King Salman orders allocation of SR72 billion to stimulate private sector

December 16, 2017 Off By Web Desk

Riyadh (OIC-UNA) – Custodian of the Two Holy Mosques King Salman has issued a royal order approving allocation of SR72 billion ($19.2 billion) for stimulating the private sector, the Saudi Press Agency (SPA) reported on Thursday.

According to the statement, the decision was based on what was submitted by Crown Prince Muhammad Bin Salman, deputy premier and minister of defense. Among the most significant initiatives detailed by the order are the housing loan initiative, which will be supported with SR 21.3 billion, indirect lending initiative for small and medium enterprises, which will get SR 1.6 billion and the initiative to support the visual private sector with SR 20 million.

The initiatives are aimed at stimulating the private sector, boost competitive capabilities of national companies and developing their products. It is also set to improve the commercial and investment environment and boost the developmental role of the private sector within the national economy as per Saudi Vision 2030.

Source: International Islamic News Agency