Saudi Arabia has approved the allocation of SR72bn ($19bn) to support various initiatives as part of its private sector stimulus plan.

Some of the key areas of focus for the plan are exports promotion and financing, building technologies as well as loans and risk capital for small and medium enterprises (SMEs).

According to a statement carried by the Saudi Press Agency (SPA), the initiatives to be supported by the fund include:

• Housing loans subsidy (SR2.1bn)
• Efficient air conditioning (SR400m)
• Projects support (SR10bn)
• Support for financially distressed companies (SR1.5bn)
• Exports promotion programme (SAR66m)
• Exports finance enhancing initiative (SR5.0bn)
• Kafalah programme capital (SR800m)
• Indirect loan for small and medium enterprises (SMEs) (SR1.6bn)
• Government risk capital initiative for SMEs (SR2.8bn)
• Government fees refunding initiative for SMEs (SR7.0bn)
• Mega investment programme (SR5.0bn)
• Broadband and optical fibre (SR2.6bn)
• Building technologies (SR13.9bn)

The private sector stimulus fund will also support a priority project office and other platforms and workshops designed to help strengthen the kingdom’s private sector companies.

“The private sector stimulation packages aim to strengthen competitive capabilities of a number of segments of the national economy, develop its outcomes as well as improve business and investment environment and facilitate their implementation in the country under the vision 2030,” the statement said.

Strengthening its private sector is a key component of Saudi Arabia's National Transformation Plan (NTP), which aims to wean the state from oil dependence.