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FINANCIAL NEWS
Saudi king boosts housing, education, social welfare
23 Feb 2011
(MENAFN) King Abdullah of Saudi Arabia announced plans for spending millions of dollars to enhance the status of housing, social welfare and education in the Kingdom, reported Arabian Business.
King Abdullah boosted the capital of the housing fund by over USD10 billion. He also raised the social security budget by USD266.5 million. In addition, the King ordered the creation of additional 1,200 jobs as and pardoned some jailed debtors.
In addition to creating more jobs, the King ordered that unemployed Saudis would receive financial aid for up to one year.
It is worth noting that this move is one of many in the region where rulers recently are increasing subsidies in response to the political turmoil that took place in Egypt and Tunisia, and now is moving towards Bahrain and Yemen.
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