Saudi king approves $19 billion of economic stimulus steps

14 Dec 2017   Saudi Arabia

RIYADH (Reuters) – Saudi Arabia’s King Salman approved 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector as authorities seek to pull the economy out of a slump caused by low oil prices. Saudi Arabia’s King Salman bin Abdulaziz Al Saud presides over a cabinet meeting in Riyadh, Saudi Arabia, December 5, 2017. Saudi Press Agency/Handout via REUTERS The measures include residential housing loans worth 21.3 billion riyals, a 10 billion riyal fund to support economic projects, and 1.5 billion riyals to support distressed companies, the government announced on Thursday. A 2.8 billion riyal government fund will be created to invest in smaller companies, while the government will adjust the fees which it charges for services to save smaller companies 7 billion riyals. More money would be spent on projects such as developing the kingdom’s broadband infrastructure and promoting advanced construction techniques. Officials […]

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