ECONOMY

Saudi King orders massive $29.3 billion spending

Saudi Arabia's King Salman is seen during U.S. President Barack Obama's visit to Erga Palace in Riyadh Jan. 27, 2015. (Reuters)

King Salman bin Abdulaziz has ordered a massive $29.3 billion (110 billion Saudi Riyals) spending in a series of decrees issued on Thursday, that include lavish payments of two months bonus salary to all Saudi state employees and a series of subsidies.

Former government employees will receive two months bonus pension, while students, people with special needs and people receiving welfare payments will also benefit from a bonus payment equivalent to two months of their annual income.

The King posted a statement later on Twitter in which he addressed his people saying: “You deserve more and whatever I do will never meet your right. I ask Allah to help me and you for the service of religion and the nations. Don't forget me in your prayers.”

Included in the handouts was $5.3 billion (20 billion riyals) pledged in subsidies for electricity, water, and housing.

King Salman succeeded his brother, the late King Abdullah, who died after a short illness last week.

And in a commitment to the arts, King Salman pledged $267,000 for each art club in the kingdom.

Info-graphic: King Salman's Government Reshuffle (designed Farwa Rizwan / Al Arabiya News)


 

SHOW MORE
Last Update: Friday, 30 January 2015 KSA 17:36 - GMT 14:36
Top
BREAKING NEWS

Send to a friend

Close
Saudi King orders massive $29.3 billion spending
The spending includes lavish payments of two months bonus salary to all Saudi state employees
Friend's name:
Friend's Email:
Sender's name:
Sender's Email:
Captcha Code
How are we doing?
X

How are we doing?

Name Name *
Email Email *
Country Country
Message Message *
Maximum 550 words allowed