Saudi finance minister: We allocated $54 bln to stimulate the private sector

Saudi Finance Minister Mohammed Al-Jadaan has affirmed that the growth of the non-oil private sector will accelerate with the continued stimulus package for this sector and expects to announce new stimulus packages before the end of the year in consultation with the sector to create new jobs for the Kingdom's citizens.

On the other hand, he pointed out in an interview with Al Arabiya regarding the rise of the income from the oil industries despite Saudi Arabia’s decision to reduce production to support the oil markets.

“We allocated $54 bln (SAR 200 bln) as stimulus packages to the private sector until 2020, so far we have disbursed $4 bln (SAR 15 bln) for housing and $6.6 bln (SAR 25 bln) to the Industrial Development Fund,” Jadaan told Al Arabiya.

The Saudi finance minister stressed that it is normal for growth to decline before accelerating further in line with the economic reforms undertaken by Saudi Arabia.

In an earlier interview with Bloomberg on the sidelines of the Future Investment Initiative in Riyadh, Jadaan said that Saudi Arabia is planning a more fiscal expansion in the 2018 budget than planned, and that the Saudi government is seeking to support the economy, promote development and consider the possibility of increasing spending.