King Salman Approved additional support for the private sector. The new initiatives include support for the private sector, exemptions and expediting the payment of any dues for private sector companies during the coronavirus pandemic. More details below.
King Salman issues new economic initiatives to support private sector
King Salman has approved the allocation of 50 billion Saudi Riyal for the Private sector. This amount will really help private sector companies and allow them to help employees and businesses. The Minister of Finance said that these are the initiatives covered:
- Allocation of SAR 50 Billion to expedite the due payments of the private sector.
- Discount on electricity bills for commercial, industrial and agricultural sectors. This discount will be 30% for two months (April-May). The option is open in case of an extension required.
- Optional Allowance for the industrial and commercial users to pay 50% of the electricity bills for April, May, and June. The rest of the 50% can be collected in six installments starting from January 2021. The payments can be postponed in case of a need for business.
- Individuals working directly not under the company umbrella and registered with the General Authority of Transport in activities of passenger transport. The individuals who were stopped to continue working due to Coronavirus will be paid a minimum amount of salary.