Saudi Arabia to deliver private sector stimulus packages by year-end

Saudi Arabia will fund all the private sector stimulus initiatives by the end of this year, Al Riyadh newspaper reported, citing Fahad Al-Sukait, head of local content and private sector development unit at the Council of Economic and Development Affairs.

Payments will be disbursed to these initiatives within the coming 45 days, he said.

Some initiatives had a late launch not a delayed implementation, so a permanent team was formed to review and accelerate such initiatives, he explained.

The private sector stimulus plan includes two phases: the first phase is worth SAR 40 billion, while the second is worth SAR 72 billion. Both phases will be implemented over four years.

According to data compiled by Argaam, King Salman issued a royal decree in December allocating SAR 72 billion to boost the private sector growth through 17 initiatives.