A total of 72 billion Saudi Riyals for the private sector stimulation
RIYADH, December 14 (CIC) – The Custodian of the Two Holy Mosques King Salman bin Abdulaziz on Thursday issued a Royal Decree approving the first segment of the private sector stimulation plan and allocating a total amount of 72 billion Saudi Riyals for the private sector stimulation plan.
It is based on what has been recommended by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, the Deputy Prime Minister and President of the Economic and Development Council.
The initiatives of the first segment include:
- A subsidised housing loans initiative with a total amount of 21,323,700,000 SAR
- High efficiency air conditioning units initiative with a total amount of 400 million SAR
- A project support fund initiative amounting to 10 billion SAR
- An initiative for supporting financially distressed companies with the sum of 1.5 billion SAR
- Launch of the Export Promotion Program Initiative with the amount of 66 million SAR
- Export finance enhancing initiative with the amount of 5 billion SAR
- Raising the capital of the Kafalah Program (SMEs Loan Guarantee Program) by a total sum of 800 million SAR
- An indirect lending initiative for small and medium enterprises with total amount of 1.6 billion SAR
- The Government’s Risk Capital Initiative for small and medium enterprises with total amount of 2.8 billion SAR
- Government Fees Refunding Initiative for small and medium enterprises with amount of 7 billion SAR
- Mega investment program Initiative with sum of 5 billion SAR
- Broadband and optical fiber stimulation initiative with amount of 2,560,000,000 SAR
- Building technologies stimulation initiative with total amount of 13,870,000,000 SAR
- This is in addition to other initiatives intended to help the private sector to thrive, namely:
- Priority project office initiative with the amount of 100 million SAR
- Private sector views platform initiative with the amount of 20 million SAR
- Private sector workshop initiatives with the amount of 80 million SAR
The private sector stimulation packages aim to strengthen the competitive capabilities of a number of segments of the national economy, develop its outcomes as well as improve the business and investment environment and facilitate their implementation in the Kingdom.