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King Salman allocates SR 72 billion to stimulate private sector

Decision aims to improve productivity, enhance competitiveness

Riyadh: King Salman Bin Abdul Aziz on Thursday approved the allocation of 72 billion Saudi Riyals to implement the plan to stimulate the private sector.

The royal decision follows a recommendation from Crown Prince Mohammad Bin Salman Al Saud, Deputy Prime Minister and Chairman of the Council for Economic Affairs and Development, the Saudi Press Agency reported.

Under the stimulus package, 16 initiatives will receive funds from the state in a move that aims to enhance competitiveness, ameliorate products, improve the business and investment environment and facilitate its implementation in the Kingdom, and boost the development role of the private sector within the national economy, the news agency said.