Saudi launches $19bn second phase of private sector incentive plan

By November 19, 2018News

Saudi Arabia launched the second phase of the private sector incentive plan with 17 initiatives valued at SAR72bn ($19.18bn).

The first SAR40bn of the SAR112bn stimulus plan created new financing to businesses by the Industrial Development Fund, housing programmes and fee exemptions for some companies.

The kingdom’s head of local content and private sector development unit, Nama, said the second phase of initiatives were meant to provide short and medium-term stimulus and would be announced shortly.

According to a statement by the Saudi Press Agency, the programme is expected to “enhance the confidence of the private sector, improve the working environment and facilitate business in the kingdom”.