Saudi king approves $19.2bn stimulus package

15 Dec 17

Saudi Arabia’s king has approved a 72bn riyals ($19.2bn) programme to stimulate growth in his country’s private sector next year.

King Salman bin Abdulaziz Al Saud approved the plan on Thursday in an attempt to get the economy back on track after a drop in oil prices.

The package, part of the country’s Vision 2030 economic-transformation plan, contains 17 separate initiatives to create both direct and indirect jobs.

It includes residential housing loans, a fund to support economic projects and distressed companies, the government said.

The programme aims to strengthen “competitive capabilities of a number of segments of the national economy”, the Saudi Press Agency said.

In October the government announced a $500bn plan for a new business and industrial city stretching across its borders into Jordan and Egypt. 

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