Saudi Arabia launches $3 bln package to support private sector

24/04/2019 Argaam
by Parag Deulgaonkar

 

Saudi Arabia’s Ministry of Finance has launched a SAR 12.5 billion ($3 bln) program to support the private sector including small and medium enterprises, Minister of Finance Mohammed Al-Jadaan said on Wednesday.

 

“We have already committed SAR 2 billion, and the pilot phase has begun,” he said at the first Financial Sector Conference (FSC) in Riyadh.

 

The minister revealed that the government is working on removing all the obstacles to enable the private sector to grow to meet the Vision 2030 goals.

 

"We are witnessing growth in investments and our FDI has doubled last year," Al-Jadaan, adding that FDI has gone up 28 percent in Q1 2019.

 

Write to Parag Deulgaonkar at parag.d@argaamplus.com

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