Saudi King approves $19 billion of economic stimulus steps

Riyadh - The measures are part of a 200 billion riyal package that is to extend over four years.

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year, state news agency SPA reported on Thursday.
The measures are part of a 200 billion riyal package that is to extend over four years.
The measures include residential loans worth 21.3 billion riyals, a 10 billion riyal fund to support economic projects, and 1.5 billion riyals to support distressed companies.
A 2.8 billion riyal government fund will be created to invest in smaller companies, while the government will adjust the fees which it charges for services to save smaller companies 7 billion riyals.
Following are next year's measures:
- Residential housing loans worth 21.3 billion riyals
- A 10 billion riyal fund to support economic projects
- 1.5 billion riyals to support distressed companies
- A 2.8 billion riyal government fund will be created to invest in smaller companies
- 400 million riyals will be spent on highly efficient air conditioning equipment
- 5 billion riyals of export financing
- 800 million riyals to boost the capital of Kafalah, a program which lends to small and medium-sized enterprises (SMEs)
- 1.6 billion riyals of indirect financing to SMEs
- 7 billion riyals worth of customs fees will be returned to SMEs

- 5 billion riyals for a program supporting large investments; the government did not give details
- 2.56 billion riyals of spending on the country's broadband and fiber optics infrastructure
- 13.87 billion riyals to promote advanced construction techniques

• Saudi Arabia