Saudi Arabia unveiled a 3.7 billion riyals (Dh3.62bn) stimulus package to support companies in the industrial sector that are affected by the coronavirus pandemic.
The new initiative, introduced by the Saudi Industrial Development Fund (SIDF), will benefit 536 industrial facilities, according to a statement on the state-run Saudi Press Agency on Wednesday.
The scheme will support small and medium enterprises within the industrial sector by deferring or restructuring their loans and by offering a line of credit to finance up to three months of operating expenses.
In addition, a new financing product is also being offered to manufacturers of medical supplies to help them purchase raw materials, SIDF said, without specifying details.
“These initiatives [will] support the industrial sector and preserve the national industry from being affected by the economic effects of the coronavirus pandemic,” SIDF said. “Supporting the medical sector [will] enable it to play its role in securing medical supplies and products.”
The fund will defer loan instalment payments worth 800m riyals for 381 small firms. The government is also supporting 123 medium-sized enterprises with a financial package of 900m riyals, while 18 large companies will receive 1.3bn riyals through relief measures, SIDF said. In addition, 14 companies from the medical sector will receive 74m riyals of economic support.
Saudi Arabia is undertaking various measures to mitigate the impact of the coronavirus outbreak on its economy.
Earlier this year, the government set aside 50bn riyals to speed up payments to the private sector. It also announced a discount of 30 per cent on electricity bills for businesses in the commercial, industrial and agricultural sectors for a period of two months, with the possibility of extensions if needed.
The measures announced in April were in addition to 70bn riyals of economic support measures, including the payment of a minimum salary to self-employed drivers.
The kingdom’s central bank is also injecting 50bn riyals into its banking sector to boost liquidity and enhance the lending capacity of financial institutions as part of continued efforts to support the sector amid the pandemic
The global economy is expected to contract 5.2 per cent in 2020, the World Bank said last week.
The virus has infected more than 8.1 million people worldwide and killed more than 440,000 people, according to Johns Hopkins University, which is tracking the outbreak worldwide.
Saudi Arabia, the biggest oil exporter in the world, has started to gradually reopen its economy this month after easing strict movement restrictions that led to the closure of all but essential businesses in the country.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
Sri Lanka Test squad:
Dimuth Karunaratne (stand-in captain), Niroshan Dickwella (vice captain), Lahiru Thirimanne, Kaushal Silva, Kusal Mendis, Kusal Janith Perera, Milinda Siriwardana, Dhananjaya de Silva, Oshada Fernando, Angelo Perera, Suranga Lakmal, Kasun Rajitha, Vishwa Fernando, Chamika Karunaratne, Mohamed Shiraz, Lakshan Sandakan and Lasith Embuldeniya.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Quentin%20Tarantino%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Uma%20Thurman%2C%20David%20Carradine%20and%20Michael%20Madsen%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%204.5%2F5%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Results
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