Saudi King declares new steps to raise standards of living
The Saudi king on Wednesday ordered billions of dollars directed into a development fund that helps local purchase houses, get married and start businesses, state TV reported.
The measure was one of several declared by the monarch, who returned home Wednesday after a three-month absence during which he underwent medical treatment in the United States and stayed in Morocco.
Abdullah ordered that 40 billion riyals, say $10.7 billion, be injected into the Kingdom's development fund, Saudi television said. That nearly doubles the original budget of 47 billion riyals.
Other new moves include a 15 per cent cost of living adjustment for government workers and a year of unemployment assistance for youth.
- Let's just say nshallah! Egypt's back in business, says new survey
- Why Emiratisation, or any other GCC employment nationalization strategy, just doesn't work
- No sun on MENA's economic horizon? How today's political turmoil is crushing region's future edge in the global economy
- Why Egypt's army is bad at doing business
- Saudi Arabia's mass deportations reveal the horrifying reality awaiting Yemenis sent home