Saudi king orders $19bn stimulus for private sector

Saudi King Salman on Thursday issued a decree allocating 72 billion riyals ($19.2 billion) in stimulus funds to support the kingdom’s private sector, AFP reports. The measure will boost the role of the private sector, as part of economic reforms to diversify the economy away from oil, following a slump in crude prices. The funds will be used to finance 16 initiatives, the largest of which earmarks $5.7 billion towards subsidized housing loans for citizens. According to the decree, $1.33 billion will be used as a first installment for a newly established exports promotion fund, that will eventually have capital of $8 billion.