew of initiatives including SAR 21.3 billion residential loan initiative, projects funding initiative with SAR 10 billion, and an initiative for shoring up firms in default with SAR 1.5 billion, the Saudi Press Agency (SPA) said on Thursday.
The package of incentivizing the private sector also includes an initiative to boost exports finance with SAR 5 billion, as well as an initiative for increasing Kafalah’s programme capital by SAR 800 million. Moreover, the stimulate plan announced SAR 1.6 billion initiative for the small and medium enterprises (SMEs) indirect lending.
A government investment fund for SMEs will be established at SAR 2.8 billion, along with SAR 7 billion initiative for repaying government fees raised from the new SMES.
The initiatives include large investments programme at a value of SAR 5 billion, followed by an initiative for enhancing technology use with SAR 13.87 billion, and boosting broadband and fiber optics with SAR 2.56 billion.
There is also another initiative for bolstering exports with SAR 66 million, in addition to setting up workshops for the private sector with SAR 80 million.
