Riyadh – Mubasher: The Saudi royal decree which approved a SAR 72 billion stimulus plan for the kingdom's private sector will boost its growth by 5.8% per year, said head of the National Committee for Entrepreneurship at the Council of Saudi Chambers (CSC), Ali Al Othaim.
The stimulus plan will increase the private sector’s contribution to the non-oil gross domestic product (GDP) to 65% from 40%, in addition to raising non-oil exports to 50% from 16% at least by 2030, Al Othaim added.
Saudi King Salman bin Abdulaziz has recently approved allocating SAR 72 billion ($19.2 billion) funding in a bid to spur the private sector.
The stimulus package included supporting indirect lending of small and medium enterprises (SMEs) by SAR 1.6 billion and raising Kafalah’s capital by SAR 800 million. This in return will double chances for bolstering the private sector's growth and level up GDP to 35% from 21%.
These loans also will increase job opportunities to 53% from 51% and create a sector with a value of SAR 2.2 billion by 2030.
