Riyadh — Saudi Arabia on Thursday unveiled a 72-billion riyal ($19.2bn) programme to bolster private-sector growth, with money to support housing construction as well as fee waivers for small businesses, Commerce and Investment Minister Majid Al-Qasabi said. The package, part of a four-year, 200-billion riyal stimulus programme announced last year, contains 17 separate initiatives the government hopes will result in direct and indirect job creation, Al-Qasabi said in an interview on Wednesday in Riyadh. It is a key component of the kingdom’s Vision 2030 economic-transformation plan, ahead of the 2018 budget due next week. "Next year is the year for stimulus," Al-Qasabi said. "That’s how we will strengthen our bonds with local and international investors." At least 24-billion riyals are to be spent next year, after 40-billion riyals this year. Saudi authorities are trying to revive an economy battered by the slump in crude prices and government spending cuts, which caused nonoil grow...
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