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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.
More News
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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