Saudi Arabia approves $19.2bn stimulation plan
CONSTRUCTION NEWS
Saudi Arabia's King Salman bin Abdulaziz Al Saud has issued a royal decree approving the private sector stimulation plan and allocating a total of SR72 billion ($19.2 billion) for the plan.
The private sector stimulation plan is based on what has advanced by Prince Mohammad bin Salman bin Abdulaziz, the Crown Prince and Vice President of the Council of the Ministers and President of the Economic and Development Council, said a Saudi Press Agency report.
The initiatives include:
* Subsidised housing loans - SR2.132 billion;
* Provision of high-efficient air conditioning units - SR400 million;
* Projects Support Fund Initiative - SR10 billion;
* Support to financially distressed companies - SR1.5 billion;
* Launching of exports promotion programme - SR66 million;
* Exports finance enhancing initiative - SR5 billion;
* Raising of Kafalah Program capital - SR800 million;
* Indirect loan for small and medium enterprises - SR1.6 billion;
* The government Risk Capital Initiative for SMEs - SR2.8 billion;
* Government fees refund initiative for SMEs -SR7 billion;
* Mega Investment Program Initiative - SR5 billion;
* Broadband and optical fiber stimulation initiative - SR2.56 billion;
* Building technologies stimulation initiative - SR13.87 billion.
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, the report said.
