Saudi Arabia allots SAR 200 bln to support private sector

Saudi Arabia has allocated SAR 200 billion to support private sector investments until 2020, the kingdom's minister of commerce and investment Majid Al Qasabi, told Al-Arabiya TV on Saturday.

The allocations will be in the form of long-term loans, and will be disbursed according to sector needs and available opportunities.

Al Qasabi added that allocations in 2017 will range between SAR 40 billion and SAR 60 billion, and the ministry will later announce the conditions for investments and the target sectors.

Investments would be directed to two main sectors. One is logistics, renewable energy, mining and financing and the other, those sectors in which the kingdom aims to provide more job opportunities for nationals and support existing funds.

Al Qasabi said the government’s incentives to attract investment include strong financial support, development of a regulatory system, and less red tape.