SAUDI ARABIA

Saving strategy soon: SAMA

April 18, 2018

Saudi Gazette report

RIYADH — A saving strategy is in its final stages and will soon be launched, business daily Al-Eqtisadiah reported on Wednesday quoting the Saudi Arabian Monetary Authority (SAMA).

Abdulaziz Al-Firaih, SAMA's deputy governor, said the authority's national committee for saving has completed its plan for saving.

"The plan has been completed and will soon be offered," he added.

The strategy is aimed at contributing to the achievement of the goals of the Kingdom's 2030 Vision which calls for increasing the saving of the families from the present six percent to10.

"Everyone of us is responsible for the building of his/her future to be independent, effective in the society and plans for his/her financial and practical future," the strategy said.

The strategy calls for creating a conducive atmosphere for saving including the provision of the tools for financial planning consisting of real estate loans , saving portfolios and retirement options.

The strategy aims at encouraging the families to adopt the culture of financial planning which is commensurate with the available potentials which will enable them ensure the future needs of their children.

SAMA said the saving is a necessity not an option. "Saving is the beginning of the steps towards achieving financial independence and making wealth," it added.

It said saving and the proper financial planning is the guarantee for the future of the individual and the family.

SAMA asked the families to decide their priorities and to fix their monthly spending which are the first step toward achieving their financial objectives.

A survey conducted earlier by the newspaper said about 67 percent of the Saudis do not save anything from their monthly salaries.


April 18, 2018
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