SR72bn Saudi private sector stimulation plan approved


RIYADH — Custodian of the Two Holy Mosques King Salman issued a royal decree approving the private sector stimulation plan and allocating SR72 billion for the plan.

The King’s approval came following the projections of Crown Prince Muhammad Bin Salman, deputy premier, minister of defense and president of the Economic and Development Council, that stressed the need for the stimulation plan.

The initiatives include:

• Subsidized Housing Loans Initiative with a total amount of SR2,132,370,000 • High Efficient Air Conditioning Units Initiative with a total amount of SR400 Million

• Projects Support Fund Initiative amounting to SR10 billion

• Initiative on Supporting Financially Distressed Companies with a sum of SR1.5 billion

• launching of Exports Promotion Program Initiative with an amount of SR66 million

• Exports Finance Enhancing Initiative with amount of SR5 Billion

• Raising Kafalah Program capital with a total sum of SR800 million

• Indirect Loan for Small and Medium Enterprises Initiative with a total amount of SR1.6 billion

• The government Risk Capital Initiative for small and medium enterprises with a total amount of SR2.8 billion

• Government Fees Refunding Initiative for small and medium enterprises with an amount of SR7 billion

• Mega Investment Program Initiative with a sum of SR5 billion

• Broadband and Optical Fiber Stimulation Initiative with an amount of SR2,560,000,000

• Building Technologies Stimulation Initiative with a total amount of SR13,870,000,000

In addition to other initiatives intended to be enablers for the thriving of the private sector namely:

• Priority Project Office Initiative with amount of SR100 million

• Private Sector Views Platform Initiative with amount of SR20 million

• Private Sector Workshops Initiatives with amount of 80 million

The private sector stimulation packages aim to strengthen competitive capabilities of a number of segments of the national economy, develop its outcomes as well as improve business and investment environment and facilitate their implementation in the country under the Vision 2030. — SPA