Saudi king gives billion-dollar project boost
King returns with billions in new initiatives for Saudi residents
Saudi Arabia’s King Abdullah has poured $10.7 billion in to education and social welfare projects on his return to the Kingdom after back surgery in the USA.
King Abdullah returned to Saudi Arabia yesterday after several months away, including a period of convalescence in Morocco and issued a number of royal decrees that will see billions poured in to hundreds of contracts.
The King ordered 40 billion riyals to be pumped into the country's development fund, raising a budget originally set at 47 billion riyals this fiscal year. The fund provides interest-free loans to Saudis who want to build homes, get married or start small businesses.
Other measures included a 15 per cent cost of living adjustment for government workers and a year of unemployment assistance for youth.
A total of 19 decrees were issued by the King including initiatives for:
- Support for the capital of Real Estate Development Fund with an additional amount of SR40 billion to enable it to meet the demands for loans.
- Increase of the capital of Saudi Credit and Saving Bank by an amount of SR20 billion and adding the previous deposit amounting to SR10 billion, dated 1429H, to the capital of the bank, so that the total capital increase amounted to SR30 billion.
- Activation of programs supporting social security including: productive families, furniture, bags and school uniforms, purchasing discount cards, support of electricity and water bills, and houses repairs, as well as allocation of SR3.5 billion for this purpose.
- Support for General Housing Authority with an amount of SR15 billion.
- To support Saudization, the Minister of Labor has to carry out an urgent and integrated study to accelerate these programs within a period not more than three months from the issuance of this decree. The study is to be referred to the Permanent Supreme Economic Council to review it within a maximum period of four months.