The government of Saudi Arabia announced on Tuesday the launch of a cash transfer programme aimed at low and middle-income citizens.
The so-called "Citizen's Account" programme will make monthly cash payments to eligible Saudi households as it gradually raises domestic energy prices under a plan to repair public finances and reduce the economy’s reliance on oil.
The payments will begin on December 21, before the next surge in energy prices, authorities have said.
The Saudi cabinet said the programme was designed to compensate low and middle-income families hurt by austerity measures being introduced by the kingdom, which also include petrol price adjustments, electricity tariff adjustments, and value added tax (VAT) on all food and beverage items.
The Citizen's Account programme was first announced by the government in December last year, with registration for Saudi citizens opening in February.
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Saudi ministers approved the so-called Citizen’s Account programme, which will be reviewed quarterly, as they ratified a gradual increase in the prices of energy and electricity products, which will start on January 1.
The government is trying to offset the impact on family incomes as it implements an economic overhaul triggered by the sharp drop in oil revenues in 2014. To avoid a rundown on savings, authorities cancelled projects deemed unnecessary, cut costly subsidies and plan to introduce a value-added tax.
Allowances will be paid to eligible families before the implementation of any economic reforms. The criteria specifies that beneficiaries must be citizens of the kingdom of Saudi Arabia and must permanently reside in the country.
Eligible beneficiaries are Saudi families, individuals living independently, beneficiaries of social security and Saudi mothers married to foreigners. The government has highlighted that payments will differ depending on the size and income of each family.
The scheme is considered to be vital in advancing the economic transformation of Saudi Arabia’s "Vision 2030".
Saudi Crown Prince Mohammed bin Salman is leading efforts to reduce the kingdom's dependency on oil, including raising non-oil revenue and selling stakes in state-owned companies, including Saudi Aramco.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Company%C2%A0profile
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Company%20Profile
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
